Clare: Central Bank: Stimulating hoarded money in homes is one of the most important challenges of the stage
2/6/2025
An official at the Central Bank of Iraq said that “stimulating the money hoarded in homes and transferring it to the banking sector is one of the most important challenges facing the current stage.”
The representative of the Central Bank of Iraq at the Baghdad International Fair, Athraa Taha Juma, stated that “the government is working to develop regulatory frameworks that support the transition to a digital economy, especially in the field of electronic payment.
” She explained that “the transition that Iraq is witnessing towards a digital economy is important.”
Juma pointed out that “one of the most important challenges facing the current stage is gaining citizens’ confidence in electronic payment products, which will contribute to stimulating the money hoarded in homes and transferring it to the banking sector, as this transformation is part of a larger strategy aimed at stimulating the national economy by investing money in a way that serves major projects in the country.” LINK
Clare: Kurdistan Region launches January salaries via “My Account”
2/6/2025 Baghdad
Today, Thursday, the “My Account” platform announced the start of disbursing January salaries to Kurdistan Region employees via the digital system.
The team responsible for the “My Account” platform confirmed in a statement seen by “Al-Eqtisad News” that the salaries for the month of January will be distributed digitally today, in all governorates of the Kurdistan Region, as the salaries will be transferred to the bank accounts of the beneficiaries starting at eight o’clock in the morning.
The statement explained that the number of beneficiaries of the disbursement process through “My Account” reached 275 thousand employees, including 216,500 civil servants and 56,700 Peshmerga forces, and they will be able to withdraw their salaries through more than 550 ATMs distributed in more than 200 different locations throughout the region.
The platform added that the number of those registered in the “My Account” project has so far reached 720,000 employees out of a total of about one million employees receiving their salaries from the Kurdistan Regional Government, and 370,000 bank cards have been distributed to those benefiting from the service.
In this context, the Ministry of Finance and Economy in the Kurdistan Region announced the disbursement of January salaries, which were deposited into the bank accounts of beneficiaries of the “My Account” project.
The statement added that technical staff are waiting for employees to help them withdraw their money.
This measure comes as part of the Kurdistan Regional Government’s plan to enhance digital transformation in salary disbursement operations, which contributes to reducing reliance on cash, increasing transparency, and facilitating withdrawal operations for beneficiaries, in light of a broader trend towards shifting to digital banking services.
The Kurdistan Regional Government launched the “Hisabi” project as part of its plan to develop the banking infrastructure in the region, with the aim of improving salary management and facilitating financial transactions for employees. The project aims to reduce congestion at traditional salary distribution centers and enhance the use of electronic banking services, as part of a broader trend towards digitizing government operations in the region. LINK
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Militia Man Iraq’s had restrictions on her currency and currency transfers. She hasn’t been on the Forex in an international capacity. Why? Because…it has to do with the IMF…obligations…compliance and it has to do with currency transfers across the world for trade…The central bank is talking like she’s going international…That sounds like having the ability to move her money, which is the dinar, across borders and to do trade. It looks like Iraq has the ability to fully access the IMF’s compliance with Article VIII and Article IV of IMF’s requirements…which promote free convertibility of member currencies…It looks to me Iraq has gone as far as she possibly can in making an announcement…
Frank26 [Iraq boots-on-the-ground report] FIREFLY: Banks are training on cross-border payments...Mr. Sammy wants you to know...the cross border payments are currency exchanges with Iraq and with other international countries…It’s really a little deeper training that just saying cross-border payments. FRANK: IMO the training is being done with the new lower notes…To see this kind of training at the borders is fantastic!
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