Iraq Economic News and Points to Ponder Saturday Afternoon 3-8-25
Central Bank Governor: We Will Witness A Comprehensive Digital Transformation In The Financial Sector
Economy | 03/08/2025 Mawazine News – Baghdad The Governor of the Central Bank, Ali Al-Alaq, announced today, Saturday, that banks will soon be transformed into smart platforms using artificial intelligence, noting that Iraq will witness a comprehensive digital transformation in the financial sector.
Al-Alaq said: "Despite the great strides that have been made to activate electronic payment methods, which are an essential step in digital transformation, we will soon put this stage behind us, because even the current electronic payment methods and tools are being changed and developed very quickly."
He pointed out that "soon we will notice a big difference in the tasks and functions of banks, and we will see many banks changing the nature of their work, and there will be a digital financial identity for every citizen through which they can conduct many operations in their accounts or check their balances or even invest inside and outside Iraq," stressing that "banks will soon transform into smart platforms that organize financial operations and benefit from technologies and artificial intelligence."
He added, "This great work is accompanied by the work of the Central Bank, like other central banks, in thinking about having a digital currency under the supervision of the Central Bank. We are not talking about cryptocurrencies that are outside the framework of central banks, but about a digital currency issued by the Central Bank.
This is a great work being done at the Central Bank in coordination with international and Arab organizations and specialized bodies, and directly with the Arab Monetary Fund."
He continued, "We believe that this trend is what will be in the near future and will impose itself. This represents solutions to major economic, financial and social problems, and will also establish a strict framework for monitoring funds and limiting corruption, money laundering and terrorist financing, because all financial movements will be within a strict and transparent system that can monitor all financial operations, and at the same time facilitate its holders to conduct extensive operations even in other countries of the world."
He added: "We expect that young people will benefit from these tools, through the tools and human resources that we have. Indeed, we are following that many young people are investing through these portfolios and tools in various fields outside Iraq, but some need to be careful and cautious because there is a lot of fraud that is happening, and we are working to prevent the citizen from falling victim to any fraud." https://www.mawazin.net/Details.aspx?jimare=260044
Central Bank: Comprehensive Digital Transformation In The Financial Sector Is Coming Soon
Buratha News Agency1492025-03-08 The Governor of the Central Bank of Iraq, Ali Al-Alaq, stated today, Saturday, that Iraqi banks are close to transforming into smart platforms using artificial intelligence, noting that Iraq will witness a comprehensive digital transformation in the financial sector. Al-Alaq confirmed, in a statement to the official agency, that "Iraq has made great strides in activating electronic payment methods, which is an essential step in digital transformation," noting that this stage will be overcome soon, as current electronic payment tools and methods are witnessing very rapid development.
Al-Alaq explained that in the near future, a big difference will be observed in the tasks of banks, as the nature of their work will change radically, stressing that banks will transform into smart platforms that organize financial operations using modern technologies and artificial intelligence.
He also added that every citizen will have a digital financial identity that will enable him to carry out many financial transactions easily, such as viewing balances or making investments inside and outside Iraq.
He stressed that the Central Bank is working on developing a digital currency under its supervision, noting that this currency will be different from cryptocurrencies that are not subject to the supervision of central banks.
He explained that this digital currency will be part of the Central Bank's efforts to combat corruption, money laundering and terrorist financing, as it will provide a tight and transparent financial system that helps monitor all financial operations.
Al-Alaq also stressed that this approach will provide solutions to major economic, financial and social problems, and will also allow digital currency holders to conduct extensive financial transactions, even outside Iraq.
He added that Iraqi youth will greatly benefit from these modern financial tools, noting that many of them invest through these portfolios and tools in various fields outside Iraq.
At the same time, he warned that fraud may occur, explaining that the Central Bank is working to protect citizens from these risks. https://burathanews.com/arabic/economic/457291
Al-Hakim And Al-Khazaali Stress The Necessity Of Approving Important Laws
Saturday 08 March 2025 19:32 | Politics Number of readings: 64 Baghdad / NINA / The head of the National Wisdom Movement, Ammar al-Hakim, and the Secretary-General of the Asa'ib Ahl al-Haq Movement, Qais Khazali, stressed today, Saturday, the necessity of enacting important laws that contribute to providing services to the citizen and reforming his economic reality.
The media office of the head of the National Wisdom Movement stated in a statement that "al-Hakim received al-Khazali, and the two parties exchanged congratulations on the advent of the holy month of Ramadan, while discussing developments in the political scene in Iraq and the region."
According to the statement, al-Hakim reiterated the importance of preserving the stability achieved in the country at the political, security and social levels, as well as Iraq preserving its regional and international role, stressing "rejecting the tense discourse," stressing that "what was achieved was through the sacrifices of all Iraqis and from all components."
Al-Hakim stressed "the role played by the Coordination Framework in the political scene, as it is part of the State Administration Coalition."
The two parties stressed, according to the statement, "the necessity of enacting important laws that contribute to providing services to the citizen and reforming his economic reality." / End
https://ninanews.com/Website/News/Details?key=1190747
Iraq ranks second in the Arab world in exporting oil to America
Saturday 08 March 2025 09:51 | Economic Number of readings: 181 Baghdad / NINA / The US Census Bureau announced today that the total value of Iraqi oil exports to the United States during January 2025 amounted to more than $ 400 million, according to its monthly report.
The report stated that Iraq exported 5.62 million barrels of oil to America during the same month, at a value of $ 442 million, noting that Iraq ranked second among Arab countries exporting oil to the United States after Saudi Arabia, while Libya came in third place, Kuwait fourth, while the UAE was in fifth place with exports of one million barrels. / https://ninanews.com/Website/News/Details?key=1190645
Fluctuations In Dollar Exchange Rates With The Closing Of The Stock Exchange In Iraqi Markets
08/03/2025 Mawazine News – Economy The US dollar exchange rates witnessed a rise in the markets of the capital Baghdad today, Saturday, while they stabilized in Erbil, the capital of the Kurdistan Region, with the closure of the main stock exchange in the country.
The dollar prices rose with the closing of the Al-Kifah and Al-Harithiya stock exchanges to record 148,400 dinars per 100 dollars, while the prices were 148,350 dinars per 100 dollars this morning.
As for the selling prices in exchange shops in the local markets in Baghdad, they stabilized, as the selling price reached 149,500 dinars per 100 dollars, while the purchase price reached 147,500 dinars per 100 dollars.
In Erbil, the dollar recorded stability, as the selling price in exchange shops reached 148,000 dinars per 100 dollars, while the purchase price reached 147,800 dinars per 100 dollars.
https://www.mawazin.net/Details.aspx?jimare=260047
Basra Crude Closes With Heavy Losses
Saturday 08 March 2025 | Economic Number of readings: 104 Baghdad / NINA / Basra heavy and medium crude oil recorded significant losses during the past week.
Basra heavy crude closed in its last session, yesterday, Friday, with a slight decrease of one cent to reach $76.78, and recorded a weekly loss of $4.67, equivalent to 6.45%.
Basra medium crude also closed in its last session with a decrease of one cent to reach $70.83, and recorded a weekly loss of $4.37, equivalent to 5.81%.
Brent and American crudes recorded a weekly loss of more than 5%, with Brent crude closing at $70.36 and American crude closing at $64.4. / https://ninanews.com/Website/News/Details?key=1190624
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