Iraq Economic News and Points to Ponder Thursday Afternoon 2-27-25
UN Commends Iraq's Efforts In Combating Corruption And Money Laundering
The United Nations Office on Drugs and Crime (UNODC) has praised Iraq's efforts in combating money laundering and organized crime, commending the Ministry of Interior's plans and actions to combat various types of crimes.
The director of the office in Iraq, Ali Al-Barir, said in a statement to the official newspaper that "there are many types of organized crime, such as drugs, terrorism, money laundering, corruption, and human trafficking," praising the measures taken by the Ministry of Interior, including the restructuring of its directorates specialized in combating drugs and organized crime.
He added that "Iraq received an American award last year in recognition of its efforts in combating human and drug trafficking, thanks to the high rate of interception and confiscation."
Al-Barir stressed that Iraq is making great efforts to combat money laundering and terrorist financing, noting that the continuation of these efforts will have a positive impact, and that the UN office will continue to support them. https://www.radionawa.com/all-detail.aspx?jimare=41279
The Future Begins Now With The Transition To Comprehensive Digital Transformation
Samir Al-Nusairi With steady steps, the Central Bank continues to implement the banking reform strategy, one of the main objectives of which is to achieve digital transformation in the banking sector, which the Central Bank began in 2016 with clear stages included in its first, second and third strategies.
During the past two years, cooperation between the Central Bank and the government, with the personal support and follow-up of the Prime Minister and the chairmanship of the Digital Transformation Committee, was an essential step to activate and accelerate the transformation to digital government and the transition from a cash economy to a digital economy,
focusing on developing payments within Iraq and using technology to improve financial inclusion, developing information technology, establishing digital banks, using artificial intelligence in banking services, and using modern technologies in loans, compliance, risk management, combating money laundering and terrorist financing, and combating banking fraud.
The results during 2023 and 2024 recorded a qualitative leap in the volume of transactions in electronic payment operations and the use of modern banking technologies, as the rate of digital transformation and electronic payment rose to 48.5% compared to 20% in the past years.
This is an indicator that confirms the success of the plans and procedures adopted to achieve a major transformation with a distinguished national effort for digital transformation and electronic payment.
This joint effort by the cadres of the Central Bank, the government, banks and electronic payment companies has clearly contributed to possessing an advanced infrastructure to implement and accommodate electronic payment tools and various financial services.
The banking reform has now entered the phase of transformation to digital banks, and the Central Bank is currently examining and auditing about 70 requests to license new digital banks according to the precise controls and conditions adopted by the Central Bank.
This constitutes a real and promising start for technical banking development in Iraq to bridge the technical gap with the countries of the world in this field. This facilitates the provision of smart banking services, reduces the chances of fraud and corruption, and provides important data on the nature of transactions, their control, and compliance.
Therefore, digital banks are a new stage of digital transformation and banking reform. We hope that the Central Bank will soon take the first step by licensing digital banks that show the results of the examination, audit and study that they are committed to the applicable controls and conditions.
In this context, and in confirmation of the Central Bank's strategy for digital transformation for the next two years, His Excellency the Governor of the Central Bank confirmed yesterday that the future of digital transformation in Iraq begins now and that the current stage is witnessing a major development in the electronic payment system by increasing the number of ATMs,
which exceeded 4,000 ATMs, the number of electronic cards issued exceeded 17 million cards, and the number of POS devices is about 63,000 devices.
The number of credit wallets has also increased, and the financial inclusion rate has increased to 40% after it was 20% two years ago. Iraqi banks are today witnessing qualitative transformations in their banking operations, especially with regard to future banks that will transform from traditional entities to smart digital platforms and issue digital financial identities that facilitate financial transactions without the need for banks.
The financial and banking system will witness the decline of paper currencies to be replaced by digital payments for central banks, and that the Central Bank is moving to create its own digital currency, to gradually replace the paper process as is happening in some central banks in the world,
as well as working to establish a data center in Iraq similar to the major centers in the world, as it is an indispensable part of the digital economy and the basis for artificial intelligence, applications, big data analysis and the Internet, and that the Central Bank of Iraq has begun steps in this direction. https://economy-news.net/content.php?id=53022
Governor Of The Central Bank Of Iraq: We Are Working To Launch An Iraqi Digital Currency
February 26, 2025 Baghdad/ Iraq Observer The Governor of the Central Bank, Ali Al -Alaq, revealed today, Wednesday, the
establishment of a digital currency of the Central Bank to gradually replace the paper process.
"The financial and banking system will witness fundamental transformations, including the decline of paper currencies to be replaced by digital payments for central banks."
He added, "The central bank is moving to create a bank's digital currency to gradually replace the paper process, as is taking place in some central banks in the world." Al -Alaq stressed, "We are seriously thinking about establishing a data center in Iraq and the bank, starting to move on this issue within the steps of digital transformation." https://observeriraq.net/محافظ-البنك-المركزي-العراقي-نعمل-على-إ/
Iraq Agrees With Emirates Islamic Bank To Provide Payment Services In Dirhams
Banks Economy News – Baghdad The Central Bank of Iraq announced, on Thursday, the signing of a banking agreement with Emirates Islamic Bank to exchange national expertise in the field of Islamic banking.
The Central Bank said in a statement received by "Al-Eqtisad News" that it signed "a banking agreement with Emirates Islamic Bank, which is considered one of the highest-rated Islamic banks, and its rating is (A+) according to the international Fitch agency."
He added that "thus, Emirates Islamic Bank is a distinctive addition to the banking relations that the Central Bank of Iraq has established with advanced regional and international banks in recent years."
He stressed that "the agreement includes joint cooperation on several axes, the most important of which is the axis of exchanging expertise in the field of developing the Islamic banking sector and providing payment services in the UAE dirham currency to Iraqi banks and expanding their correspondent accounts network."
The statement continued that the agreement includes "cooperation between Iraqi banks and Emirates Islamic Bank, under the supervision and support of the Central Bank of Iraq to formulate a mechanism that allows individual customers of Iraqi banks in the near future to invest (partially) in Islamic bonds issued by Emirates Islamic Bank or other issuers with a similar credit rating in the United Arab Emirates."
It is noteworthy that the Central Bank of Iraq announced in August of last year the start of a new phase of foreign transfer operations in a step aimed at enhancing the diversity of currencies and facilitating international transfer operations. This announcement came after reaching an agreement on the mechanisms for regulating dealings in the euro, the Chinese yuan, the Indian rupee, the UAE dirham, and other international currencies. https://economy-news.net/content.php?id=53030
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