Iraq Economic News and Points to Ponder Thursday AM 2-27-25
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/
One Million Bank Cards In Iraq.. And The Central Bank Supports Electronic Wallets
Time: 2025/02/26 Read: 1,980 times {Economic: Al Furat News} The Governor of the Central Bank, Ali Al-Alaq, announced today, Wednesday, the achievement of tangible progress in the field of financial inclusion and electronic payment in the country, stressing that the number of bank cards issued reached about 17 million cards throughout Iraq.
Al-Alaq said in a speech during the ninth annual exhibition and conference on finance and banking services in Iraq: “We succeeded in raising the rate of financial inclusion to more than 40%, which reflects the expansion of banking services and their access to wider segments of citizens.”
He pointed out that "the Central Bank has achieved international integration by linking the Iraqi electronic payment system to global networks, which contributes to enhancing cross-border financial transactions and facilitating digital payment operations."
Al-Alaq added: “We directly supported the licensing and operation of electronic wallets via phone, which enabled more citizens to benefit from digital banking services easily and safely.”
He also revealed that "the number of permanent electronic wallets has reached 1.2 million wallets," stressing that "these achievements in the field of electronic payments represent a fundamental shift in the Iraqi financial system," and contribute to strengthening the financial infrastructure and achieving digital transformation." LINK
Rafidain Bank Affirms Its Commitment To Developing The Financial Sector And Enhancing Digital Transformation
Banks Economy News – Baghdad Rafidain Bank affirmed, on Wednesday, its commitment to developing the financial and banking sector and enhancing its role in supporting digital transformation and financial inclusion.
A statement by the bank, seen by "Al-Eqtisad News", stated that "as part of its ambitious strategy to enhance its leading position in the Iraqi banking environment, Rafidain Bank participated in the 9th Annual Exhibition and Conference on Finance and Banking Services in Iraq", stressing "its commitment to developing the financial and banking sector and enhancing its role in supporting digital transformation and financial inclusion".
The statement added that "the conference witnessed a wide presence from various financial and banking institutions, in addition to an elite group of experts in digital technology and electronic services, as its activities focused on the importance of digital transformation and the application of electronic payment technologies as a means of facilitating access to banking services, which contributes to enhancing financial and economic stability in light of the current challenges".
It pointed out that "the bank reviewed the latest digital banking solutions it provides, through its special pavilion at the exhibition, where it provided electronic payment services through banking applications, in addition to innovative solutions that enable individuals and companies to conduct their financial transactions easily and safely",
indicating that "this comes in line with the bank's orientation towards renewing its banking identity under the slogan "Iraq is renewed", which reflects its ongoing commitment to developing its services according to the latest international banking standards".
The statement stressed that "the bank focused on the importance of enhancing financial inclusion by enabling citizens in cities and rural areas to access digital banking services, which contributes to stimulating economic activity and supporting sustainable development."
The statement continued, "On the sidelines of the conference, participants exchanged experiences on the future of digital transformation in the banking sector, and discussed ways to enhance cooperation between banks and financial institutions to develop the electronic payment environment and spread financial awareness among citizens, in a way that supports building a more advanced and comprehensive banking system in Iraq." https://economy-news.net/content.php?id=53004
The Association Of Banks Announces A New Project To Facilitate Financial Transfers Within Iraq Electronically
02/26/2025 Mawazine News – Economy The Iraqi Private Banks Association announced, on Wednesday, a new project to facilitate financial transfers within Iraq electronically, while indicating that efforts are being made to facilitate the transfer of funds through open banking.
The Executive Director of the Iraqi Private Banks Association, Ali Tariq, said in a statement to the official agency: "The service of transferring electronic financial accounts between banks or cards is currently not available in Iraq, and therefore the Central Bank is working on developing a special platform based on the open banking system, which will greatly facilitate money transfers within the country via mobile phones or websites and allow the transfer of funds from one bank account to another and from one card to another."
He added that "electronic payment devices are witnessing continuous development, especially with the presence of the national switch in the Central Bank of Iraq, although some cards and payment devices still rely on specific systems.
" Tariq stressed that "there is a great focus on developing electronic payment systems in Iraq," noting that "the decisions of the Council of Ministers and the Central Bank aim to stimulate the use of electronic payment, and have led to clear development over the past two years, with expectations of greater growth in the future." https://www.mawazin.net/Details.aspx?jimare=259867
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