Iraq Economic News and Points to Ponder Thursday Evening 3-20-25
Al-Alaq: We Are Working To Establish A Data Center That Represents A Successful Foundation For Digital Transformation.
Banks Economy News – Baghdad Central Bank Governor Ali Al-Alaq confirmed on Thursday that the digital currency the bank intends to launch will enhance transparency and limit the flow of cash out of banks. He also revealed plans to establish a data center that will serve as a successful platform for digital transformation.
Al-Alaq said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News," that "financial technologies are developing rapidly, in line with the requirements of the financial and banking sector in terms of speed, accuracy, and economic efficiency,
in addition to transparency and oversight. The reality of the digital revolution is imposing itself on all sectors, including the financial and banking sector, which is the most beneficiary of the major transformations taking place."
He added, "Digital currency can serve many purposes, limit the leakage of cash outside banks, and achieve a high degree of transparency, as funds can be tracked, whether in the areas of consumption, investment, savings, or even in legitimate and illegitimate businesses.
It also provides important databases for analytical purposes, not just for the movement of paper money, in addition to the economic benefits digital currency offers from printing and tracking currency."
Al-Alaq confirmed that "we have begun taking steps in coordination with international organizations to review initial experiments in the digital currency file, which we do not wish to delay." He explained that "there are existing experiments in some countries in the region, and we are also following up with the Arab Monetary Fund to develop appropriate steps in this direction, and what is required is infrastructure.
" He continued, "The Central Bank has advanced infrastructure, as the new bank building contains a sophisticated data center, and we are also working to establish a data center that will represent a successful foundation for digital transformation."https://economy-news.net/content.php?id=53628
Oil Prices Rose In Today's Trading
Economy |03/20/2025 Mawazine News – Baghdad Oil prices rose in early trading on Thursday, driven by a decline in US fuel inventories and rising tensions in the Middle East.
Brent crude futures rose 40 cents, or 0.57 percent, to $71.18 a barrel by 02:13 GMT, while U.S. West Texas Intermediate (WTI) crude gained 34 cents, or 0.51 percent, to $67.50. Prices rose after U.S. government data showed a larger-than-expected drawdown in distillate inventories last week.
Distillate stocks, which include diesel and heating oil, fell by 2.8 million barrels last week, while crude inventories rose by 1.7 million barrels. Global risk premiums rose after Israel launched a new ground operation in Gaza on Wednesday after violating a nearly two-month ceasefire.
The United States also continued airstrikes on Houthi targets in Yemen in response to the group's attacks on ships in the Red Sea. Trump also pledged to hold Iran responsible for any future Houthi attacks. Ukrainian President Volodymyr Zelensky said on Wednesday that a halt to strikes on energy facilities in the war with Russia could be achieved quickly, suggesting the two sides are moving closer to a potential ceasefire that could lead to sanctions relief and the return of Russian supplies to the market. https://www.mawazin.net/Details.aspx?jimare=260274
Exchange Rates Drop In Baghdad
economy | 03/20/2025 Mawazine News – Baghdad The dollar exchange rate declined on the Al-Kifah and Al-Harithiya stock exchanges, reaching 147,300 Iraqi dinars per $100.
The selling price at exchange shops in local markets in Baghdad was 148,250 Iraqi dinars per $100, while the buying price was 146,250 dinars per $100. https://www.mawazin.net/Details.aspx?jimare=260281
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