MilitiaMan: "Launch of the New Digital System" Sunday 10-31-2021

KTFA:

MilitiaMan:  We can see (see article below)  from this they have launched the new system.

The Central Bank has ANNOUNCED that they integrated the new digital system.

The system is to make way for a cashless society. Not a no cash society. Therefore, the implications suggest they'll be changing the exchange rate to reflect an internationally accepted rate that will be or is now digitized.

That will imo require Article 8 compliance and New Small Category Notes to facilitate trade down to the street vendors. 

There will be new digital equipment necessary to facilitate the new systems, new equipment in place now.

They ANNOUNCED they launched the new system... They also are now and have been talking about the change of the exchange rate..

 The GOI is to approve of an exchange rate change and they clearly seem to be. The job of lifting the exchange of the Dinar to the Dollar is the CBIs job... I like what we see here and the timing couldn't be better.. imo ~ MM

Samson:  Enrollment and digital transformation

31st October, 2021 by Qasim Al-Gharawi

Successful global experiences in the field of financial digitization are based on the existence of comprehensive national visions for digital transformation according to a gradual framework that supports this transformation.

Digital enrollment is an integrated digital financial system that enhances financial independence and freedom from traditional financial systems.

The Central Bank of Iraq announced the launch of the digital enrollment service, which is the first of its kind in Iraq.

This system is working to transform Iraq into a country less dependent on cash, which enables the state to fight corruption, evasion and bureaucracy in financial transactions within banks operating in Iraq.

Digitizing public finances enables governments to increase tax revenues, combat tax evasion, and help raise the efficiency and transparency of public procurement systems.

 This service is considered a “modern and different trend due to its many advantages, including conducting financial operations in a modern digital electronic way, which shortens time and geographical distances and lifts traditional barriers in the Iraqi banking sector.

Therefore, we must work and emphasize the need for an integrated vision of digital transformation in light of the rapid technological changes and developments in the world, on one side, and on the other hand, it is an attempt to control corruption and tax evasion.  LINK

************

Samson:  Mazhar Saleh : The rise in oil prices revives investment... and the financial surplus to reduce unemployment

28th October, 2021

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said on Thursday that the rise in oil prices will reflect positively on the investment side, especially in the framework of Iraqi-Chinese cooperation.

Salih told Al-Masala that the Iraqi-Chinese cooperation framework agreement will be fed monthly with national resources, amounting to three million barrels out of the total monthly quantities exported to China, amounting to 25 million barrels of crude oil, according to the prevailing international oil prices.

In the opinion of the economic and financial advisor, there is a possibility to benefit from the surplus price of a barrel by containing the unemployment crisis in the country.

Saleh told Al-Masala that the surplus price of a barrel of oil in the budget should be taken advantage of, and after closing the financial deficit to investment projects, because of their paramount importance in containing the unemployment crisis in the country, employing manpower, and revitalizing this sector.

He added: The percentage of the surplus is transferred to investment projects and to enable the stalled projects, which amount to 6000 stalled projects, which vanished after huge sums of money were spent on them. He pointed out that restarting the projects under the current dollar exchange rate and changing global costs would be an additional cost to the state.

According to official data, unemployment rates in Iraq have risen to unprecedented levels in three decades, despite the country's huge oil wealth.    LINK

**********

MilitiaMan:  This is part of the security they need to support the value of the DINAR..

They are mentioning that to restart the projects at the current dollar exchange rate would be an additonal cost to the state. Hence, support again for the new exchange rate to be implemented now and not later. 

Which is supported by the CBI ANNOUNCING they launched a new digital system today.. (see article above)

One that is the first of it's kind.. That launch will require a level playing field and you can bet that is going to happen whether anyone likes it or not.

The digital international taxation has been approved and the UST even said so yesterday.  It sure looks like there is a go time and it looks like today could surely be a turning point.

Lets see what the days bring..~ MM