Zimbabwe Gold ZiG Collapse: Lessons on How Not to Launch a Gold-Backed Currency

Zimbabwe Gold ZiG Collapse: Lessons on How Not to Launch a Gold-Backed Currency

Awake-In-3D   February 26, 2025

Zimbabwe’s gold-backed currency was supposed to bring stability, but mismanagement led to its rapid decline. A gold-backed currency can work, but only if implemented correctly.

The Zimbabwe Gold ZiG was introduced as a gold-backed solution to the country’s currency instability, promising to restore confidence in Zimbabwe’s monetary system. However, less than a year after its launch, the currency has lost nearly half its value, inflation is rising, and the U.S. dollar remains the preferred medium of exchange.

The problem isn’t with gold backing itself—historically, such systems have provided stability—but rather with poor economic policies that have undermined its success. This article examines the key mistakes made with the Zimbabwe Gold ZiG and the crucial lessons other nations should learn before attempting to implement a similar system.

The Zimbabwe Gold ZiG Struggles to Maintain Value

Zimbabwe introduced the Zimbabwe Gold ZiG on April 8, 2024, with an initial exchange rate of 13.56 ZiG per U.S. dollar. Since its launch, the ZiG has experienced significant depreciation. Below is a summary of its exchange rate progression:

• April 8, 2024: 1 USD = 13.56 ZiG

• September 2024: The Reserve Bank of Zimbabwe devalued the Zimbabwe Gold ZiG by approximately 42.55%, adjusting the official exchange rate to around 24.4 ZiG per U.S. dollar.

• October 12, 2024: Reports indicated that on the parallel market, the U.S. dollar was trading at nearly 28 ZiG.

• February 26, 2025: The official exchange rate stood at approximately 26.5012 ZiG per U.S. dollar.

This trajectory highlights the challenges the Zimbabwe Gold ZiG has struggled with in maintaining its value against the U.S. dollar since its inception.

However, less than a year after its launch, the Zimbabwe Gold ZiG lost nearly half its value, inflation soared, and Zimbabweans continued to prefer the U.S. dollar over their own national currency. The problem is not with gold backing itself—historically, gold-backed systems provided monetary stability—but rather with poor government policies and mismanagement that undermined the ZiG’s success.

This article examines what went wrong with the Zimbabwe Gold ZiG and the key lessons other nations should learn before attempting to implement a similar system.

A Gold-Backed Currency Is Only as Strong as Its Convertibility

One of the core principles of a successful gold-backed currency is that it must allow free and transparent conversion into gold. Zimbabwe’s Reserve Bank claimed the Zimbabwe Gold ZiG was backed by gold reserves, yet ordinary citizens and businesses could not directly exchange their ZiG for gold at will.

• Lesson Learned: A gold-backed currency must have clear and enforceable redemption policies that allow holders to convert their money into physical gold or other tangible assets on demand. Otherwise, the “gold backing” is just a theoretical concept that fails to build trust.

Partial Backing Defeats the Purpose

A truly stable gold-backed system requires that the total money supply has full gold reserve backing or a basket of tangible assets. However, in Zimbabwe’s case, the actual gold reserves were insufficient to fully support the volume of Zimbabwe Gold ZiG in circulation.

This led to a situation where the central bank continued printing ZiG beyond what gold reserves could support, weakening its purchasing power and causing black market exchange rates to diverge significantly from the official rate.

• Lesson Learned: A government cannot simply declare a currency “gold-backed” while still engaging in inflationary monetary policies. Strict money supply discipline is required, ensuring that every unit of currency in circulation is genuinely supported by hard assets.

Government Intervention and Exchange Rate Controls Undermine Trust

Rather than allowing the market to determine the value of the Zimbabwe Gold ZiG, Zimbabwe’s government fixed an official exchange rate that quickly disconnected from reality. As a result, a black market developed where ZiG traded at a much lower value than the government’s official rate.

This eroded trust in the currency even further, as businesses and individuals realized that their ZiG holdings were worth far less in practice than on paper.

• Lesson Learned: A gold-backed currency must operate within a free-market system where exchange rates reflect real supply and demand. Government-imposed exchange rates distort the market and drive people toward alternative currencies, such as the U.S. dollar or cryptocurrencies.

Economic Stability Must Come First

A gold-backed currency cannot function properly in an environment of economic mismanagement, inflation, and policy uncertainty. Despite the introduction of the Zimbabwe Gold ZiG, Zimbabwe’s annual inflation rate soared to 14.6% in January 2025, up from 2.5% just a month earlier.

Additionally, high borrowing costs, a weak business environment, and a lack of fiscal discipline continued to undermine confidence in the national economy. A gold-backed currency alone cannot fix a broken financial system.

• Lesson Learned: Before implementing a gold-backed currency, a government must establish macroeconomic stability, control inflation, and ensure that businesses and consumers have confidence in the overall financial system. Otherwise, the currency is prone to failure regardless of its backing.

People Must Actually Use the Currency

Perhaps the most fundamental failure of the Zimbabwe Gold ZiG was its lack of adoption. Zimbabweans overwhelmingly preferred using the U.S. dollar—not because they opposed gold backing, but because they didn’t trust the government to manage the currency responsibly.

Many businesses and consumers avoided the Zimbabwe Gold ZiG altogether, choosing instead to trade in U.S. dollars on the informal market. This led to the rise of illigal night markets, where prices were lower and transactions were conducted outside government oversight.

• Lesson Learned: A gold-backed currency must be the preferred medium of exchange in daily transactions. This requires trust in the government’s monetary policies, a stable and predictable exchange rate, and a regulatory environment that encourages currency adoption rather than pushing people toward alternatives.

The Bottom Line: A Blueprint for a Proper Gold-Backed System

The failure of the Zimbabwe Gold ZiG is not an indictment of gold-backed currencies themselves—rather, it is a lesson in how not to implement one. A properly managed gold-backed currency provides stability, controls inflation, and builds confidence—but only if the following conditions are met:

1. Full Convertibility – Citizens and businesses must be able to freely exchange their currency for gold or other hard assets.

2. Strict Monetary Discipline – The money supply must be strictly controlled to prevent excessive printing beyond gold reserves.

3. Market-Driven Exchange Rates – The currency must be allowed to float freely, without government-imposed rates that create black markets.

4. Macroeconomic Stability – Inflation must be controlled, and economic policies must support confidence in the financial system.

5. Widespread Adoption – People must trust and prefer using the currency over foreign alternatives.

For any country considering a return to a gold-backed system, Zimbabwe’s experience with the Zimbabwe Gold ZiG provides a critical warning: gold backing alone is not enough. Without competent economic management, fiscal responsibility, and public trust, even a gold-backed currency can fail.

A gold standard requires transparency, discipline, and a commitment to free-market principles—things Zimbabwe’s government failed to provide. Other nations considering gold-backed currencies would do well to learn from these mistakes.

=======================================

© GCR Real-Time News

Visit the GCR Real-Time News website and search 100’s of articles here: Ai3D.blog

Join my Telegram Channel to comment and ask questions here: GCR_RealTimeNews

Follow me on Twitter: @Real_AwakeIn3D

“Coffee With MarkZ” Thursday Morning Chat 2-27-2025

Coffee With MarkZ

MarkZ  Update- Some highlights by PDK-Not verbatim

MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context.  Be sure to consult a professional for any financial decisions

​​Member: Good Morning…..I hope everyone is having a good week.

Member: I know something that would make it a great week….they just need to do it.

Member: Congress for the United States foAmerica Republic met for the first time March 4 1789. President is speaking before Congress March 4 2025. He is supposed to make a big announcement.

MZ: Let us hope this is what happens.

MZ: On the bond side –I have about a half a dozen confirmations of folks who have been given their position in the que to be processed. Its very interesting to see them find out who gets processed first and in what order

MZ: I don’t know our timing yet….just in what order some bond folks will be going in. . That alone s encouraging to me. I really hope to get a better idea on timing today.

MZ: I have already reached out to wealth managers/redemption exchangers…..to get an idea if they are working this weekend. Hope to have an update this evening.

Member bonds ….a few days away?

MZ: I think we could be just a few days away.

Member: Mike Bara said he knew personal bond people with big big money - all signed sealed delivered - liquid - he says one guy is spending money like a drunken sailor

Member: Yes he know 1/2 dozen bond guys with appointments and in line

Member: Mark do the groups go at the same time as the bonds?

Member: Hearing  a rumor that the pentecostal group has liquidity. Hope its true.

MZ: I do not know any groups with liquidity right now. But they are positioned.

Member: I think they are all waiting for us….to go at the same time.

MZ: “ Parliament will not be disrupted” The Parliamentary legal reveals the plan of sessions during Ramadan”  they will just start the day a little later. I want to point out this is unusual for them to make a plan like this. A plan for the entire parliament to keep working during Ramadan. I think this is telling on how close we are. This is very unprecedented.

Member: Nothing shuts down during Ramadan here in the Middle East. working hours are just shortened

Member: Ramadan is fascinating my friend in Dubai sends videos such high happy celebratory energy

MZ: “ One million bank cards in Iraq. The central bank supports e-wallets” A lot of news in Iraq today revolves around banking.

MZ: “ The future now begins to move to comprehensive digital transformation” Naseiri is one of Sudanis advisors.

MZ: “Iraq and Switzerland sign double taxation agreement to enhance economic cooperation”  This is very interesting…They are really going international is actions as well as words. Many contracts being signed with many countries the last few weeks….huge progress for Iraq.

Member: There a lot of chatter of a lop of the three zero notes .

Member: Dinar to be backed by one gram of gold.

MZ: Yes the I-dinar …each one is supposed to back by a gram of gold.

Member: MarkZ should Iraq announce their revalue without the RV of the other currencies, will be able to exchange our Dinar under fiat?

Member: That’s always a possibility.

MZ: “5 key takeaways from Trump’s Cabinet”  At President Trumps cabinet meeting yesterday- Secretary of the US Treasury Scott Bessent and Lutnick said they are going to balance the budget and pay off the national debt  under President Trump. Our national debt is around $36 Trillion . if they balance the budget there will no longer be a deficit. 

MZ: But how can they pay off the debt? In less then 4 years?

Member: I would say the Revaluation of currencies and a worldwide reset

Member: that would be an average of $13.5 million paid off per year on the national debt…

Member: or all at once if there is debt forgiveness????

Member: Dan Scavino posted poll asking if we should abolish IRS.

Member: I wish we knew if we have to file taxes by April 15th this year.

MZ: We just don’t know yet. But Trump is saying he wants to get rid of income taxes and change the tax structure….The question is –does he have the political clout to make that change. I would keep playing their game until the IRS is gone.

Member: Mark I am betting by the end of March at the latest IRS will be history along with pay taxes.

Member: Praying you are right. I propose getting taxes ready but don't send until we absolutely have to!

Member: It's a True Miracle if we see the IRS go away. 37 years of waiting and didn't think it would happen in my lifetime!

MZ: They said they are going to close over 140 IRS offices….

Member: 15K IRS workers to be let go next week.

MZ: Many are saying they are trimming it down to fold it into the US treasury.

Member: I find it odd that we haven't heard anything recent on ft Knox.. What are they not telling us?

Member: I think March 4th may be a big day.

​​Member: how many important events happened on March 4th, including the first meeting of the U.S. Congress and the inauguration of several presidents

Member: Hope everyone has a great day….See you tonight. God Bless

StacieZ joins the stream at the end today. Please listen to replay for her information

THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY

FOLLOW MARKZ : TWITTER . https://twitter.com/originalmarkz?s=21. TRUTH SOCIAL . https://truthsocial.com/@theoriginalm...

Mod:  MarkZ "Back To Basics" Pre-Recorded Call" for Newbies 10-19-2022 ) https://www.youtube.com/watch?v=37oILmAlptM

MARKZ DAILY LINKS: https://theoriginalmarkz.com/home/

Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, medical opinions or many guests on this stream……just RV/currency related topics.

THANKS FOR JOINING. HAVE A BLESSED DAY! SEE YOU ALL THIS EVENING FOR NEWS @ 7:00 PM EST ~ UNLESS BREAKING NEWS HAPPENS!

Youtube:    https://www.youtube.com/watch?v=sXqFFHmpRcQ

News, Rumors and Opinions Thursday 2-27-2025

Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.

RV Excerpts from the Restored Republic via a GCR: Update as of Thurs. 27 Feb. 2025

Compiled Thurs. 27 Feb. 2025 12:01 am EST by Judy Byington

What We Think We Know as of Thurs. 27Feb. 2025:

Before Pres. Kennedy was assassinated in 1865 he made an Executive Order to dissolve what was now known as the privately owned Federal Reserve, which was stealing US Taxpayer monies and still was to this day according to the DOGE Audit. The Audit also found that the EO has never been dismissed and was still valid

Wed. 26 Feb. 2025 The IRS will now be closing over 120 offices nationwide, in addition to laying off THOUSANDS of employees, per WaPo. This comes after We The People OVERWHELMINGLY voted for DOGE to audit the IRS, and apparently, they’re moving quickly.

President Kennedy’s Executive Order to take down the Federal Reserve and return Taxpayer Monies back to The People was still valid.

~~~~~~~~~~~~

Wed. 26 Feb. 2025: BOOM! TRUMP’S 2025 REVOLUTION IGNITES: NESARA to GESARA, the FII Priority Summit, and the unveiling of the Rainbow Dollar—the gold-backed currency reset set to transform the world economy forever. …The 47th on Telegram

Mon. 24 Feb. 2025 – QUANTUM FINANCIAL SYSTEM GOES LIVE  (allegedly) Cabal Wealth Seized. Global Currency Reset activated. Quantum satellites & military-guarded nodes now anchor the largest financial revolution in history.

The QFS is no longer in beta. It’s live, tracking every elite move in real time. The financial landscape is shifting—forever.

October 2024 Deployment: The Quantum Financial System began “beta” operations across anti-Cabal regions, with secure, instant transactions bypassing traditional banks. Now, over 100 million real-time transactions flow through QFS daily, locked within an un-hackable quantum ledger.

13 Quantum Satellites guard this revolution—military-secured, beyond NASA’s reach—ensuring every transaction is encrypted and invulnerable.

Operation Dark Mirror: QFS maps out global corruption, exposing shadow accounts, offshore havens, and illicit transactions tied to human trafficking and drug smuggling. Major arrests in Europe & Asia trace directly to QFS intel—and this is only the beginning.

Banks in Chaos: Since November 2024, banks worldwide suffer “glitches”—but these are intentional disruptions as QFS uncovers fraud, embezzlement, and artificial inflation. Cabal-controlled banks are scrambling, their secrets exposed.

Countdown to the Global Currency Reset (GCR): Governments are liquidating gold reserves into QFS, prepping for the end of fiat currencies. The largest wealth shift in history is imminent.

Military Oversight: Special ops are locking down QFS nodes. If the system fails, the Cabal regains control—but the military isn’t letting that happen.

Read full post here:  https://dinarchronicles.com/2025/02/27/restored-republic-via-a-gcr-update-as-of-february-27-2025/

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

Courtesy of Dinar Guru:  https://www.dinarguru.com/

Frank26 There are so many things that are at a standstill right now waiting for the new exchange rate.  That is such an obvious indication that there is a new exchange rate.  Every time we see a pause, a delay, it's because it's looking for the new exchange rate.  Right now the evidence is showing that Sudani is really tightening up the security on the new exchange rate.

Frank26  I consider this [Kurdish oil] to be the final countdown.  Many things are waiting for the new exchange rate but IMO the most important thing is this oil.

Henig  Article: "Vietnam's Economic Takeoff: Surpassing the Philippines to Join ASEAN’s Top Four"  Quote: "Vietnam’s ascent in economic rankings is a testament to its robust growth and strategic policies aimed at fostering sustainable development."  

GOLD Paper Scheme UNRAVELED: Why Gold Prices Are About to Explode!

Daniela Cambone:  2-26-2025

"The fiat currency standard is on its last legs," says Mario Innecco, financial markets and macroeconomics analyst.

 In an interview with Daniela Cambone, he compares the current situation to past events, like Roosevelt's 1934 gold revaluation, suggesting a similar monetary reset could occur around 2027.

 "Gold will play a key role in the new monetary system, uniting countries like China, Russia, and the US." Innecco also likens the gold market to fractional reserve banking, warning that the LBMA and COMEX may be lending more gold than they hold.

He cautions of a "run on the bank" scenario, where gold in Fort Knox could have been lent, sold, or hypothecated multiple times.

Watch the video to learn how to navigate these turbulent times.

Chapters: 00:00

COMEX gold transfers

 6:15 Gold delivery

8:32 China gold demand

15:12 Inflation

17:54 Money printing

22:28 Gold price

27:54 National debt

 31:55 Auditing Fort Knox gold

 35:49 Currency reset

https://www.youtube.com/watch?v=mtl7euatVPs

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

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

Seeds of Wisdom RV and Economic Updates Thursday Morning 2-27-25

Good Morning Dinar Recaps,

RIPPLE PARTNERS WITH BDACS FOR XRP, RLUSD CUSTODY IN SOUTH KOREA

Ripple Labs and South Korean custodian BDACS partner to offer institutional-grade custody for XRP, RLUSD and other crypto assets.

Ripple Labs has signed a strategic partnership with BDACS, a South Korean digital asset custody provider, to support institutional custody for XRP and Ripple USD.

The partnership, announced on Feb. 26, will enable BDACS to integrate Ripple Custody, the company’s institutional crypto and digital asset custody solution, to safeguard XRP, Ripple USD (RLUSD) and other crypto assets for financial institutions in South Korea.

Ripple president Monica Long highlighted the importance of institutional-grade custody amid growing enterprise interest in crypto.

“South Korea is gearing up for a wave of institutional crypto adoption — very excited for Ripple Custody to plant another flag in APAC with BDACS for XRP and RLUSD,” Long said in a statement.

Ripple aligns with South Korean regulatory requirement

According to Ripple, the partnership aligns with the roadmap for regulatory approval of institutional participation set by South Korea’s Financial Services Commission (FSC). The company stated:

“This partnership will support the growth of XRPL developers and its ecosystem, expand the usability of Ripple’s stablecoin (RLUSD), and leverage synergies with Busan, Korea’s blockchain regulation-free zone.” BDACS CEO Harry Ryoo said his firm is committed to ensuring a secure infrastructure for institutional crypto adoption.

“BDACS will provide a secure and reliable custody service to support Ripple’s pioneering blockchain initiatives. Ultimately, this partnership will enable both companies to enhance and expand the digital asset ecosystem,” Ryoo said.

Ripple Custody said it expects the total amount of custodied cryptocurrencies to reach $16 trillion by 2030.

Alongside the partnership with the South Korean crypto custodian, Ripple Labs unveiled a new roadmap for building an institutional decentralized finance (DeFi) ecosystem on the XRP Ledger blockchain network.

XRP Ledger’s roadmap builds on top of existing infrastructure, including price oracles and an automated market maker.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

RIPPLE OUTLINES FUTURE DEVELOPMENTS TO INSTITUTIONAL DEFI ON XRP LEDGER

Ripple has announced upcoming features for the XRP Ledger (XRPL) aimed at enhancing institutional decentralized finance (DeFi).

Key developments include expanded compliance functions, a new lending protocol that integrates with Ripple Payments and decentralized exchanges, and the introduction of Multi-Purpose Tokens (MPTs) for tokenized assets.

Additionally, the XRPL will see the launch of a permissioned decentralized exchange (DEX) and credentialing systems to facilitate secure trading environments.

These innovations are set to enhance programmability and streamline institutional onboarding, further positioning XRPL as a leader in regulated onchain finance.

@ Newshounds News™

Source:  Bitcoin News

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

“Tidbits From TNT” Thursday Morning 2-27-2025

TNT:

Tishwash:  Parliament will not be suspended" .. Parliamentary Legal Committee reveals the plan for sessions during Ramadan

Member of the Parliamentary Legal Committee, Mohammed Anouz, confirmed on Thursday that the Iraqi Parliament will not be suspended early due to the upcoming legislative elections, stressing that the Council has a moral and constitutional responsibility to continue holding its sessions and approving the remaining laws.

Anouz added to Shafaq News Agency that the first and second legislative chapters are sufficient to complete the reading, discussion and voting on many laws, stressing that the Council will resume its sessions next week.

He pointed out that Parliament sessions during the month of Ramadan will be in the evening, i.e. after breakfast, to ensure the continuation of legislative work before the end of the current session.

It is noteworthy that the current session of the Iraqi Council of Representatives began on January 9, 2022, and is scheduled to continue for four years, which means that it will end on January 8, 2026. 

According to the amended Electoral Law No. 12 of 2018, legislative elections must be held 45 days before the end of the parliamentary term. 

Accordingly, the next elections are expected to be held in late November 2025. 

Recently, the Independent High Electoral Commission began its technical and logistical preparations to ensure that the elections are held on the scheduled date, in coordination with the Prime Minister’s Office. link

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

Tishwash:  National Bank of Iraq wins the “Excellence Award” from “Citi Bank” in recognition of its outstanding performance

The National Bank of Iraq announced that it won the “Excellence Award” from Citi Bank, in recognition of its exceptional performance in managing incoming and outgoing financial transfers, stressing that this is an achievement that reflects its commitment to the highest standards of quality and transparency in banking services.

This award is a global testament to the bank’s efficiency in implementing financial operations with utmost precision, as it excels in ensuring that transactions are processed according to the highest international standards, while providing the required documents in the correct manner and on time.

This achievement reinforces the position of the National Bank of Iraq as one of the leading banks in the Iraqi banking sector, committed to providing reliable and effective financial solutions that meet the needs of its individual and corporate clients.

Commenting on this achievement, Ayman Abu Dahim, Managing Director of the National Bank of Iraq, expressed his pride and honor in the bank receiving this prestigious award, explaining that receiving this award reflects the bank’s tireless efforts and its firm commitment to providing banking services that are in line with the highest international standards, noting that the National Bank of Iraq believes that innovation and continuous development are the key to success, so it has worked to adopt the latest technologies to ensure the speed and efficiency of financial transfers, which provides its customers with a safe and reliable banking experience.

Abu Dahim praised the efforts made by the bank’s work team at all administrative and functional levels in providing the best banking services and achieving the highest levels of accuracy and transparency, stressing the bank’s commitment to continue developing its operations and strengthening its partnerships with global financial institutions, in a way that ensures the provision of advanced banking solutions that keep pace with the aspirations of our customers and contribute to supporting the national economy.

It is worth noting that the National Bank of Iraq is one of the leading private financial institutions in the Iraqi banking market, as it constantly seeks to provide innovative banking services that meet the needs of customers and enhance their confidence, by providing integrated financial solutions that support individuals and companies, while adhering to the best international practices in the banking sector link

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

Tishwash:  It will not be on the "losing team".. Iraq moves to the post-Iran phase

An American report shed light on the attempts that Iraq is facing to get out of the "Iranian orbit" and the "axis of resistance", which took Iran years to build in order to expand its influence deep into the Arab world, but it is rapidly shrinking and could collapse overnight.

A report by the American magazine "The Atlantic", translated by Shafaq News Agency, explained that "the axis of resistance has deteriorated during the past year from its formal rise to a stage of final decline, as Israel struck two of its main members, Hamas and Hezbollah, the regime of Bashar al-Assad fell, and the Lebanese parliament elected a new president and a new prime minister, who are not on friendly terms with the axis."

The report stated that until recently, Iran boasted that it controlled four Arab capitals: Damascus, Beirut, Sanaa, and Baghdad, but now the first two have slipped away, while the third is still under the control of the Houthis, who are still loyal to Tehran. But what about the fourth, Baghdad?

absolute control

In this regard, the American report saw that the degree of Tehran's control over Baghdad is always changing, as the Iraqi parties loyal to Tehran cannot form a government on their own, and are forced to form coalitions with other parties, including those dominated by the Kurds and Sunnis, who have limited ideological ties to the "axis", adding that even among the Shiites, the pro-Tehran position has become a matter of intense controversy, especially after the balance of power in the region shifted away from Iran.

He pointed out that the forces loyal to Iran organized violent clashes in the streets, and were able to obstruct this through religious and parliamentary maneuvers, so Muhammad Shia al-Sudani took over the prime ministership in October 2022, which was described as an “Iranian victory,” for reasons including that the prime minister who replaced al-Sudani was Mustafa al-Kadhimi, whom the report described as the first non-Islamic ruler of Iraq since the fall of Saddam Hussein, and that al-Kadhimi had restored Iraqi relations with Sunni powers such as Saudi Arabia, Egypt and Jordan, and even established excellent relations with Iran and encouraged the restoration of diplomatic relations between the Iranians and Saudis.

However, the American report warned that Tehran's control over Baghdad is not completely secure, as Al-Sudani relies on the support of parties loyal to Tehran, but he continued to follow a large part of Al-Kazemi's regional agenda to strengthen relations with Arab countries.

The losing team

The report considered that there are many issues that cause division among Iraqis, but there is one issue that unites many of them, which is that they do not want Iraq to turn into a battlefield for Iran’s conflicts with the United States and Israel, indicating that in light of the decline in the fortunes of the Tehran axis, these Iraqis do not want to be on the losing team in the region.

The report indicated that many Iraqis are now publicly demanding the dissolution of the Popular Mobilization Forces, which the report described as "the main tool of Iranian interference in Iraq," noting that members of the Iraqi government say that with the defeat of ISIS, the presence of the Popular Mobilization Forces is no longer necessary.

In this context, the report mentioned the recent statements of the Iraqi Foreign Minister Fuad Hussein that he hopes “we will be able to convince the leaders of these groups to lay down their weapons, and that two or three years ago, it was impossible to discuss this issue in our society.” It also mentioned the recent statements of Mr. Muqtada al-Sadr in which he pointed out the necessity of limiting the carrying of weapons to the state’s security forces only. 

Baghdad and Washington

However, the report found that what is most surprising is that figures from within the Coordination Framework, which includes parties loyal to Tehran, support this position, including MP Mohsen al-Mandalawi, the Kurdish Shiite billionaire, adding that “dissolving the armed militias or integrating them into the regular security forces would remove Iran’s main source of influence inside Iraq.”

The report considered that such a step may be calculated to avoid problems with Washington, as it is believed that the Donald Trump administration is considering imposing new sanctions on Iraq unless the Popular Mobilization Forces are disarmed, adding that the Iraqi government is looking to calm things down with Washington, as Al-Sudani and Iraqi President Abdul Latif Rashid sent congratulatory telegrams to the American president when he was elected.

The report quoted MP Ali Nema (from the Coordination Framework) as saying that he expected Iraqi-American relations to improve, and that the Coordination Framework, which is loyal to Iran, “is not worried about Trump.”

The report recalled Al-Sudani’s recent visit to Tehran, saying that “relations with Tehran are more controversial than ever,” as Al-Sudani received harsh criticism from Supreme Leader Ali Khamenei, who called for preserving and strengthening the Popular Mobilization Forces and expelling all American forces, and described the recent change of power in Syria as the work of “foreign governments. 

Iran axis

The American report then asked whether all this data is sufficient to indicate that Iraq is also leaving the Iranian axis, but it noted that Iraqi experts did not agree on an answer to this question.

The report also quoted Hamdi Malik, a researcher at the Washington Institute, as saying that Iran “still exercises significant influence in Iraq,” and that al-Sudani’s government initially sent “cautious but positive signals” to the new Syrian regime, but “the tone in Shiite circles in Iraq changed completely after Khamenei expressed a completely hostile view of developments there.”

After noting that Al-Sudani's government relies heavily on the support of the Coordination Framework, the report quoted Malik as saying that "any attempt by Al-Sudani to limit Iran's influence will be merely cosmetic attempts."

The report said that Farhang Fereydoun Namdar, an Iraqi analyst from the University of Missouri, agreed with this assessment, as the Popular Mobilization Forces still have about 200,000 members and a budget of about $3 billion, indicating that this force is unlikely to go anywhere, despite calls for its dissolution. The report quoted Namdar as saying that “almost all factions of the Popular Mobilization Forces are loyal to Iran, and the Mobilization has managed to entrench itself in the economy and politics of Iraq ... and is the backbone of the Sudanese government.”

Strategic location

The American Atlantic report saw that Iraq's position may be more complicated than just the image of a state subordinate to a neighboring regime, as Baghdad is distinguished by a unique position to achieve a balance between Iranian interests and the interests of the Sunni states in the region, and it is trying hard to build partnerships with its non-Iranian neighbors.

The report quoted Iraqi affairs expert Aaron Robert Walsh, who is based in Amman, as saying that he believes that Al-Sudani is “cautiously separating Iraq from the axis without completely severing relations with Tehran,” noting that Tehran and its Iraqi allies could spoil these efforts, for example by attacking projects in which the Gulf states have invested.

The report concluded by reminding that Iraq will hold elections in October, and that if enough Iraqis reject pro-Tehran parties at the ballot box, as most did in 2021, there will be an opportunity for al-Sudani, or whoever may succeed him, to form a government that makes an extra effort to assert Iraqi sovereignty. link

Mot:  .... Hitting Home It is – sssiiiigghghghghhhhhh 

Mot: Ya Knows What They Says bout ""Vegas"" – wellllllll 

MilitiaMan & Crew-Iraq Dinar News-CBI-Currencies-Global Systems-E Wallet-E Payments-E Taxation- Resuming Oil Days

MilitiaMan & Crew-Iraq Dinar News-CBI-Currencies-Global Systems-E Wallet-E Payments-E Taxation- Resuming Oil Days

2-26-2025

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

https://www.youtube.com/watch?v=MLECuPNg6YI

Iraq Economic News and Points to Ponder Wednesday Evening 2-26-25

National Bank Of Iraq Wins The “Excellence Award” From “Citi Bank” In Recognition Of Its Outstanding Performance

Banks   Economy News – Baghdad  The National Bank of Iraq announced that it won the “Excellence Award” from Citi Bank, in recognition of its exceptional performance in managing incoming and outgoing financial transfers, stressing that this is an achievement that reflects its commitment to the highest standards of quality and transparency in banking services.

This award is a global testament to the bank’s efficiency in implementing financial operations with utmost precision, as it excels in ensuring that transactions are processed according to the highest international standards, while providing the required documents in the correct manner and on time.

This achievement reinforces the position of the National Bank of Iraq as one of the leading banks in the Iraqi banking sector, committed to providing reliable and effective financial solutions that meet the needs of its individual and corporate clients.

Commenting on this achievement, Ayman Abu Dahim, Managing Director of the National Bank of Iraq, expressed his pride and honor in the bank receiving this prestigious award, explaining that receiving this award reflects the bank’s tireless efforts and its firm commitment to providing banking services that are in line with the highest international standards,

noting that the National Bank of Iraq believes that innovation and continuous development are the key to success, so it has worked to adopt the latest technologies to ensure the speed and efficiency of financial transfers, which provides its customers with a safe and reliable banking experience.

Abu Dahim praised the efforts made by the bank’s work team at all administrative and functional levels in providing the best banking services and achieving the highest levels of accuracy and transparency, stressing the bank’s commitment to continue developing its operations and strengthening its partnerships with global financial institutions, in a way that ensures the provision of advanced banking solutions that keep pace with the aspirations of our customers and contribute to supporting the national economy.

It is worth noting that the National Bank of Iraq is one of the leading private financial institutions in the Iraqi banking market, as it constantly seeks to provide innovative banking services that meet the needs of customers and enhance their confidence, by providing integrated financial solutions that support individuals and companies, while adhering to the best international practices in the banking sector. 215 views  Added 02/26/2025 - https://economy-news.net/content.php?id=52992

Iraqi Trade Bank Decides To Stop Cash Withdrawals Via Atms Outside Iraq

Banks  Economy News – Baghdad  The Trade Bank of Iraq announced, on Wednesday, the suspension of cash withdrawals via ATMs outside Iraq.

The bank's media advisor, Aqeel Al-Shuwaili, said in a statement, seen by "Al-Eqtisad News", that "due to the risks resulting from the misuse of electronic cards (Visa and MasterCard), and to avoid these risks, cash withdrawals through ATM machines for these cards outside Iraq only have been stopped." He added that "the cards can be used to pay through POS machines and online." 148 views Added 02/26/2025 - 5:48 PM  https://economy-news.net/content.php?id=53006

More Than 95% Of The Central Bank Of Iraq's Sales Today Are For Foreign Transfers

Wednesday 26 February 2025 16:36 | Economic Number of readings: 122  Baghdad / NINA / Foreign remittances exceeded 95% of the total sales of the Central Bank of Iraq in its daily auction, today, Wednesday.

The Central Bank sold today 288 million, 620 thousand and 427 dollars, at a price of 1310 dinars per dollar for documentary credits and international settlements for electronic cards and foreign remittances, and 1305 dinars per dollar for cash withdrawals.

Most of the sales went to enhance balances abroad through remittances and credits, amounting to 276 million, 320 thousand and 427 dollars, representing 95.65% of total sales, while cash withdrawals amounted to 12 million and 300 thousand dollars.

Only one bank bought cash dollars, while five banks met requests to enhance balances abroad, and the total number of exchange companies participating in the auction was 13 companies. https://ninanews.com/Website/News/Details?key=1188954

Al-Mashhadani: Iraq Is Stable In Terms Of Security And Economy And Has Adopted A Non-Aligned Approach

Politics | 04:06 - 02/26/2025  Mawazine News – Baghdad  Parliament Speaker Mahmoud al-Mashhadani confirmed on Wednesday that Iraq is stable in terms of security and economy and has adopted a non-aligned approach.

Al-Mashhadani said during a dialogue seminar on the sidelines of the third Erbil Forum on the accumulated concerns about the future of the Middle East: "Iraq is stable in terms of security and economy and has adopted a non-aligned approach with what is happening around it in the region, and we are working to build a prosperous Iraq that has a pivotal role in the region and thus open the door to global investment."

He added, "Iraq contains about 1432 investable materials between energy and other materials, and Iraq as an energy reserve, the world will ensure that it remains stable and that there is no danger to Iraq from what is happening around it."  https://www.mawazin.net/Details.aspx?jimare=259864

Finance Minister At IMF Meeting: We Expect Non-Oil Revenues To Increase

Local |  02/26/2025   Mawazine News – Baghdad   Finance Minister Taif Sami stressed on Wednesday the importance of updating financial systems to keep pace with global economic changes.

The ministry said in a statement received by Mawazine News that "in a step that reflects the depth of regional economic cooperation, Finance Minister Taif Sami participated in the International Monetary Fund meetings held in the Jordanian capital, Amman, which come within the framework of periodic consultations with the Fund."

During the meetings, the Finance Minister discussed "several basic strategic axes, including the implementation of the 2024 budget, where plans for its implementation were reviewed with a focus on controlling expenditures and enhancing the efficiency of distributing financial resources in line with the state's economic goals."

The statement continued, "Ways to improve public finances were discussed by enhancing investment opportunities, directing social spending towards vital sectors, in addition to supporting non-oil funds to reduce dependence on oil revenues."

The meetings discussed, according to the statement, "developments in the field of banking reforms, highlighting the importance of updating financial systems to keep pace with global economic changes, in addition to discussing expectations of the economic situation during 2025, while reviewing potential strategies to increase non-oil revenues, including tax identification issues and adopting a unified accounting system."

The Minister of Finance explained during the meetings that "these meetings come within the context of the ministry's ongoing efforts to enhance financial stability and achieve structural reforms that ensure the growth of the national economy."

She pointed out "the importance of close coordination with regional and international development partners," noting that "cooperation with the International Monetary Fund team is the cornerstone for developing financial policies in line with current challenges."

The statement added that "these meetings come as a strategic step within the efforts made to reform the financial and banking sector in Iraq, with the aim of enhancing financial stability and supporting economic growth."

It pointed out that "these meetings are expected to result in new financial policies that focus on diversifying sources of public revenue, developing the banking system, and improving spending efficiency in line with global economic changes, which contributes to enhancing the flexibility of the Iraqi economy and increasing its ability to face financial challenges."

https://www.mawazin.net/Details.aspx?jimare=259866

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

Seeds of Wisdom RV and Economic Updates Wednesday Evening 2-26-25

Good Evening Dinar Recaps,

SEN. LUMMIS SAYS WASHINGTON IS 'ON THE PRECIPICE' OF STABLECOIN AND CRYPTO REGULATION BILLS

▪We’re on the precipice of finally creating a bipartisan legislative framework for both stablecoins and market structure,” said Sen. Cynthia Lummis, R-Wyo. on Wednesday.

▪So far this year in the new Congress, the focus has been on first regulating stablecoins, with both Republican and Democratic lawmakers coming out with bills over the past several weeks.

Just a few months after a new Congress rolled into Washington, lawmakers are starting to get cracking on crypto legislation with hopes that bills can get signed by President Donald Trump by the end of this year.

"We're on the precipice of finally creating a bipartisan legislative framework for both stablecoins and market structure," said Sen. Cynthia Lummis, R-Wyo., during a congressional hearing on Wednesday. "I hope we can get both pieces of legislation to President Trump for his signature this year."

Lummis added that she hoped that would include the Responsible Financial Innovation Act, which she and Democratic Sen. Kirsten Gillibrand have worked on over the years and created a regulatory framework for crypto.

So far this year in the new Congress, the focus has been on first regulating stablecoins, with both Republican and Democratic lawmakers coming out with bills over the past several weeks.

One of those bills is called The Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS Act., which was introduced earlier this month by Senate Banking Committee Chair Tim Scott, R-S.C., Sen. Kirsten Gillibrand, D-N.Y., Sen. Bill Hagerty, R-Tenn., and Lummis. The bill includes reserve requirements and implements "light-touch, tailored regulatory standards for stablecoin issuers."

Lawmakers asked detailed questions  about that bill during Wednesday's Senate Banking Committee digital assets-focused panel hearing titled "Exploring Bipartisan Legislative Frameworks for Digital Assets." The panel was created this year and is led by Lummis.  

Ongoing discussions

Sen. Tina Smith, D-Minn., asked detailed questions about consumer protections in future stablecoin legislation and asked the witnesses at the hearing whether legislation should require "stablecoin issuers to be vetted for character and fitness" like other financial institutions.

Timothy Massad, former chair of the Commodity Futures Trading Commissioner and witness at the hearing, said the GENIUS Act doesn't require it and added that it should.

"Similar standards are in the European legislation and in other countries' legislation," he added.

On the House side, House Financial Services Committee Chair French Hill, R-Ark., released draft legislation last month that builds on work done in that committee over the past few years with some differences.

 For example, it gives the Office of the Comptroller of the Currency the authority to "approve and supervise federally qualified nonbank payment stablecoin issuers " instead of including a federal path through the Federal Reserve for "payment stablecoin issuers."

Shortly after, the top Democrat of the committee, Rep. Maxine Waters of California, released a discussion draft that includes language around federal regulators for stablecoins.

Sen. Bernie Moreno, R-Ohio, drew comparisons of crypto to other technologies, such as airplanes and computers, during Wednesday's hearing.

"The point I'm trying to make is, is why all of a sudden, when we got to digital currencies, did we decide here in Washington D.C. and say no, no we are going to decide the pace of innovation, the way technology should work," Moreno said.

@ Newshounds News™

Source:  The Block

~~~~~~~~~

BANK OF AMERICA CEO REVEALS PLANS FOR US DOLLAR-BACKED STABLECOIN, BUT THERE’S A CATCH

▪Bank of America is eyeing the stablecoin market amid global adoption.

▪The firm said it stayed back earlier because of unclear regulations.

▪BofA hopes to join major tech giants like Paypal with related offerings.

Like other mainstream fintech giants like Revolut and PayPal Holdings Inc (NASDAQ: PYPL) with Stablecoin plans, Bank of America (BofA) is set to introduce its token once regulations permit.

As reported by Fortune, Bank of America CEO, Brian Moynihan, while speaking at the Economic Club of Washington, D.C., discussed the growing importance of digital assets and the potential for stablecoins to function like traditional financial products.

Bank of America and the Stablecoin Plan

During the event, Brian said that stablecoins will likely play a major role in the conventional banking institution.

He further explained that a BofA-issued stablecoin would be fully backed by the US dollar and linked to a deposit account. Eventually, this will enable an easy and smooth transaction process between digital and traditional money.

“If they make that legal, we will go into that business,” he said, adding that the only reason BofA has not yet released its stablecoin is because of the stringent policy of the past administration.

However, he sounded more positive about the present government, saying that he expects major banks to enter the crypto economy once clear rules are in place.

Brian also made it known that irrespective of other digital asset offerings, the firm’s major focus remains on stablecoins. The BofA chief said he believes these tokens would fit perfectly into the current financial system.

Interestingly, this marks a shift from how the organization has viewed the digital asset economy. In 2022, when top Wall Street banks were diving into crypto, the firm’s CEO stated they had no intention of rushing into the space.

Most Money Movement Is Already Digital

Notably, while stablecoins are not yet part of BofA’s services, the financial institution is already transacting electronically. The CEO mentioned that the Bank transacts about $3 trillion online daily through wire transfers, ACH payments, and card transactions.

He pointed out that consumer spending is now largely digital, with services like Zelle and credit cards far outpacing cash usage. However, he acknowledged that cash remains essential for many people and businesses.

“ATMs and branches are still needed,” he said, despite the shift toward digital payments.

For context, reports show that the bank has invested large amounts of money in emerging technologies.

The expenditure is around $4 billion annually on new developments and another $8–9 billion on system operations. Per the report, the bank was an early adopter of mobile banking, launching its iPhone app before competitors. Today, about 90% of customer interactions happen digitally, supported by AI-powered tools like its virtual assistant, Erica.

Still, Moynihan emphasized the importance of human interaction in banking. With 3,700 branches nationwide, BofA continues to serve customers who prefer face-to-face assistance.

He stressed that digital convenience must be balanced with personal service, as many people seek expert advice on financial planning and major transactions.

@ Newshounds News™

Source:  CoinSpeaker

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

FRANK26….2-26-25……..AKI/BANK STORY

KTFA

Wednesday Night Conference Call

FRANK26….2-26-25……..AKI/BANK STORY

This video is in Frank’s and his team’s opinion only  

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE… ORANGE=IMPLEMENTATION

https://www.youtube.com/watch?v=2haJ-Tpx3tE

Some Iraq News Posted by Clare at KTFA 2-26-2025

KTFA:

Clare:  Trade Bank of Iraq stops cash withdrawals via ATMs outside Iraq

2/26/2025

The Trade Bank of Iraq announced today, Wednesday, the suspension of cash withdrawals via automated teller machines (ATM) using electronic cards (Visa and MasterCard) outside Iraq, as part of preventive measures to avoid security risks associated with the misuse of these cards.

The bank explained, in a statement received by {Al Furat News} a copy of it, that:

“The decision only includes cash withdrawals from ATMs outside Iraq, while users can continue to use cards to pay via POS devices or in electronic transactions on the Internet.”

The bank pointed out that "this measure comes out of concern for protecting customers' money from any security threats that may result from misuse of cards in some areas."   LINK

Clare:  The Central Bank of Iraq is moving towards launching a digital banking currency instead of paper currency

2/26/2025

The Governor of the Central Bank, Ali Al-Alaq, revealed on Wednesday the intention to create a digital banking currency to replace paper currencies.

Al-Alaq said, in a speech during the 9th Finance and Banking Services Conference and Exhibition, which was followed by Shafak News Agency, that "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 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," indicating that "we are seriously considering establishing a data center in Iraq, and the bank has begun to move on this issue as part of the digital transformation steps."

Al-Alaq continued, " The current stage is witnessing a major development in the electronic payment system through increasing the number of ATMs and credit wallets," indicating that "the support provided by the Central Bank helped raise the rate of financial inclusion in Iraq to 49% after it was 20%, about two years ago."

He pointed out that "Iraqi banks are witnessing today qualitative transformations in their banking operations, especially with regard to financial transfers of different currencies, through the adoption of approved global systems and programs that help them with these advanced transformations in financial services."  LINK

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

Clare:  Mazhar Saleh stresses the importance of electronic payment in the digital transformation in Iraq

2/26/2025

Mazhar Muhammad Salih, advisor to the Prime Minister, confirmed today, Wednesday, that electronic payment is one of the basic pillars for achieving digital transformation and enhancing financial stability in Iraq.

He added in his statement to {Al Furat News}, that "electronic payment contributes to reducing the size of the informal economy, as it still constitutes about 70% of the operations of the Iraqi market, and it also enhances transparency in financial transactions and increases citizens' confidence in the banking system." 

He explained that "the adoption of electronic payment contributes significantly to reducing traditional cash transactions, which helps combat corruption and money laundering. It also contributes to accelerating commercial operations and the capital cycle in the Iraqi market, and enhances the integration of the national income cycle." 

Saleh pointed out that "digital transformation leads to improving the management of the state's financial resources, which enhances its ability to collect taxes and fees more efficiently."

He added, "This contributes to reaching advanced levels of growth in building the unified treasury account, which enables the banking system to operate credit and grant loans with the least amount of banking liquidity risks, which effectively enhances the financing of economic and development activity."

From.. Raghad   LINK

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

Clare: Central Bank Governor inaugurates the 9th Finance and Banking Conference

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, inaugurated the 9th Finance and Banking Services Exhibition and Conference, in which a number of banks and payment companies operating in Iraq participated.

During his speech, His Excellency the Governor stressed that the current stage is witnessing a significant development in the electronic payment system by increasing the number of ATMs and credit wallets, noting that the support provided by the Central Bank has helped raise the financial inclusion rate in Iraq to 40% after it was 20% about two years ago.
The Governor pointed out that Iraqi banks are witnessing qualitative transformations in their banking operations today, especially with regard to financial transfers of different currencies by adopting approved global systems and programs that help them in these advanced transformations in financial services.

In his speech, he outlined the features of 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.

He added that 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, indicating work 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 a basis for artificial intelligence, applications, big data analysis and the Internet, and that the Central Bank of Iraq has begun steps in this direction, calling for the formulation of a comprehensive Iraqi vision for digital transformation.

Central Bank of Iraq
Media Office
February 26, 2025

https://cbi.iq/news/view/2807

Clare: Confirming Shafaq News.. Trump is heading to impose sanctions on Iraqi groups

2/26/2025

The American website "Fox News" published a report today, Wednesday, in which it referred to the "maximum pressure" sanctions that the Trump administration is pursuing against countries that have economic and trade relations with Iran, including Iraq, which includes punishing a group of banks and controlling Baghdad's reserves at the US Federal Reserve.

According to the website's report, translated by Shafaq News Agency, "These countries should expect to feel the shock waves resulting from Trump's campaign on the Iranian oil trade," indicating that Iran currently exports an average of 1.5 million barrels of oil per day, but under the executive order issued by Trump on February 6, the Secretaries of State and Treasury will work to "implement a campaign aimed at driving Iranian oil exports to zero."

The report touched on "$6 billion in Qatar from Iranian oil revenues held in Doha," noting that "this issue was raised during the meeting of Iranian Supreme Leader Ali Khamenei with Qatari Emir Tamim bin Hamad Al Thani this week."

The US report indicated that "Washington intends to cut off Iran's oil exports to China, which account for 90% of Iranian outflows, by sanctioning some individuals and ships associated with the so-called shadow fleet of ships transporting Iranian oil, but stricter campaigns could pass after Chinese banks that process oil transactions."

The Trump administration also intends, according to Fox News, to “withdraw waivers from Iran’s Chabahar port project, a major trade gateway in southern Iran with India, through which the latter has pumped $370 million. India had previously obtained a waiver for the project, allowing it to create a trade route in Central Asia that bypassed Pakistan, because American officials believed the port helped reconstruction efforts in Afghanistan.”

As for Iraq, the report explained that "the United States has great influence over Iraq, and $100 billion of the country's reserves are kept in the United States, and it can use this money to exert great pressure on Baghdad to distance it from Iranian influence."

The report cited "the ban on five Iraqi banks from conducting transactions in US dollars as a means of eliminating Iran's access to the US currency," considering that "Iraq is the lifeline for Iran's access to hard currency, and the United States has long sought to restrict Tehran's bypassing of sanctions through its neighbor."

Last Monday, Shafaq News Agency published a report revealing the efforts made by the Iraqi Ministry of Foreign Affairs to prevent the issuance of US sanctions against Iraq, including companies and names of leaders in the Popular Mobilization Authority.

According to an informed political source, who told Shafaq News Agency, requesting that his name not be mentioned, "American sanctions may be issued soon and will include a list of names of political figures who have armed factions."

The source also explained that "the list includes more than ten names, some of whom are leaders of the Popular Mobilization Forces, and others are well-known and have partnerships with important political forces," explaining that "the situation with the United States may escalate, and the goal is to control the movement of money in Iraq and to limit and weaken what the American administration calls Iran's arms and to stop supplying Tehran with hard currency through intermediaries."

The source pointed out that "there are three financial companies and three transportation companies, all of which operate within the Iraqi oil fleet, and they will also be on the blacklist, in order to pressure and stop the smuggling of currency and oil towards Iran."

On the 16th of this month, a responsible Iraqi government source revealed to Shafaq News Agency that the Iraqi government agencies received an official notification imposing US sanctions on five new Iraqi banks, for their involvement in illegal financial transfer operations inside and outside Iraq. LINK

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

Clare:  Iraq discusses with the International Monetary Fund controlling expenditures and the 2024 budget

2/26/2025

The Iraqi Minister of Finance, Taif Sami, discussed with the International Monetary Fund, financial and banking reforms to support the Iraqi economy, during the periodic meetings held in the Jordanian capital, Amman.

The Iraqi Ministry of Finance said in a statement issued today, Wednesday, and received by Shafak News Agency, that the discussions focused on implementing the 2024 budget, with a review of mechanisms for controlling expenditures and enhancing the efficiency of distributing financial resources, in line with the state's economic goals. 

The two parties also discussed, according to the statement, ways to improve public finances by supporting investment and directing social spending towards vital sectors, in addition to enhancing non-oil revenues and reducing dependence on oil revenues.

The meetings also included discussing banking reforms, stressing the importance of updating financial systems to keep pace with global economic changes. 

It also reviewed the economic forecast for 2025 and potential strategies to increase non-oil revenues, including developing the tax system and implementing a unified accounting system.

During the meetings, Sami stressed that these meetings come within the framework of the Ministry’s efforts to enhance financial stability and achieve structural reforms that support the national economy, noting the importance of coordination with international partners and considering cooperation with the International Monetary Fund as a fundamental pillar in developing financial policies to confront current challenges.  LINK

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

Clare:  Companies from 50 countries compete for electricity projects in Iraq  

2/26/2026

The spokesman for the Ministry of Electricity, Ahmed Musa, revealed on Wednesday that more than 300 companies representing 50 countries are participating in the Renewable Energy Conference, which is being held at the Baghdad International Fair from the 24th to the 26th of this month .

Musa told Shafaq News Agency, "The conference represents an important opportunity for local and international companies to view the Ministry of Electricity's projects in the renewable energy sector, and to present their investment offers to enhance the electrical infrastructure in Iraq."

Musa added that "the Iraqi government seeks to diversify gas and energy sources," noting that "the ministry had previously signed contracts with international companies to establish solar power stations, as part of its plans to support the shift towards clean energy."

Musa pointed out that "536 government buildings have been converted to operate with solar energy systems, in a move aimed at reducing pressure on the national electricity grid and enhancing energy sustainability in the country."

At the end of last month, the Iraqi Minister of Electricity, Ziyad Ali Fadhil, announced the launch of new production projects with a capacity of 15,000 megawatts, while confirming that the country’s energy production had increased by about 9,000 megawatts over the past two years  LINK