The economic expert, Abdul Rahman Al-Sheikhli, confirmed that the development road will pass through 12 Iraqi governorates and will have great investment opportunities.  Al-Sheikhli said {to Al-Furat News} that:

“The development path will move Iraq from a regional to a global situation in terms of trade, as it will pass through 12 Iraqi governorates and will have great investment opportunities.”

He added,  “The development road project will provide Iraq with great regional and international relations.  It will also attract Iraqi manpower, and we are optimistic about it.”

Al-Sheikhli continued,  “The stability of the security situation reflects the extent of interest in the future and the increase in investment opportunities in the country,” noting that “the economic system in Iraq has changed since 2005 to a market system, and on this basis the system must be transformed from a rentier economy to a productive one.”

Governor Of The Central Bank Of Iraq: We Have Come A Long Way In The Process Of Reforming The Banking Sector

The Central Bank of Iraq participated in the conference on electronic payment towards financial stability in Iraq, which was held under the patronage of the Iraqi Prime Minister, Mr. Muhammad Shiaa Al-Sudani, and organized by the Association of Iraqi Private Banks, with wide participation of the parties concerned with electronic payment and the Iraqi banking sector.

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, said during the first session of the conference that the digital transformation movement in Iraq, especially the financial and economic part, constitutes a priority for the government and the Central Bank of Iraq and aims to provide the best banking services, stressing that there is a great movement to advance the digital transformation, which represents the sector.

Banking and finance are a major pillar of it.  He noted that despite the challenges and obstacles that the country has faced in recent decades, the   process of digital transformation is taking place quickly through the indicators available at the Central Bank, stressing that   it is moving in the right direction.

The Governor stressed that there is a very important aspect of keeping up with developments and changes.

There is direct communication with internal and external parties, which is at two levels.  The  first includes capacity building within the banking sector by providing competencies and various applications, as the Iraqi staff is characterized by adaptation and development, and the  second is cooperation.

The International Bank and the Central Bank of Iraq have broad and effective relationships with international financial and monetary institutions and banks around the world.

His Excellency revealed the process of reforming the banking sector, especially the government sector, noting that it has come a long way and it is now possible to implement what was stated in the Central Bank’s plan in the banking reform process until the end of this year.

Regarding the experience of digital banks, His Excellency the Governor indicated that the developments and employing them in a direction that serves the public made us move towards digital banks in Iraq as it is a new experience in countries of the world, indicating that

Iraq will be one of the countries that are progressing in digital banks as the number of requests for digital banks increases.

It reached 60-70 banks, and the bank will choose a limited number as a first stage, in accordance with the applicable controls and conditions, and it will be subject to an evaluation stage by the Central Bank of Iraq.   Central Bank of Iraq  Media office

Economist: The Free Bloc Is Estimated At 70 Trillion Dinars And Can Be Invested Electronically

Information / Baghdad… Economist Dr. Safwan Qusay confirmed today, Sunday, the existence of     about 70 trillion dinars of free monetary mass, pointing out the     possibility of investing it through switching to the electronic system in financial transactions.  Qusay told Al-Maalouma,

 “Focusing on investing in financial inclusion is accompanied by many benefits, the most prominent of which is withdrawing the free monetary mass outside the banking system, which is estimated at about 70 trillion dinars, that is, an average of 2 million dinars for every Iraqi citizen.”

 He added, “This amount could     lead to an increase in banks’ liquidity and     increase their ability to grant grants through small and medium-sized income-generating projects or by     increasing the capacity of long-term strategic investment financing.”

He stated that”Iraqi banks have the qualifications to switch to the electronic system,” noting that “the  transition of the financial sector to the electronic system with credit cards will pave the way for attracting international investments and   increasing confidence in the Iraqi economy.”

Central Bank: Electronic Payment Systems Have Contributed To Enhancing Iraq’s Compliance With Anti-Money Laundering

The Governor of the Central Bank of Iraq, Ali Al-Alaq, said on Saturday that the use of electronic payment systems and technologies used in the banking sector has contributed to enhancing compliance in combating money laundering in the country.

These statements were made by Al-Alaq on the sidelines of his hosting of the conference on electronic payment towards financial stability in Iraq, which was held in the capital, Baghdad, and was attended by a Shafaq News Agency correspondent.

The Governor of the Central Bank said that the world’s focus today is on implementing compliance rules in combating money laundering, and that the  safety of banking operations is the safety of
society, the
economy,
internal and
external banking relations, and others.

He stressed,  “There is a great focus on measuring the extent of compliance in each of the operations.

Therefore, when we apply anything within the framework of electronic payment and its various tools and channels or elsewhere, the question comes:
What is the capacity of compliance and governance in these operations?” Al-Alaq pointed out that
“when the conversation is about electronic matters, the application is easy and possible, and therefore the

      level of compliance is much better than the usual traditional operations, and is even
faster and more accurate, and
gives a complete detail of all operations.” He added,

“Today, in using personal cards, we have a complete and direct analysis of all transactions.

Where do they take place?

What type of operations take place?

Are they consistent with compliance standards, sources of funds, etc.?

In the process of analyzing data, it is possible to give us important results and redirect matters in a way that does not represent… Any kind of fraud or hacking.”