In Numbers: The Decline In The Value Of The Iraqi Dinar
The economic expert, Manar Al-Obaidi, determined how much the Iraqi dinar has lost its value.
Al-Obaidi explained in a blog post followed by “Baghdad Today” that “the value of any currency is determined based on two basic factors, which are the quantity of the currency issued, which is the total cash pumped by the central bank, and the size of the reserves, which includes foreign currencies, investments, and gold held.” At the Central Bank.
He stated, “The situation at the end of 2023, the amount of currency exported reached 101 trillion dinars, and the value of official reserves reached 145 trillion Iraqi dinars.” Al-Obaidi added,
“As for the situation at the end of 2024, the amount of currency exported remained at the same level, 101 trillion Iraqi dinars, and the value of official reserves decreased to 139.7 trillion Iraqi dinars.”
He pointed out, “The impact on the value of the Iraqi dinar.
Despite the stability of the exported monetary mass, the decrease in the value of official reserves by 5.3 trillion Iraqi dinars led to a decline in the purchasing power of the dinar.
As a result of this decrease in reserves, the actual value of the Iraqi dinar declined by 5.3%.””. Al-Obaidi pointed out,
“The continued decline in the actual value of the dinar will lead at some point to an increase in inflation as a result of the decline in the strength of the dinar in exchange for only the reserves.
All of this was the average price of Iraqi oil was high, so how will things turn out in the event of a decline in oil prices?”
Finance: Digital Transformation Has Accelerated The Completion Of Transactions And Reduced The Need For Cash Transactions
Today the Ministry of Finance announced that it has made great strides in digital transformation and electronic payment, while indicating progress in the field of automating customs procedures to ensure financial sustainability and diversification of the economy.
The representative of the Minister of Finance/Undersecretary of the Ministry, Rebaz Muhammad Hamdan, said in her speech during the fourth annual international scientific conference, entitled (Digital Financial Services – Challenges of Reality and Foreseeing the Future) and attended by the correspondent of the Iraqi News Agency (INA), that
“our conference today comes within the government’s efforts to implement… The government program, as digital financial services have witnessed rapid development in recent years, and modern technology has contributed to accelerating the financial process.”
He added, “The Ministry has made great strides in digital transformation, including financial transfers, electronic payments, online loans, and mobile banking services, which has increased the efficiency of accelerating financial transactions, reducing the need for cash transactions, and providing services to people who cannot access traditional banking services,” noting that
“Innovation and development in this field were enhanced, ways of cooperation were discussed between relevant authorities in the field of financial technology, and
the most prominent solutions related to cybersecurity and future risks in this sector were reviewed and how to take precautions for those risks.” He continued,
“The Ministry has advanced in the field of automating customs procedures to ensure financial sustainability and the diversification of the economy in accordance with the principles of integrity, transparency and anti-corruption, and has implemented programs in the Financial and Accounting Training Center to train employees on the use of new digital systems with the aim of enhancing digital skills in the Ministry, improving financial performance and enhancing confidence in the financial system.””.
Finance: Digital Transformation Has Accelerated The Completion Of Transactions And Reduced The Need For Cash Transactions
The Ministry of Finance announced that it has made great strides in digital transformation and electronic payment, while indicating progress in the field of automating customs procedures to ensure financial sustainability and diversification of the economy.
The representative of the Minister of Finance/Undersecretary of the Ministry, Rebaz Muhammad Hamdan, said in her speech during the fourth annual international scientific conference, entitled (Digital Financial Services – Challenges of Reality and Foreseeing the Future) and attended by the correspondent of the Iraqi News Agency (INA), that “our conference today comes within the government’s efforts to implement… The government program, as digital financial services have witnessed rapid development in recent years, and modern technology has contributed to accelerating the financial process.” He added,
“The Ministry has made great strides in digital transformation, including financial transfers, electronic payments, online loans, and mobile banking services, which has increased the efficiency of accelerating financial transactions, reducing the need for cash transactions, and providing services to people who cannot access traditional banking services,” noting that
“Innovation and development in this field were enhanced, ways of cooperation were discussed between relevant authorities in the field of financial technology, and the most prominent solutions related to cybersecurity and future risks in this sector were reviewed and how to take precautions for those risks.”
He continued, “The Ministry has advanced in the field of automating customs procedures to ensure financial sustainability and the diversification of the economy in accordance with the principles of integrity, transparency and anti-corruption, and has implemented programs in the Financial and Accounting Training Center to train employees on the use of new digital systems with the aim of enhancing digital skills in the Ministry, improving financial performance and enhancing confidence in the financial system.””.
Integration Requirements
In order to speed up the procedures and complete the
merger transactions for exchange companies (A, B) and brokerage companies that buy and sell all foreign currencies, please provide us with the attached merger requirements.
For more, click here. https://cbi.iq/static/uploads/up/file-173521355168533.pdf
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[ partial and approximate of https://cbi.iq/static/uploads/up/file-173521355168533.pdf ]
Exchange companies for the two (8 and 8) under establishment
Mediation companies by selling and selling all foreign currencies
M/ Integration requirements
In order to accelerate procedures and complete the completion of your companies ’integration.
Please provide us with the accompanying integration requirements, so that this directorate can proceed with this directorate.
Integration without delay or delay, as the delay in completing the requirements of integration will lead to the delay in granting you The final license.
You can communicate through the available channels, including the adopted email of this directorate:
Nbfi.supervision@cbi.ig.
with appreciation/ To abide by what is mentioned above.
