Tishwash: Iraq Plans Currency Redenomination Amid Economic Challenges
The Central Bank of Iraq (CBI) has announced that discussions regarding the project to remove zeros from the Iraqi dinar are ongoing, with assessments continuing. The bank also noted a reduction in reliance on the US dollar for trade transactions.
Ali Mohsen al-Alaq, Governor of Iraq’s Central Bank, stated that the bank is facing global economic challenges, such as rising energy and raw material prices.
To address these issues, it has amended some monetary policies in line with the international situation, aiming to increase confidence in the Iraqi dinar and prevent a significant decline in its value.
The central bank has also increased its holdings of foreign currency and gold reserves to enhance the country’s financial stability and its ability to cope with economic crises in any situation, he added.
Many countries remove zeros from their currencies to revalue the national currency and facilitate financial transactions. This process involves eliminating a certain number of zeros from the nominal value of the currency, making it less inflationary and more stable.
Earlier this year, the Iraqi federal government decided to postpone a plan to remove three zeros from the nominal value of its currency notes, citing that the current economic climate is not suitable.
Last year, the central bank indicated plans to redenominate the Iraqi dinar to simplify financial transactions in an economy that remains heavily centralized and oil-dominated, where deals are often conducted in cash.
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Tishwash: Nokia signs contract with Zain Iraq to improve the company’s network in the southern governorates
Nokia has announced a 3-year deal with Zain Iraq to upgrade the company’s network in the southern region by applying the latest microwave technologies, including E-band solutions, which will help increase network capacity. The deal includes replacing competitors’ equipment and providing versions that provide the highest transmission power in the market. Nokia considered this partnership to be its first entry into the microwave field with Zain Iraq.
The three-year deal represents Nokia’s first foray into microwave with Zain Iraq, boosting network capacity and upgrading infrastructure to support future growth and increased traffic demand.
The deployment will begin immediately, with a focus on improving network performance and ensuring scalability to accommodate future growth. Nokia’s solutions will help Zain Iraq expand network capacity and improve customer experience while paving the way for future innovations in the region.
Zain Iraq is experiencing increasing demand for its data services and expansion is essential to provide the best service to its customers. Nokia will apply the latest microwave technologies, including the latest E-band solutions, to upgrade Zain Iraq’s microwave backbone. This upgrade will increase network capacity and prepare it for the expected increase in data due to higher customer usage.
The deal includes the replacement of competitor equipment and the introduction of Nokia’s high-capacity microwave solutions. A key component of this deployment is the UBT-T XP, which offers the highest transmit power on the market. This technology reduces antenna sizes and tower loads, saving significant capital and operational costs.
“This deal underscores our strong local capabilities and expertise. By deploying our advanced microwave solutions, Zain Iraq will benefit from an enhanced network that is ready to handle the demands of the future, including meeting the needs of its growing customer base,” said Mikko Lavanti, Senior Vice President, Mobile Networks, Nokia Middle East and Africa.
“Our partnership with Nokia enables us to overcome capacity constraints and modernize our network infrastructure. With Nokia’s advanced microwave technology and E-band solutions, we are not only solving current challenges, but also securing our network for future growth,” said Emre Gurkan, CEO of Zain Iraq.
