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BREAKING: Iraq To Go Digital Today.


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1 hour ago, Luigi1 said:


Today, Tuesday, the Governor of the Central Bank announced the imminent transition to the “Digital Bank”.


Thanks Luigi ... this is NEWS, not Rumor - you should have posted it in Iraq & Dinar Related News

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The Governor of the Central Bank announces the imminent transition to the “Digital Bank”


Baghdad/National News Center


Today, Tuesday, the Governor of the Central Bank announced the imminent transition to the “Digital Bank”.


The Media Department of the House of Representatives stated, in a statement received by the “National News Center”, that “the committee to monitor the implementation of the government program, headed by Representative Hazem Al-Khalidi, the head of the committee, and in the presence of its members, hosted the Governor of the Central Bank, Mustafa Ghaleb, and a number of government bank managers to discuss what has been accomplished from the ministerial curriculum, and a meeting was held In the constitutional hall of the House of Representatives, in the presence of a number of members of various parliamentary committees, as well as the Minister of State for Parliament Affairs, Hayam Al-Haidari.


The committee indicated, according to the statement, that it “held several meetings to evaluate the work of the government and submitted in a previous period a detailed report to the House of Representatives, in which it touched on the percentages of achievement and areas of failure,” noting that “the government has not yet presented its government program, which led to a lack of coordination between institutions. different country.”


The statement continued, “The committee raised a number of questions regarding a number of related issues that fall within the work of the Central Bank, the most prominent of which are the negative effects of the decision to raise the exchange rate, as well as the absence of the reasons and justifications mentioned for this, especially with the increase in the bank’s sales through the currency sale window and the possibility of filling the deficit after the increase in The price of oil is in addition to the lack of necessary conditions to preserve the local product, and there are many exceptions to this, and a clear delay for a project made in Iraq.”


The statement said, "The stages of completion of the ministerial curriculum and the application of mechanization were discussed, in addition to the measures taken by the central bank and government banks regarding administrative reform."


The statement continued, “The committee discussed the foundations adopted by the Central Bank in classifying banks, closing banks that violate the law, and the consequences of raising the exchange rate on the poor and middle class,” stressing “the need for coordination between the government and the Central Bank to start drafting a bill for the bank.”

With regard to supporting housing projects and granting loans, the committee noted the "low percentage of completion in this area."

In answering the committee's inquiries, the Central Bank Governor praised "the effective role of the committee by exercising its oversight role and striving to diagnose weaknesses and work to fix them."

The governor of the bank added that “all government banks are administratively affiliated to the Ministry of Finance and he has no choice in managing those banks,” noting that “the government is addressed regarding the central bank’s role in choosing the management of government banks as well as eligibility.”

And the governor of the Central Bank said that “the banking sector in Iraq went through two important turns in 2012 and the other in 2019 led to a rise in the granting of licenses to banking companies and banks,” noting that “the bank demanded from the government to automate border crossings to control the imports of the ports, whose imports are considered to come after oil. in terms of importance.”


In the same context, the Governor of the Central Bank indicated “the imminent creation of an electronic collection system, which the bank has been working on since 2019, in addition to working on the digital identity that organizes the opening of an account for citizens from their homes and the transition from paperwork to the (Digital Bank) system.”


For their part, the bank managers provided, according to the statement, “an explanation of the questions and inquiries raised by the deputies about the banking system, stressing that there are problems facing a number of banks and the need for actual reforms.”

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Great News.!!


From Physical cash to Digital cash.... This means less physical cash in circulation.


Major benefits of digital banking are;


  • Business efficiency - Not only do digital platforms improve interaction with customers and deliver their needs more quickly, they also provide methods for making internal functions more efficient. While banks have been at the forefront of digital technology at the consumer end for decades, they have not completely embraced all the benefits of middleware to accelerate productivity.
  • Cost savings - One of the keys for banks to cut costs is automated applications that replace redundant manual labor. Traditional bank processing is costly, slow and prone to human error, according to McKinsey & Company. Relying on people and paper also takes up office space, which runs up energy and storage costs. Digital platforms can future reduce costs through the synergies of more qualitative data and faster response to market changes.
  • Increased accuracy - Traditional banks that rely mainly on paper processing can have an error rate of up to 40%, which requires reworking. Coupled with lack of IT integration between branch and back office personnel, this problem reduces business efficiency. By simplifying the verification process, it's easier to implement IT solutions with business software, leading to more accurate accounting. Financial accuracy is crucial for banks to comply with government regulations.
  • Improved competitiveness - Digital solutions help manage marketing lists, allowing banks to reach broader markets and build closer relationships with tech savvy consumers. CRM platforms can track customer history and provide quick access to email and other forms of online communication. It's effective for executing customer rewards programs that can improve loyalty and satisfaction.
  • Greater agility - The use of automation can speed up both external and internal processes, both of which can improve customer satisfaction. Following the collapse of financial markets in 2008, an increased emphasis was placed on risk management. Instead of banks hiring and training risk management professionals, it's possible for risk management software to detect and respond to market changes more quickly than even seasoned professionals.
  • Enhanced security - All businesses big or small face a growing number of cyber threats that can damage reputations. In February 2016 the Internal Revenue Service announced it had been hacked the previous year, as did several big tech companies. Banks can benefit from extra layers of security to protect data.

Go Iraq 

Go banking system 

Go digital banking 



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4 hours ago, Spartakus said:

Don't they have to drop some zeros for it to work?


( conjecture ) all at once at the same time so no one can speculate against it ...

no one knows till the cbi makes a move 

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On 6/29/2021 at 5:04 PM, horsesoldier said:

So which is it ? TODAY, because IMMINENT implies a different meaning.


Perhaps there’s an “ in between “ Iraqi definition release phrase we’re not familiar with thats mushed up betwix just to keep us off balance ( wouldn’t be the first time they tried to confuse us, huh )


Yeah, the phrase is know as ... soon ! 😂

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