Government Consultant: Iraq enters the advanced digital age in early 2024

[6ly410]

Government Consultant: Iraq enters the advanced digital age in early 2024

 Political

 

 Today, 13:56

Baghdad - Waa - Nassar Al-Hajj

The financial adviser to the Prime Minister, Mazhar Muhammad Saleh, confirmed on Tuesday that Iraq will enter the advanced digital age early next year 2024, with a major official announcement.

Saleh told the Iraqi News Agency (INA) that "the government curriculum of Prime Minister Muhammad Shia Al-Sudani focused on the principles of reform work in public administration, which took two basic directions, namely the elimination of the phenomenon of corruption in general and systemic corruption in particular, which is the most dangerous corruption that contributes to more than one detail within the executive branch, and the second trend is to maximize the state's non-oil revenues and make their percentage in the estimates of the federal general budget by at least 20% instead of their low percentages." By about 10 percent or even less, to ensure the goals within the ongoing reform years."

He added that "the non-oil revenue agencies, which are led today, customs and tax authorities, border crossings and others, are at the forefront of the trends of financial and administrative reform, at the level of international indicators, there are three elements that often thwart the efforts of countries in addressing financial and administrative corruption, and they are summarized as follows: First, dealing with paper transactions with the public and direct human communication, and the second: direct cash dealing in settling levies and others and the risks that generate in behavior, and the third: The absence of digital systems in the conduct of transactions without human intervention."

He continued: "Based on the above, and in order to achieve the goal of the government program in reforming and replacing digital systems in dealing with non-oil revenue devices, an accurate digital program that is being adopted rapidly is adopted by the government today, and is based on assessment, examination and electronic collection without direct human intervention and according to advanced digital systems that are carried out with solid national expertise and in cooperation with major international digital companies, in addition to the expertise of the United Nations Development and Trade Organization, especially in the digital development sectors at border crossings and customs. And taxes, and thus Iraq will be in early 2024, has entered the advanced digital age rapidly and there will be a major official announcement in this regard."

He pointed out that "the replacement of payment systems and the spread of digital interaction, starting with digital government collection and ending with large and small payments within the economic activity, which will crown the new digital era of Iraq," noting that "the acceleration in the use of electronic payments is one of the guarantees of banking work and the safety and sobriety of its operations, due to the decrease in the so-called (liquidity risk) of the banking system due to its knowledge of daily flows and balances continuously without stopping, which makes banks deal with (functions) flexible cash demand that is not shrinking. with liquidity or anticipation of its loss, that is, without sufficient information due to high uncertainty, which is the predominant characteristic in the absence of digital payment systems that are both disrupted and the need for accelerated financing to support economic activity."

He stressed that "such phenomena will undoubtedly disappear in the digital banking system, and the risks of cash liquidity will decrease due to the high levels of certainty in the flow of funds provided by digital systems in transactions between the public on the one hand and the public and banks on the other, within the framework of running a highly governed and financially transparent digital payments system that meets the needs of the growing economic business sector without doubts and hesitation imposed by liquidity risks due to lack of information."

He pointed out that "there is a correlation between financial inclusion, which means the delivery of banking services to the weakest segments of economic society and the development of digital payments, as the replacement of digital payments includes the expansion and upgrading of the number of bank accounts, and the opening of a bank account represents the essence of digital financial inclusion, as it is noted with the development of the digital payments market in Iraq, the phenomenon of increasing the opening of bank accounts has recently increased remarkably and tens of thousands of bank accounts that have been opened daily and continuously and according to What the Association of Private Banks said a few days ago, which means that the Iraqi banking system is in an accelerated movement of change and development

commensurate with the new digital era of Iraq, whose principles were established by the current government program"

[6ly410]

👀

[6ly410]

and thus Iraq will be in early 2024, has entered the advanced digital age rapidly and there will be a major official announcement in this regard."

[cranman]

3 minutes ago, 6ly410 said:

and thus Iraq will be in early 2024, has entered the advanced digital age rapidly and there will be a major official announcement in this regard."

Maybe they will announce a rate change! 

[6ly410]

2 minutes ago, cranman said:

Maybe they will announce a rate change! 

💯

[screwball]

On 12/27/2023 at 2:23 AM, cranman said:

Maybe they will announce a rate change! 

Even deleting the zeros from the rate……can’t get anymore digital than that! 

[cranman]

Just now, screwball said:

Even deleting the zeros from the rate……can’t get anymore digital than that! 

Hopefully just deleting the zeroes and no redenomination. 

 

That has always been a possibility.

 

 

[screwball]

40 minutes ago, cranman said:

Hopefully just deleting the zeroes and no redenomination. 

 

That has always been a possibility.

 

 

Isn’t deleting zeros and releasing lower denoms great for us? Isn’t redomination also lower denoms? 

Edited December 27, 2023 by screwball

[DinarDavo]

26 minutes ago, screwball said:

Isn’t deleting zeros and releasing lower denoms great for us? Isn’t redomination also lower denoms? 

 

I'm not an expert here but I understood redomination would result in Iraqis trading in like 25,000 IQD note for 25 IQD note now equal to about $1 USD per 1 IQD....making the value change a wash with little or no increase. Again, going on past post.

Edited December 28, 2023 by DinarDavo

[6ly410]

⏰

[cranman]

1 hour ago, screwball said:

Isn’t deleting zeros and releasing lower denoms great for us? Isn’t redomination also lower denoms? 

What I was describing was basically a LOP. 25, 000 Dinar becomes 25 dinar. The 25 Dinar can become equal too , or greater,  $25.00 US dollars.  They couldn't do it earlier because they don't have their finacial sovereignty.  

 

Not what we want. But that would make the dinar equal to , or greater than, the dollar. Depending on what they make a single dinar value worth compared to the other currencies.  Great for the Iraqis. 

 

If you think.about it,  90 trillion dinar become 90 billion dinar if you drop.three zeroes. If you make the dinar worth 3 USD to 1 dinar that 90 billion becomes 270 billion dinar

 

All veryl real numbers for a countrys budget

 

I don't tink that's what will happen.  But like I always say" We don't know what we don't know".

 

That wouldn't pay for the war like Bush said.

 

Just thinking out loud.

 

 

 

 

 

 

 

[3n1]

1 hour ago, DinarDavo said:

 

I'm not an expert here but I understood redomination would result in Iraqis trading in like 25,000 IQD note for 25 IQD note now equal to about $1 USD per 1 IQD....making the value change a wash with little or no increase. Again, going on past post.

 

correct and imo when or if they change the exchange rate along with the LD's ( re dominate ) the citizens gain purchasing power with the iqd , the iraqi citizens will not become instantly wealthy but they will be able to do and have more with a higher exchange rate until inflation and cost of living chews up the purchasing power much like what has happened to the USD in america, im not sure how the iqd will be handled outside iraqs boarders .

we wait ,strictly my conjecture only   

[screwball]

1 hour ago, cranman said:

I don't tink that's what will happen.  But like I always say" We don't know what we don't know".

 

That wouldn't pay for the war like Bush said.

very very true....its what we dont know should scare us 🤣

[6ly410]

deletion of the zeros - let’s go 

[6ly410]

if the dollar can no longer be used…01/01/24 ….  Use their own sovereign currency!??! No alternative…imo

[DinarDavo]

1 hour ago, 3n1 said:

im not sure how the iqd will be handled outside iraqs boarders .

we wait ,strictly my conjecture only   

 

That, my friend is the $64,000 question....we wait indeed. 

[6ly410]

did Iraq spend the budget yet at 1310? I don’t think so.. fyi the budget is retroactive 01/01/23 

[6ly410]

this is a done deal ladies and gentlemen- imo haha

[6ly410]

Release the Kraken!!

[cranman]

5 minutes ago, 6ly410 said:

Release the Kraken!!

I'm with you!

 

Let's do this!

[6ly410]

Just now, cranman said:

I'm with you!

 

Let's do this!

[6ly410]

they will spend the budget with a new revalued rate…01/01/24 no more dollar…time is now … imo for sure….lets go 

 

[6ly410]

Al-Alaq: the rise in the exchange rate  and the project to delete zeros still exists
July 26
 

[6ly410]

[6ly410]

 Goo RvVVVV!!!