The Central Bank responds to news of a reduction in the dollar exchange rate.
A statement issued by the bank, a copy of which was received by Al-Furat News, indicated that "some news websites and social media outlets have circulated news claiming to be based on a study by the Central Bank of Iraq suggesting the possibility of reducing the dinar's exchange rate to 4,000."
The bank confirmed, according to the statement, that "the news is incorrect, and the bank continues to defend the current exchange rate, and current monetary indicators support this stance."
Central Bank: Reports circulating about a reduction in the exchange rate are “completely false.”
The Central Bank of Iraq denied on Tuesday the validity of news circulating on some news websites and social media regarding an intention to reduce the exchange rate of the dinar against the US dollar.
The bank stated in a statement received by Kalima News: “Some media platforms have circulated claims that they are based on a study issued by the Central Bank, indicating the possibility of reducing the exchange rate to 4,000 dinars against the dollar,” stressing that “this information is completely false.”
The statement added that “the Central Bank continues to defend the current exchange rate adopted in the official market, and that monetary indicators and foreign reserves fully support this stability.”
The bank stressed the importance of “exercising accuracy in handling financial and monetary information, and relying only on official data issued by the bank or the competent government authorities,” warning that “spreading misleading news in this context may cause market disruption and negatively affect confidence in the national economy.”
The Central Bank of Iraq launches a plan to modernize electronic payment systems... What does this mean for young people and entrepreneurs?
The Central Bank of Iraq announced a new plan to develop and modernize electronic payment systems throughout the country, in a move aimed at promoting digital transformation in the financial sector, reducing reliance on paper money, and opening new horizons for young people and entrepreneurs in the fields of financial technology and digital services.
Towards an integrated digital economy
This plan is part of Iraq's efforts to transition to a digital economy by modernizing its financial infrastructure, expanding the use of e-wallets, and increasing the number of point-of-sale (POS) terminals. According to the bank's statement, the plan includes developing cybersecurity systems and streamlining licensing procedures for payment service providers, thereby fostering competition and innovation in the financial market.
Promising opportunities for young people
Experts believe this step will positively impact the younger generation , who possess the enthusiasm and technical knowledge necessary to adopt modern financial solutions. With the increasing use of smartphone payment applications, a new field of work is emerging for Iraqi youth in technology companies, or in establishing startups that rely on digital financial solutions such as e-wallets and online payment services.
Digital entrepreneurship is progressing steadily
The Central Bank's initiatives are a significant catalyst for Iraq's digital entrepreneurship community , particularly given the growing interest among investors in technology-based small and medium-sized enterprises (SMEs). Economic experts emphasize that strengthening the digital environment for electronic payments will foster a more transparent financial system and reduce informal cash transactions, which have been a major obstacle to economic growth.
The Arab Youth Organization: A Supportive Field Experience
In a related context, the Arab Youth Organization implemented a pioneering national project last year entitled “Electronic Payment Culture ,” aimed at raising public awareness of the importance of transitioning to digital financial services. The project's activities encompassed ten Iraqi governorates, including Basra, with the participation of hundreds of young people from civil society organizations, paving the way for establishing a new culture that fosters trust in digital systems.
The challenges still exist.
Despite this progress, challenges remain for the electronic payment system in Iraq, such as weak infrastructure in some areas and the need to raise financial awareness among citizens more broadly. However, the launch of this new plan by the Central Bank is a clear indication of a genuine commitment to making Iraq part of the digital financial revolution in the region.
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The International Monetary Fund expects stable and accelerating growth in the Iraqi economy until 2030.
The Iraqi economy is poised for a more stable growth trajectory in the coming years, following a slight contraction of 0.2% in 2024, according to data from the International Monetary Fund.
According to the "Al-Sharq" website, the fund predicted that the country's economy would return to growth in 2025 at a rate of 0.5%.
The IMF estimates show a marked acceleration in the pace of growth starting from 2026 to 3.6%, the same rate expected for 2027, before rising to 3.9% in 2028, and then 4.1% for both 2029 and 2030.
The International Monetary Fund predicted last October that Iraq would rank fourth among the largest economies in the Arab world by 2030.
According to the report, Saudi Arabia tops the list as the largest Arab economy with a GDP of $1.6 trillion, followed by the United Arab Emirates in second place with about $764.8 billion, and then Egypt in third place with $589.8 billion.
Iraq comes in fourth place, with an expected GDP of $345.9 billion, continuing its advanced position among Arab economies supported by the energy and oil sector and reconstruction and development projects, ahead of Algeria, which came in fifth with a total of $309 billion, followed by Qatar in sixth place with $296.8 billion, Morocco in seventh place with $241.9 billion, and then Kuwait in eighth place with $190.1 billion.
The last places on the list were occupied by the Sultanate of Oman with a total of $133.3 billion, followed by Jordan in tenth place with $73.6 billion.
The report indicated that Arab economies are experiencing varying paths of growth, driven by economic reforms, expanding investments in renewable energy, tourism, and technology, along with efforts to diversify away from dependence on oil as a primary source of revenue.
Iran is boiling over internally... and workers are in the streets demanding their rights.
More than three thousand contract workers at the South Pars gas complex demonstrated in front of the complex’s central building in Asaluyeh, demanding the implementation of a wage unification plan, a change in the work pattern, and the complete elimination of the role of contracting companies.
A large group of contract workers from the twelve refineries belonging to "South Pars" participated today, Tuesday, November 11, in protests in the streets leading to the central headquarters of the complex in Asaluyeh, to demand their professional and living rights.
These workers, who belong to the categories of workforce, contracting companies, and contractors in the various stages of the South Pars project and the Fajr Jam refinery, raised banners calling for "achieving fair wages" and "abolishing the contractors system."
In a joint statement, the workers demanded a review of the job classification plan with the aim of standardizing the salaries of contract workers with those of official employees.
The demands also included changing the work schedule for administrative staff and support teams to a "two weeks on, two weeks off" system, regulating the status of non-owner rental car drivers, paying air travel allowances for contracted workers, and restoring social services and benefits such as accommodation in residential complexes.
One of the workers participating in the gathering said: "For years, despite repeated promises, the job classification plan in 'South Pars' has not been implemented properly, and there is still a large gap between the wages of contract workers and official employees."
Some workers also saw the complete abolition of the contractor system as the only way to achieve job fairness.
An employee of the twelfth phase of "South Pars" stated that the presence of contractors leads to violations of workers' rights, with insufficient oversight of the wage payment mechanism.
As the Iranian regime continues to fail to meet the demands of various groups, the past few days and weeks have witnessed a series of strikes and protests by workers, employees, and retirees across the country.
On November 2, retirees from the telecommunications sector took to the streets in several cities, and nurses from the University of Medical Sciences in Kermanshah, workers from the "Makian Alvan" slaughterhouse in Rey, and employees of the "Falat Qara" oil company on Lavan Island organized protest rallies against the disregard for their demands.
On October 31, oil sector workers held a demonstration in front of the presidential office in Tehran, renewing their protest against unfulfilled government promises regarding the elimination of contractors and intermediaries.
These workers, who came from the oil-rich provinces to the capital Tehran, confirmed that despite the promises of Masoud Pezeshkian’s government, none of the promises have been fulfilled so far.
Sudanese: The success of the elections contributes to restoring the citizen's trust, which we have placed among our priorities.
Prime Minister Mohammed Shia al-Sudani said on Tuesday that the people are taking another step towards protecting their constitutional system by increasing voter turnout in the elections.
In a post on the X platform, Al-Sudani stated, "Our noble Iraqi people are recording another step towards protecting their democratic constitutional system by exceeding the participation rate in the House of Representatives elections (55%)," stressing that "this matter is an added success on the path to restoring the citizen's trust, which we have placed at the top of our priorities in the work method of our government."
He added: “Our commitment to making a difference in the field of work and fulfilling the aspirations of citizens has borne fruit today, thanks be to God, through this conscious and responsible participation of our generous people who deserve appreciation and recognition, and to whom all credit is due for the continuation of the journey of giving, and the increasing pace of achievement, development and economic renaissance in our country.”
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