💳🔥 Digital Currency Breakthrough: CBI Says It Will Solve 90% of Iraq’s Financial Problems! 🇮🇶🚀

🌟 CBI Governor Al-Alaq Drops Major Announcement

At the “Investing in Reconstruction – The Role of Banks” conference in Beirut,
CBI Governor Ali Al-Alaq outlined the biggest financial shift Iraq has seen in years.

Here are the top highlights:

💵  The Root Problem: Cash Dollars in Iraq

• Al-Alaq says the core issue between the Iraqi Treasury and the public is the long-standing social habit of using U.S. dollars in cash.

• This cash-based culture causes gaps, leaks, and inefficiencies in the financial system.

🔄 

Read also: Bank appointment for Currency EXCHANGE Instructions/Checklist

CBI Strategy: Reduce Dollar Dependence

• Iraq introduced new systems to limit cash dollars and push citizens toward the Iraqi dinar.

• The “Travelers’ Dollar” system ensures cash USD is only used legally by travelers — no loopholes, no circumvention.

• The U.S. Federal Reserve confirmed Iraq ranks #1 in controlling domestic USD cash usage. 🇺🇸🏅

📉 80% Reduction in Foreign Currency Use

Thanks to these measures:

• Foreign currency usage inside Iraq dropped by 80%

• Most internal transactions have shifted to the Iraqi dinar

• This marks a major structural reform and aligns Iraq with international compliance standards

💠 The Digital Currency: Iraq’s Big Solution

Al-Alaq revealed that Iraq is actively developing a new digital currency, and it’s expected to:

• ✔️ Solve 90% of Iraq’s financial system problems

• ✔️ Close remaining gaps

• ✔️ Strengthen banking modernization

• ✔️ Reduce fraud, leakage, and parallel-market manipulation

He described the digital currency as a “fundamental solution” to Iraq’s financial challenges — a cornerstone in their long-term reform plan.

🚀 Final Takeaway

Iraq’s shift toward a digital currency combined with strict USD controls signals a massive modernization wave — and positions the country for major financial transformation.

This is one of the most promising steps toward full monetary reform we’ve seen yet.

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Central Bank Governor: The Digital Currency Will Solve 90% of Iraq’s Financial System Problems 

Banks

Economy News – Baghdad

The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed on Thursday that lasting solutions must be built in a way that closes the existing gaps in the financial system. He explained that the tools available today, especially modern technology, offer effective solutions and address many of these gaps.

Speaking at the “Investing in Reconstruction… The Role of Banks” conference in Beirut, Al-Alaq said that “the main problem between the Iraqi treasury and the public lies in the use of cash U.S. dollars inside Iraq, which is a natural social habit in Iraqi society.” He added: “We have worked on this issue and introduced alternative methods to reduce reliance on cash. We have developed the financial system so that cash dollars are restricted only to travelers.”

He clarified that the “Travelers’ Dollar” system does not allow any attempts at circumvention, stressing that the U.S. Federal Reserve has indicated that Iraq ranks first in controlling the use of cash dollars inside the country. He noted that these measures have reduced the use of foreign currency by 80%, and have shifted most internal financial transactions to the Iraqi dinar.

Al-Alaq concluded by stating that work is underway to develop the digital currency, which is expected to solve about 90% of Iraq’s financial problems, confirming that this step represents one of the fundamental solutions for the country’s financial system.