The Central Bank of Iraq is moving towards launching a digital banking currency instead of paper currency
The Central Bank of Iraq is moving towards launching a digital banking currency instead of paper currency
2025-02-26 00:07
Shafaq News/ The Governor of the Central Bank, Ali Al-Alaq, revealed on Wednesday the intention to create a digital banking currency to replace paper currencies.
Al-Alaq said, in a speech during the 9th Finance and Banking Services Conference and Exhibition, which was followed by Shafak News Agency, that “the financial and banking system will witness fundamental transformations, including the decline of paper currencies to be replaced by digital payments for central banks.”
He added that “the Central Bank is moving to create its own digital currency, to gradually replace the paper process as is happening in some central banks in the world,” indicating that “we are seriously considering establishing a data center in Iraq, and the bank has begun to move on this issue as part of the digital transformation steps.”
Al-Alaq continued, ” The current stage is witnessing a major development in the electronic payment system through increasing the number of ATMs and credit wallets,” indicating that “the support provided by the Central Bank helped raise the rate of financial inclusion in Iraq to 49% after it was 20%, about two years ago.”
He pointed out that “Iraqi banks are witnessing today qualitative transformations in their banking operations, especially with regard to financial transfers of different currencies, through the adoption of approved global systems and programs that help them with these advanced transformations in financial services.”
shafaq.com
