Iraqi Dinar / US Dollar auction results for Thursday 02-20-2025

The amount:

Total amounts of transfers abroad (transfers, credits)
277,246,760

Total cash withdrawals
15,300,000

Total total sales
292,546,760

Note that: The selling price of documentary credits and international settlements for electronic cards is ( 1310 ) dinars per dollar.

The selling price for transfer amounts abroad is ( 1310 ) dinars per dollar.
The cash selling price is ( 1305 ) dinars per dollar.

cbi.iq/currency_auction

Rafidain Bank announces the launch of an electronic system for processing customer transactions electronically

Rafidain Bank announced today, Thursday, the launch of a new electronic system called Q System to manage and organize customer waiting inside its branches. This system aims to reduce waiting periods and improve customer experience by arranging priorities in providing service.

The General Manager of Rafidain Bank said in a statement received by {Al Furat News}: “We are committed to adopting the latest banking technologies that contribute to providing more efficient and faster services, and the Q System is part of our strategy aimed at improving the customer experience in our branches.”

The director added: “The system has been implemented in more than 27 branches in Baghdad and the governorates, and will gradually be generalized to the rest of the branches, reflecting our commitment to enhancing digital transformation in the banking sector.”

The Q System is characterized by the ability to organize the movement of customers within the branches accurately, as it determines the order of customers according to the service priority and an accurate time estimate for completing transactions. It also helps in reducing chaos and improving operational efficiency within the branches, which enhances customer satisfaction in general.

The bank confirmed that “this step comes within its plan to develop banking services and make them easier and faster, in line with the digital development in the world.

He also said: “We always strive to provide innovative solutions that contribute to raising the level of efficiency of banking operations and achieving greater customer satisfaction.”

Alforatnews.iq

Official denial of the spread of the “counterfeit” Iraqi dinar

In recent days, Iraqi markets have witnessed a wide wave of warnings about the spread of large quantities of counterfeit (25) thousand Iraqi dinars, said to be coming from Iran. While citizens and traders confirm that they have noticed an influx of these suspicious banknotes, the Central Bank of Iraq has categorically denied these allegations, stressing that counterfeiting the national currency is extremely difficult due to the printing standards followed.

Central Bank: There is no truth to the spread of counterfeit currency

A responsible source in the Central Bank of Iraq, who refused to reveal his name, confirmed in a statement to “Baghdad Today” that “the talk about the widespread circulation of counterfeit Iraqi money of the denomination of (25) thousand dinars coming from Iran is absolutely incorrect,” adding that “the international standards that Iraq adopts in printing currency make it extremely difficult to counterfeit it, especially large denominations.”

The source stressed that “the Central Bank’s oversight teams, in cooperation with the security agencies responsible for combating economic crimes, are constantly working to confront attempts to counterfeit currency, and have been able to thwart many attempts before they spread in the markets,” noting that “any counterfeit currency that is circulated is easily exposed to citizens due to the difficulty of imitating the security details present in the national currency.”

Traders and citizens’ opinion: Concerns remain despite denial

In contrast, a merchant working in the Shorja market in Baghdad said, “There is increasing talk among merchants about the influx of counterfeit (25) thousand dinar notes, as some merchants have noticed slight differences in the texture and colors of the banknote,” noting that “merchants are currently dealing with extreme caution when receiving this denomination.”

For his part, the owner of an exchange office in the Karrada area explained that “fears of the spread of counterfeit currency are not new, but in recent days complaints have increased from some citizens who discovered that they had obtained counterfeit papers when dealing with them in some shops,” stressing that “these cases are still limited, but there is a need for stricter oversight by the Central Bank and the security services.”

Experts warn of economic repercussions

Economic expert Mudhar Al-Sabti said in a press interview that “the spread of counterfeit currency, even if it is on a small scale, could affect citizens’ confidence in the local currency and lead to an increase in demand for the dollar as a safe haven,” adding that “the matter requires greater transparency from the Central Bank, so that periodic data is published that shows the extent of counterfeiting attempts and the extent of the success of official bodies in combating them.”

Government and banking procedures

In this context, a high-level security source confirmed to Baghdad Today that “the agencies responsible for combating economic crimes have tightened their control over the markets, especially exchange offices, to ensure that no counterfeit currency is circulated,” noting that “several people involved in attempts to pass counterfeit banknotes have been arrested during the past period.”

Between official denial and popular fears

While the Central Bank of Iraq insists that there is no widespread circulation of counterfeit dinars, concerns persist in the markets with some traders speaking of limited cases of counterfeiting. As the controversy escalates, there remains a need to strengthen financial oversight and deal transparently with citizens to ensure that the Iraqi public’s confidence in its national currency is not affected.

Burathanews.com

Restructuring Iraqi banks.. A government plan to protect the financial sector

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Wednesday, that the government and the monetary authority are working on a comprehensive reform of the national banking system, with the aim of enhancing its stability and protecting it from the repercussions of any stumbling block in integration with the global financial system.

Saleh explained to {Euphrates News} that “the reform efforts include restructuring private and government banks, noting that the American company Oliver Wyman is currently studying the conditions of private banks, while E&Y is evaluating government banks, to come up with a unified vision aimed at developing the banking sector and ensuring its effective integration into the international financial system.”

Alforatnews.iq

State Bank Launches National Bonds Worth 2 Trillion Iraqi Dinars

The government-owned Rafidain Bank announced, on Monday, the launch of national bonds (first issue) in the amount of (2) trillion dinars for the period from February 10 to March 10, 2025.

He said in a statement received by Shafak News Agency that this comes in line with the directives of the Ministry of Finance and the Central Bank of Iraq.

He explained that the bonds are divided into two categories:

– A bond of 500,000 dinars (five hundred thousand dinars) with an annual interest of 6% paid every six months for a period of two years.

– A bond of 1,000,000 dinars (one million dinars) with an annual interest of 7.5% paid every six months for a period of four years.

He added that the bond is sold to banks as well as to the public (natural and legal persons).

He explained that the person (whether natural or legal) wishing to purchase submits a direct application to the bank, bringing with him the original identification documents.

Shafaq.com

48 Summons and Arrest Warrants against Ministers and those of similar rank during 2024

The Federal Integrity Commission disclosed, on Monday, its annual report on its overall “achievements” in the year 2024 in all of Iraq except the Kurdistan Region.

The Commission stated in a statement received by Shafaq News Agency that it was able to reveal the prevention of waste and preservation of nearly 950 billion Iraqi dinars and nearly 9 billion US dollars during the year 2024.

The Authority also considered 71,823 reports and criminal cases and issued 19,683 arrest, summons and detention orders.

She pointed out that, in cooperation with the judiciary, 48 summons and arrest warrants were issued against ministers and those of similar rank, and 418 warrants were issued against those with special ranks.

The Commission stated that the accused referred to the court of subject matter are 12,994 accused, including 18 ministers and those of similar rank.

Shafaq.com

Al-Sudani inaugurates the Digital Transformation Center: It will reduce financial costs and fight corruption

Prime Minister Mohammed Shia Al-Sudani inaugurated the Digital Transformation and Automation Center on Monday, while stressing that the contact between the citizen and the employee is a source of procrastination, and digital transformation will overcome the most important obstacles, in addition to reducing financial costs and fighting corruption.

Al-Sudani’s media office said in a statement received by Shafaq News Agency that the latter “opened the Digital Transformation and Automation Center at the headquarters of the Ministry of Higher Education and Scientific Research, and toured the center, and reviewed the new mechanism for adopting automation and ending paperwork, in implementation of the government’s vision in implementing administrative reform, simplifying procedures, and eliminating bureaucracy and routine.”

He added that ” the Supreme Committee for Digital Transformation was formed under the chairmanship of the Prime Minister and the membership of the relevant ministers, so that the transformation would be an effective decision and not limited to separate steps. It was also decided, based on a study submitted by a technical committee, to establish a (National Center for Digital Transformation) and a (National Center for Cybersecurity).”

Al-Sudani stressed, according to the statement, that “ all transactions, starting from the application procedures for students, up to acceptance, and the transactions of employees and citizens, are moving towards digital transformation, and this includes 2,500 employees working at the ministry’s headquarters, which constitutes a turning point and an achievement for the ministry, indicating that converting citizens’ requests to electronic form will make the process easier in various applications.”

Al-Sudani continued : ” The government program confirmed that the current government is a government of service, and it is directly linked to the digital transformation . We do not want the digital transformation to be just a media show , but the citizen must feel the changes in the service he receives.”

He pointed out that ” we must move within 3 years to the level of an independent body or ministry concerned with digital transformation and cybersecurity , and the plans do not prevent ministries from taking the initiative to improve their service towards digital transformation in order to improve the service provided to the citizen ,” adding that ” the contact between the citizen and the employee is a source of procrastination, and digital transformation will overcome the most important obstacles, and digital transformation provides direct service , reduces costs, and fights corruption .”

He added, ” The more we are able to improve this service and facilitate it for the citizen, the more we will have achieved the slogan of service and follow-up of work, and we will join the world in the field of artificial intelligence and qualitative leaps, and all efforts must be made in the field of electronic transformation and keeping pace with global scientific development .”

He pointed out that ” young students have the capabilities and willingness to make efforts in the field of development , digital transformation and the use of artificial intelligence , and we must choose the qualitative specializations required in the labor market that prepare human capital for the digital transformation process .”

Shafaq.com

The Central Bank of Iraq refutes allegations that Iraqi banks are subject to international sanctions

The Central Bank announced the end of the first quarterly meetings for the year 2025 with the US Treasury and the US Federal Reserve, while refuting allegations that Iraqi banks were subject to international sanctions.

The bank stated in a statement that it “announces the end of the first quarterly meetings for the year 2025 with the US Treasury and the US Federal Reserve Bank, which were held in Dubai with the participation of international auditing and consulting firms (EY, K2 Integrity, Oliver Wyman). The meetings culminated in praise for the steps taken by the Central Bank of Iraq and the Iraqi government in reforming the banking sector, the most important of which were:

1- The development of the US dollar cash distribution system in Iraq, which they considered the most controlled and monitored system in the world, which limits manipulation and US dollar smuggling operations.

2- The qualitative shift in foreign transfer operations and the steps taken by the Central Bank of Iraq to address the risks arising from these operations, which have now risen to the levels of transfer operations carried out by international banks.

3- The consulting firms (EY and Oliver Wyman) reviewed the plans to reform and upgrade the public and private banking sectors in line with international standards and to facilitate the involvement of Iraqi banks in the international financial relations network.

The statement continued, “Since the operations carried out by banks operating in Iraq depend largely on the confidence of international correspondent banks in the Iraqi banking sector, we stress the need to ensure that the official channels of this bank are adopted to know the latest news and not to transmit incorrect news such as some Iraqi banks being subject to international sanctions and others.”

Burathanews.com

“Crucial” meeting in Baghdad regarding salaries of Kurdistan Region employees

The Kurdistan Regional Government delegation is scheduled to hold a meeting with the federal government in the capital on Friday regarding employee salaries.

Shafaq News Agency correspondent said that the meeting will start after one o’clock in the afternoon at the home of Foreign Minister Fuad Hussein, where the regional government delegation consists of about 20 people headed by the Kurdistan Minister of Finance with the participation of many general managers in the ministry.

He added that the meeting will include discussing the December 2024 salary and the 2025 salaries.

The roots of the salary crisis in the Kurdistan Region go back to 2014, when disputes escalated between the federal government in Baghdad and the Kurdistan Regional Government over the management of the oil and budget files, in addition to the repercussions of the war on ISIS, the decline in oil prices, and the subsequent spread of the Corona pandemic in the world.

Baghdad stopped sending the region’s share of the budget, and the regional government responded by exporting oil independently. This conflict led to disruption in salary payment mechanisms, which began a series of delays and financial accumulations.

Since then, there have been many attempts to find compromises between the two parties, most notably the financial agreements that stipulated the disbursement of the region’s share of the budget in exchange for its commitment to export specific quantities of oil. Despite these agreements, they have not been fully implemented due to the continued lack of trust and political differences between the two sides.

As the disputes continue, the citizens of the region bear the greatest burden. Calls have recently increased from political and economic activists for the necessity of implementing the decisions of the Federal Court, which confirmed the right of citizens to receive their salaries without any delay, while the biggest challenge remains finding a final solution that guarantees the sustainability of paying salaries and keeping the issue away from politicization.

Shafaq.com