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The Central Bank is looking for ways to transform towards the "digital economy"
Economical 2023/04/12
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Baghdad: Haider Fleeh Al-Rubaie
The Governor of the Central Bank, Ali Mohsen Ismail Al-Alaq, discussed with an international company ways to facilitate the transformation processes towards the digital economy, stressing the desire of the Central Bank to develop its infrastructure.
The General Secretariat of the Council of Ministers had previously signed a memorandum of understanding with the United Nations Development Program to enhance digital government services and build its capabilities in the field of e-governance.
In the midst of this, those concerned with the economic issue see the need for Iraq to intensify its efforts to mechanize its economic operations, and keep abreast of global developments in all developmental joints, especially banking and financial, to block the way for currency smuggling operations, stressing that these steps are consistent with the laws of “global compliance” that were imposed on financial transactions. ».
And a statement by the Central Bank stated, on Tuesday, that “Governor Ali Mohsen Ismail met with a delegation from (IronPoint Iconic), which is one of the largest owners of data centers in the world, and operates in more than 26 markets in the United States, Europe and Asia, and owns data centers.” To the largest global technology companies with the development and operation of these centers, including Apple, Microsoft, Google and Amazon.
The central governor indicated, according to the statement, that he “received a presentation from the company regarding global growth trends in the data center market, whose profits are expected to double in the next four years to reach about $720 billion,” explaining that “the company is looking forward to investments and development of data centers.” In Iraq, to facilitate the transformation of the Iraqi economy into digital,” stressing “the central bank’s desire to develop its infrastructure, and the need to store and operate data on Iraqi territory to protect national security, and in line with international best practices.”
In turn, the specialist in economic affairs, Ali Al-Daffi, believes that “the tremendous global development witnessed by most countries, especially in the technological field, made it necessary for them to shift towards the digital economy, which has become one of the most widely used concepts in our time, due to scientific development, and has become rapidly circulated in the fields of economics.” And in light of the digital transformation,” stressing that “the positive repercussions of that transformation on the Iraqi economy lie in a number of points, including the achievement of advanced steps of the international compliance requirements that were imposed on financial transactions and affected exchange rates.”
Al-Defei pointed out that the banking and investment systems are closely linked to the development of the digital economy, so the work of these two systems will witness a tremendous development if advanced steps are achieved in the "digital economy", which will eventually lead to attracting more capital and investors, as well as the possibility of attracting The money hoarded by citizens and invested optimally in banks and banks.
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