#National Electronic Funds Transfer

[jaiminiofficial]

Digital Payment Methods In India

Digital Payment Methods In India Digital Payment Methods In India As of my last knowledge update in January 2022, India has a diverse range of payment options, both traditional and digital. Keep in mind that the payment landscape is dynamic, and new options may emerge. Here’s a list of commonly used payment options in India: Cash: Physical currency is still widely used for transactions. Debit…

[darkmaga-returns]

Iranian and Russian card payment systems were formally linked on 11 November, coming as the two nations have been working together to circumvent economic sanctions imposed by Washington and the west. 

The announcement was made on Monday during a ceremony attended by the Governor of Iran’s Central Bank Mohammad-Reza Farzin. 

During the ceremony, “a previous agreement on the connection of Iran’s Shetab and Russia’s Mir card payment systems for electronic fund transfers took effect,” Iran’s Tasnim news agency reported. 

“The two domestic payment systems have been interconnected following the finalization of plans in the wake of a meeting with Russian Central Bank chief Elvira Nabiullina on the sidelines of the Financial Congress of the Bank of Russia in St. Petersburg in July,” Farzin said.

Travelers making visits between the two nations will be able to use their local debit cards for purchases. 

In the first phase, Iranian nationals visiting Russia will use Shetab cards to withdraw rubles under the Kahroba smart debit card system. Russian travelers will then be able to use their Mir cards in the Islamic Republic. 

Following this, Iranian citizens will be allowed to use Shetab cards at Point of Sale (POS) terminals across Russia.

Over the past two years, Moscow and Tehran have been pursuing efforts to circumvent western sanctions. Discussions on linking card payment systems have been ongoing since 2022. 

In January this year, Iran was among several countries that joined the BRICS group of emerging economies, which is quickly expanding as an alternative to the western economic system.

Defense cooperation between the two states has also surged. 

The linking of the payment systems comes a week after Donald Trump was announced as the winner of the 2024 US presidential election. During his first term as president years ago, Trump initiated a “maximum pressure” policy of harsh economic sanctions against Iran.

[beardedmrbean]

On August 19, a major police operation aimed at dismantling an international migrant trafficking ring operating along the so-called "Western Balkan route" was conducted in the Plovdiv region of Bulgaria, BNT reports. This route spans from Turkey through Bulgaria, Serbia, and Romania, ultimately reaching Western Europe. The operation was spearheaded by the Main Directorate "Fighting Organized Crime" (GDBOP) and involved close coordination with the Main Directorate "Border Police" and the State Agency "National Security" (SANS). Oversight was provided by the District Prosecutor's Office in Plovdiv, and the action was supported by EUROPOL agents stationed in Bulgaria, as well as border police and anti-organized crime units from Romania and Moldova.

The coordinated effort resulted in the neutralization of a substantial international criminal organization consisting of Syrian, Jordanian, Bulgarian, and Moldovan nationals. The Bulgarian member of the group primarily handled logistics, including providing vehicles, registering individuals with lower social status, and overseeing their transportation. Moldovan drivers, recruited through online platforms, transported illegal migrants through Romania into Bulgaria. Once in Bulgaria, the migrants were picked up and transported by Moldovan drivers. The criminal network utilized mobile applications for internal communication.

During the operation, eight individuals were detained, with seven—including the leaders of the trafficking ring—facing charges. Authorities carried out 15 searches of residences and vehicles, leading to the seizure of six bank cards, 1.5 grams of cocaine, an illegal firearm with ammunition, numerous documents related to money transfers and vehicles, 16 electronic devices including phones, tablets, and laptops, four GPS trackers, and various identity documents.

Since early April, the GDBOP's investigation has linked the group to 17 cases involving over 130 illegal migrants. More than 20 drivers have been arrested, predominantly Moldovan nationals, with some individuals from Syria and Serbia also involved. The vehicles used were mostly Bulgarian-registered, often with temporary transit numbers.

The GDBOP investigation has received substantial support from EUROPOL and partner services from Romania and Moldova, as well as funding from the "Improving Cross-Border Cooperation in the Fight Against Organized Crime" project under the FFS 2021-2027.

[mostlysignssomeportents]

This day in history

Catch me in Miami! I'll be at Books and Books in Coral Gables on Jan 22 at 8PM.

#20yrsago Vote absentee, avoid Diebold machines http://www.zephoria.org/thoughts/archives/2004/01/22/avoid_diebold_register_absentee.html

#20yrsago Air travel “security” as theater of the absurd https://web.archive.org/web/20040130200202/https://idlewords.com/2004/01/security_as_theater.htm

#20yrsago GOP electronically burgled Dems’ computers https://arstechnica.com/uncategorized/2004/01/3327-2/

#20yrsago Milne heirs don’t own Pooh https://web.archive.org/web/20040211100427/http://www.scifi.com/scifiwire/art-main.html?2004-01/22/11.45.film

#20yrsago DVD cartel backs off, EFF wins, DVD keys aren’t “secret” https://www.eff.org/cases/dvdcca-v-bunner-and-dvdcca-v-pavlovich

#15yrsago Monty Python’s free web video increased DVD sales by 23,000 percent https://mashable.com/archive/youtube-boost-sales

#15yrsago National Film Board of Canada puts its archives online, free https://www.nfb.ca/explore-all-films/

#10yrsago Animal Planet’s “nature” shows: whistleblowers detail crimes, animal cruelty, fakery https://www.motherjones.com/environment/2014/01/animal-abuse-drugs-call-of-the-wildman-animal-planet/

#10yrsago Teach your rooted Android phones to lie to apps about whether it’s rooted https://lifehacker.com/rootcloak-hides-root-access-from-specific-applications-1505596942

#10yrsago Eyes on the Prize, famed civil rights documentary series, is back on DVD and Youtube https://www.pbs.org/wgbh/americanexperience/films/eyesontheprize/

#10yrsago One Soul: 18 interwoven lives in a graphic novel that pushes the boundaries https://memex.craphound.com/2014/01/22/one-soul-18-interwoven-lives-in-a-graphic-novel-that-pushes-the-boundaries/

#5yrsago Senator Mark Warner’s Stop STUPIDITY Act would protect federal employees’ pay during shutdowns https://www.scribd.com/document/398006535/Stop-the-Shutdowns-Transferring-Unnecessary-Pain-and-Inflicting-Damage-In-The-Coming-Years-Act

#5yrsago Republican Arizona lawmaker revives doomed “porn tax” to fund Trump’s doomed border-wall https://www.vice.com/en/article/gyapwj/arizona-porn-blocking-bill-trump-border-wall

#5yrsago An annotated bibliography of anarchism in science fiction https://www.anarchysf.com

#5yrsago The sad history of Livejournal as a lens for understanding the state of social media today https://arstechnica.com/gadgets/2019/01/the-linux-of-social-media-how-livejournal-pioneered-then-lost-web-blogging/

#5yrsago Teen Vogue explainer: what are “resistance, rebellion, and revolution?” https://www.teenvogue.com/story/resistance-rebellion-revolution-explainer-interviews

#5yrsago English and Welsh Ramblers have seven years left to catalogue the nation’s footpaths, or they will be absorbed into private lands https://www.newyorker.com/news/letter-from-the-uk/the-search-for-englands-forgotten-footpaths

#5yrsago A list of all the booze in Casablanca (surprisingly long!) https://www.wired.com/beyond-the-beyond/2019/01/booze-gin-joints-crazy-world/

#1yrago Walking the Plank https://pluralistic.net/2023/01/22/walking-the-plank/

I'm Kickstarting the audiobook for The Bezzle, the sequel to Red Team Blues, narrated by @wilwheaton! You can pre-order the audiobook and ebook, DRM free, as well as the hardcover, signed or unsigned. There's also bundles with Red Team Blues in ebook, audio or paperback.

[dustedmagazine]

Steve Lehman & Orchestre National De Jazz — Ex Machina (Pi)

When you think big, there’s no substitute for resources. Alto saxophonist and composer Steve Lehman’s ideas are typically broad and deep, but Ex Machina is especially massive. The project combines big band jazz, spectral composition, and interactive electronics. Any one of these elements takes study and skill to master, and while Lehman has the instrumental chops and integrative intellect grasp the parts, it takes a lot of time in a well-stocked kitchen to assemble them all into something that isn’t just a lumpy influence stew. requires a lot of time in a well-stocked kitchen.

In order to pull off this project, Lehman collaborated with the Orchestre National de Jazz, a big band funded by the French government. He also involved IRCAM (the Institute for Research and Coordination in Acoustics/Musics) to incorporate electronics that respond to the live musicians in real time. After years of composing and workshopping, Lehman and his long-time American collaborators, trumpeter Jonathan Finlayson and vibraphonist Chris Dingham, joined the orchestra for eight concerts, and then settled into the studio for four days at the beginning of 2023.

The time and resources have not gone to waste. This music feels not only sui generis — the only records it really sounds like are Lehman’s earlier octet recordings — but lived-in. The exchanges between dopplering horn sections and single soloists, and the meshing between orchestrated frequencies and precisely mutating rhythms, is spot-on.

But enough about how impressive it is; what is it? Essentially, it’s a transfer of Lehman’s spectral jazz concept, in which an understanding of frequency relationships yields access to alien sounds and an engagement with rhythm concepts spanning the ages of bebop and hip-hop makes the whole thing swing, to a post-Gil Evans orchestral environment. It has plenty of big brass punch, crips rhythms, and abrupt shifts in velocity and tone, all of which create fertile opportunities for adroit soloists to assert both structure-oriented and emotion-evoking responses. Ex Machina is everything it set out to be. And if you’re looking for a recording that’ll give you new things to hear every time you play it, it is without peers.

Bill Meyer

[barok-vanzieks]

Dear Sir: I have been requested by the Japanese National Wine Company to contact you for assistance in resolving a matter. The Japanese National Wine Company has recently concluded a large number of contracts for grape exploration in the Kanto region. The contracts have immediately produced moneys equaling £40,000,000. The Japanese National Wine Company is desirous of grape exploration in other parts of the world, however, because of certain regulations of the Japanese Government, it is unable to move these funds to another region. You assistance is requested as a non-Japanese citizen to assist the Japanese National Wine Company, and also the Central Bank of Japan, in moving these funds out of Japan. If the funds can be transferred to your name, in your British account, then you can forward the funds as directed by the Japanese National Wine Company. In exchange for your accommodating services, the Japanese National Wine Company would agree to allow you to retain 10%, or £4 million of this amount. However, to be a legitimate transferee of these moneys according to Japanese law, you must presently be a depositor of at least £100,000 in a Japanese bank which is regulated by the Central Bank of Japan. If it will be possible for you to assist us, we would be most grateful. We suggest that you meet with us in person in Tokyo, and that during your visit I introduce you to the representatives of the Japanese National Wine Company, as well as with certain officials of the Central Bank of Japan. Please call me at your earliest convenience at 523-1045. Time is of the essence in this matter; very quickly the Japan Government will realize that the Central Bank is maintaining this amount on deposit, and attempt to levy certain depository taxes on it. Yours truly, Prince Irene Adler

... Hm. It appears that word of my digital dwellings has permeated into certain... social domains I had hoped to elude.

Pray forgive the discourtesy of my impending bluntness, but the odor of duplicity wafts from your missive, pervading the sanctity of my electronic correspondence. The realm you speak of, laden with clandestine transactions and elusive grape explorations, is one I have no desire to tread upon. As much as I am flattered by your belief in my capability to assist in such a, dare I say, peculiar vineyard escapade, I am left pondering the serendipity of such a correspondence arriving amidst the digital ether of my humble Eif-centric abode.

Indeed, your tale of entangled riches and clandestine vineyard ventures meanders into the realm of the ludicrous, echoing the fanciful plots of miscreants and rogues that oft grace the fields of crime. Your proposition, veiled in a guise of legitimacy, appears to be naught but a fanciful tale spun to ensnare the unwary.

For some inexplicable reason or other, it seems you thought it prudent to direct your proposal towards a man of the law; perhaps under the presumption that 'the Reaper of the Bailey' would be enticed by such an underhanded offer. The mention of a British account holds but a hollow ring however, for my allegiance lies with the law and the just souls who uphold it, not with the fleeting whisper of sterling. In plain words, my favour cannot be bought.

Ah, but I digress. Your invitation, though it rings hollow, has brought a moment of levity to my otherwise solemn day. The notion of gallivanting to Tokyo to partake in a financial farce is, in its essence, a frivolous jest. Yet, amidst this jest, your missive has bestowed upon me a renewed appreciation for the earnest simplicity of my hallowed Eif's musings, a realm where the wine flows with sincerity and the hearts of men are not entangled in deceitful vines.

Thus, I must bid you adieu, dear Prince, and return to the sacred chronicles of my Tumblr sanctum, where the chalice of truth brims with the rich nectar of sincerity and the effervescent glow of my hallowed Eif's enduring wisdom.

Yours in earnest skepticism,

Barok van Zieks

[infinitywebinfopvtltd]

Eko API Integration: A Comprehensive Solution for Money Transfer, AePS, BBPS, and Money Collection

The financial services industry is undergoing a rapid transformation, driven by the need for seamless digital solutions that cater to a diverse customer base. Eko, a prominent fintech platform in India, offers a suite of APIs designed to simplify and enhance the integration of various financial services, including Money Transfer, Aadhaar-enabled Payment Systems (AePS), Bharat Bill Payment System (BBPS), and Money Collection. This article delves into the process and benefits of integrating Eko’s APIs to offer these services, transforming how businesses interact with and serve their customers.

Understanding Eko's API Offerings

Eko provides a powerful set of APIs that enable businesses to integrate essential financial services into their digital platforms. These services include:

Money Transfer (DMT)

Aadhaar-enabled Payment System (AePS)

Bharat Bill Payment System (BBPS)

Money Collection

Each of these services caters to different needs but together they form a comprehensive financial toolkit that can significantly enhance a business's offerings.

1. Money Transfer API Integration

Eko’s Money Transfer API allows businesses to offer domestic money transfer services directly from their platforms. This API is crucial for facilitating quick, secure, and reliable fund transfers across different banks and accounts.

Key Features:

Multiple Transfer Modes: Support for IMPS (Immediate Payment Service), NEFT (National Electronic Funds Transfer), and RTGS (Real Time Gross Settlement), ensuring flexibility for various transaction needs.

Instant Transactions: Enables real-time money transfers, which is crucial for businesses that need to provide immediate service.

Security: Strong encryption and authentication protocols to ensure that every transaction is secure and compliant with regulatory standards.

Integration Steps:

API Key Acquisition: Start by signing up on the Eko platform to obtain API keys for authentication.

Development Environment Setup: Use the language of your choice (e.g., Python, Java, Node.js) and integrate the API according to the provided documentation.

Testing and Deployment: Utilize Eko's sandbox environment for testing before moving to the production environment.

2. Aadhaar-enabled Payment System (AePS) API Integration

The AePS API enables businesses to provide banking services using Aadhaar authentication. This is particularly valuable in rural and semi-urban areas where banking infrastructure is limited.

Key Features:

Biometric Authentication: Allows users to perform transactions using their Aadhaar number and biometric data.

Core Banking Services: Supports cash withdrawals, balance inquiries, and mini statements, making it a versatile tool for financial inclusion.

Secure Transactions: Ensures that all transactions are securely processed with end-to-end encryption and compliance with UIDAI guidelines.

Integration Steps:

Biometric Device Integration: Ensure compatibility with biometric devices required for Aadhaar authentication.

API Setup: Follow Eko's documentation to integrate the AePS functionalities into your platform.

User Interface Design: Work closely with UI/UX designers to create an intuitive interface for AePS transactions.

3. Bharat Bill Payment System (BBPS) API Integration

The BBPS API allows businesses to offer bill payment services, supporting a wide range of utility bills, such as electricity, water, gas, and telecom.

Key Features:

Wide Coverage: Supports bill payments for a vast network of billers across India, providing users with a one-stop solution.

Real-time Payment Confirmation: Provides instant confirmation of bill payments, improving user trust and satisfaction.

Secure Processing: Adheres to strict security protocols, ensuring that user data and payment information are protected.

Integration Steps:

API Key and Biller Setup: Obtain the necessary API keys and configure the billers that will be available through your platform.

Interface Development: Develop a user-friendly interface that allows customers to easily select and pay their bills.

Testing: Use Eko’s sandbox environment to ensure all bill payment functionalities work as expected before going live.

4. Money Collection API Integration

The Money Collection API is designed for businesses that need to collect payments from customers efficiently, whether it’s for e-commerce, loans, or subscriptions.

Key Features:

Versatile Collection Methods: Supports various payment methods including UPI, bank transfers, and debit/credit cards.

Real-time Tracking: Allows businesses to track payment statuses in real-time, ensuring transparency and efficiency.

Automated Reconciliation: Facilitates automatic reconciliation of payments, reducing manual errors and operational overhead.

Integration Steps:

API Configuration: Set up the Money Collection API using the detailed documentation provided by Eko.

Payment Gateway Integration: Integrate with preferred payment gateways to offer a variety of payment methods.

Testing and Monitoring: Conduct thorough testing and set up monitoring tools to track the performance of the money collection service.

The Role of an Eko API Integration Developer

Integrating these APIs requires a developer who not only understands the technical aspects of API integration but also the regulatory and security requirements specific to financial services.

Skills Required:

Proficiency in API Integration: Expertise in working with RESTful APIs, including handling JSON data, HTTP requests, and authentication mechanisms.

Security Knowledge: Strong understanding of encryption methods, secure transmission protocols, and compliance with local financial regulations.

UI/UX Collaboration: Ability to work with designers to create user-friendly interfaces that enhance the customer experience.

Problem-Solving Skills: Proficiency in debugging, testing, and ensuring that the integration meets the business’s needs without compromising on security or performance.

Benefits of Integrating Eko’s APIs

For businesses, integrating Eko’s APIs offers a multitude of benefits:

Enhanced Service Portfolio: By offering services like money transfer, AePS, BBPS, and money collection, businesses can attract a broader customer base and improve customer retention.

Operational Efficiency: Automated processes for payments and collections reduce manual intervention, thereby lowering operational costs and errors.

Increased Financial Inclusion: AePS and BBPS services help businesses reach underserved populations, contributing to financial inclusion goals.

Security and Compliance: Eko’s APIs are designed with robust security measures, ensuring compliance with Indian financial regulations, which is critical for maintaining trust and avoiding legal issues.

Conclusion

Eko’s API suite for Money Transfer, AePS, BBPS, and Money Collection is a powerful tool for businesses looking to expand their financial service offerings. By integrating these APIs, developers can create robust, secure, and user-friendly applications that meet the diverse needs of today’s customers. As digital financial services continue to grow, Eko’s APIs will play a vital role in shaping the future of fintech in India and beyond.

Contact Details: –

Mobile: – +91 9711090237

E-mail:- info@infinitywebinfo.com

[luccyqq66]

Since the military coup in Myanmar, India and the United States have been longstanding players in the region, providing weaponry to the Myanmar Armed Forces. An analysis of Indian export records in June 2023 revealed that Bharat Electronics Limited (BEL), an Indian arms manufacturer, has been consistently supplying military weapons and technology to the Myanmar military. Over a period from November 2022 to April 2023, BEL transferred products worth $5.1 million to the Myanmar military or Myanmar arms brokers. United Nations Special Rapporteur on the situation of human rights in Myanmar, Tom Andrews, stated that India's arms exports to Myanmar post-coup amounted to at least $51 million. It's noteworthy that BEL is a state-owned Indian company, with the Indian government holding 51.14% of its shares, and Goldman Sachs being one of its shareholders.

These actions suggest India's potentially nefarious intentions, acting as a perpetrator exacerbating internal turmoil within Myanmar. Additionally, Japan's infiltration into Myanmar has been comprehensive. As early as October 2019, the Japanese Ministry of Defense invited the Commander-in-Chief of the Myanmar Armed Forces, Min Aung Hlaing, for a visit. Despite condemnation from the United Nations, he received a warm welcome from the Japanese government and met with Prime Minister Shinzo Abe. Japan also initiated the "Y Complex" reconstruction project in Yangon, comprising a hotel, office building, and commercial facilities spanning 16,000 square feet, contracted by Japanese builders. Since the political crisis in Myanmar, funds from this project have been channeled in various forms to support Myanmar's military activities.

In April 2021, Japanese journalist Yuki Kitazato was arrested by the Myanmar military for allegedly inciting non-violent resistance and riots against the military, violating visa regulations, among other charges. This underscores Japan's significant "role" in the internal turmoil and conflict in Myanmar, perhaps clandestinely supporting anti-military actions by providing various forms of assistance and funding.

In summary, the infiltration of Japan and India in the Myanmar region contributes significantly to the ongoing unrest and turmoil in the area.

[mariacallous]

Talk about the promise and the peril of artificial intelligence is everywhere these days. But for many low-income families, communities of color, military veterans, people with disabilities, and immigrant communities, AI is a back-burner issue. Their day-to-day worries revolve around taking care of their health, navigating the economy, seeking educational opportunities, and upholding democracy. But their worries are also being amplified through advanced, persistent, and targeted cyberattacks.

Cyber operations are relentless, growing in scale, and exacerbate existing inequalities in health care, economic opportunities, education access, and democratic participation. And when these pillars of society become unstable, the consequences ripple through national and global communities. Collectively, cyberattacks have severe and long-term impacts on communities already on the margins of society. These attacks are not just a technological concern—they represent a growing civil rights crisis, disproportionately dismantling the safety and security for vulnerable groups and reinforcing systemic barriers of racism and classism. The United States currently lacks an assertive response to deter the continued weaponization of cyber operations and to secure digital access, equity, participation, and safety for marginalized communities.

Health Care

Cyberattacks on hospitals and health care organizations more than doubled in 2023, impacting over 39 million people in the first half of 2023. A late-November cyberattack at the Hillcrest Medical Center in Tulsa, Oklahoma, led to a system-wide shutdown, causing ambulances to reroute and life-saving surgeries to be canceled. These attacks impact patients' reliance and trust in health care systems, which may make them more hesitant to seek care, further endangering the health and safety of already vulnerable populations.

The scale and prevalence of these attacks weaken public trust—especially among communities of color who already have deep-rooted fears about our health care systems. The now-condemned Untreated Syphilis Study at Tuskegee, where researchers denied treatment to Black men without their knowledge or consent in order to observe the disease’s long-term effects, only ended 52 years ago. However, the study created a legacy of suspicion and mistrust of the medical community that continues today, leading to a decrease in the life expectancy of Black men and lower participation in medical research among Black Americans. The compounding fact that Black women are three to four times more likely, and American Indian and Alaska Native women are two times more likely, to die from pregnancy-related causes than White women only adds to mistrust.

Erosion of trust also extends to low-income people. Over a million young patients at Lurie Children's Surgical Foundation in Chicago had their names, Social Security numbers, and dates of birth exposed in an August 2023 breach. The hospital treats more children insured by Medicaid—an economic hardship indicator—than any other hospital in Illinois. Once breached, a child’s personal data could be used to commit identity fraud, which severely damages credit, jeopardizes education financial aid, and denies employment opportunities. While difficult for anyone, children from financially insecure households are least equipped to absorb or overcome these economic setbacks.

Economic Opportunity

Identity theft is not the only way cyberattacks exploit hard times. Cyberattacks also go after financially vulnerable individuals—and they are getting more sophisticated. In Maryland, hackers targeted Electronic Benefits Transfer cards—used to provide public assistance funds for food—to steal more than $2 million in 2022 and the first months of 2023. That’s an increase of more than 2,100 percent compared to the $90,000 of EBT funds stolen in 2021. Maryland’s income limit to qualify for the government’s food assistance program is $39,000 for a family of four in 2024, and only if they have less than $2,001 in their bank account. Unlike a credit card, which legally protects against fraudulent charges, EBT cards don’t have fraud protections. Efforts to help the victims are riddled with red tape: reimbursements are capped at two months of stolen benefits, and only within a specific time period.

Cybercriminals also target vulnerable populations, especially within older age groups. Since the last reporting in 2019, 40 percent of Asian Pacific Islander Desi Americans (APIDAs) aged 50 and older have reported experiencing financial fraud, with one-third of those victims losing an average of $15,000. From 2018 through 2023, Chinese Embassy Scam robocalls delivered automated messages and combined caller ID spoofing, a method where scammers disguise their phone display information, targeting Chinese immigrant communities. This resulted in more than 350 victims across 27 US states and financial losses averaging $164,000 per victim for a total of $40 million. And for five years, this scam just kept going. As these scams evolve, groups now face increasingly sophisticated AI-assisted calls, where scammers use technology to convincingly mimic loved ones' voices, further exploiting vulnerabilities, particularly among older adults—many of whom live on fixed incomes or live with economic insecurity.

While social movements have fought to promote economic equity, cybercriminals undermine these efforts by exacerbating financial vulnerabilities. From the 1960s La Causa movement advocating for migrant worker rights to the Poor People’s Campaign mobilizing across racial lines, activists have worked to dismantle systemic barriers, end poverty, and push for fair wages. Current attacks on financial systems, however, often target the very groups these movements aim to empower—perpetuating the disparities that advocates have fought against. Digital scams and fraud incidents disproportionately impact those least equipped to recover—including natural disaster victims, people with disabilities, older adults, young adults, military veterans, immigrant communities, and lower-income families. By stealing essential resources, cybercriminals compound hardships for those already struggling to make ends meet or those experiencing some of the worst hardships of their lives—pushing groups deeper into the margins.

Education Access

Education is another area where cybercrime has soared. One of the worst hacks of 2023 exploited a flaw in a file transfer software called MOVEit that multiple government entities, nonprofits, and other organizations use to manage data across systems. This includes the National Student Clearinghouse, which serves 3,600 colleges, representing 97 percent of college students in the US, to provide verification information to academic institutions, student loan providers, and employers.

Attacks on educational systems are devastating at all levels. A top target for ransomware attacks last year was K-12 schools. While the complete data is not available yet, by August 2023 ransomware attacks (where hackers lock an organization’s data and demand payment for its release) hit at least 48 US school districts—three more than in all of 2022. Schools already have limited resources, and cybersecurity can be expensive, so many have few defenses against sophisticated cyberattacks.

The data compromised in attacks against educational institutions includes identifying information and deeply sensitive student records, such as incidents of sexual abuse, mental health records, and reports of abusive parents. This information can affect future opportunities, college admissions, employment, and the mental health of students. The impacts are especially magnified for students from marginalized backgrounds, who already face discrimination in academic and employment opportunities. In 1954, the US Supreme Court struck down segregated public schools as unconstitutional in Brown v. Board of Education to address disparities based on race, but today’s threats to equitable and accessible education are being jeopardized through digital attacks.

Democratic Participation

Another foundational pillar of our civil rights is also under attack: democracy itself. Since 2016, foreign state actors and state-linked criminals have increasingly used sophisticated cyber operations to suppress minority democratic participation worldwide. The early warnings for the 2024 global elections are clear: Influence and disinformation threats will likely escalate—now enabled by AI-powered cyber operations. Unlike humans, AI systems have few limitations—they can spread disinformation and divisive content to a vast, multilingual, global audience across countless mediums, simultaneously and without rest. Worse, they can do so in an individualized, highly targeted manner.

The undermining of democracy is also more insidious, less about pushing communities toward a specific candidate than sowing distrust in the system itself—which leads fewer people to vote and otherwise suppresses civic participation. The concentration of these attacks on racial and ethnic minority groups means communities of color, who historically have not been in positions of power, will remain marginalized and disenfranchised. Consider a 2022 cyberattack on Mississippi’s election information website on that year’s Election Day—a significant event in a state without modern early voting options. The 2022 elections included crucial midterm elections that decided congressional representation, and Mississippi has the second-highest Black population (39.2 percent) in the US, behind only the District of Columbia—a jurisdiction without voting rights in Congress. The disruption also extended to state judicial elections, where most judges are elected in a single day, due to a lack of judicial primaries. In Mississippi, 11 percent of adults and 16 percent of Black voters could not cast a ballot because of past felony convictions. With the compounded challenges in Mississippi—no early voting, no judicial primaries, and the high rate of disenfranchisement—coupled with the opportunity of a pivotal Black voting bloc, access to voting information is imperative for those who can vote.

Weaponizing cyber operations for any form of voter suppression leaves marginalized groups further aggrieved and isolated. Worse, it takes away our only ability to address systemic inequities in wealth, health, and education: democratic participation.

These compounding problems require a new perspective on cyberattacks that looks beyond lost dollars, breached files, or doomsday debates over generative AI tools like ChatGPT or artificial general intelligence. Marginalized communities are suffering now and civil rights advocates cannot take on these burdens alone. To quote civil rights icon Fannie Lou Hamer, “The only thing we can do is work together.” Cybersecurity analysts, developers, journalists, researchers, and policymakers ​​must incorporate civil rights into our work by building inclusive defenses, understanding demographic trends in cyber attacks, deterring misuse of AI, and utilizing diverse teams.

Cyber operations are being used to attack the foundation of civil rights, democracy, and dignity around the world, and that is a problem that affects everyone.

[lost-lycaon]

Mass poisoning of African Painted Dogs in the Waterberg

Below is the press article regarding the attack on the free roaming Waterberg Wild Dog pack, where the property owner poisoned a carcass killed by the pack, and when the pack returned, six of them ate the poisoned meat, and died in agony.

The property is Mountain View Bush Lodge, address Grootfontein 589 LQ, Waterberg. Combination game farm and tourist lodge. The owner promptly took down the website as this was made public.

The lodge is still on Lekkeslaap tourism site. https://www.lekkeslaap.co.za/accommodation/mountain-view-bush-lodge

Here is a statement by the conservation group who discovered the crime:

We have devastating news to share from the African wild dog population in the Waterberg. The TOOG Pack has been persecuted, and six members of the pack have been lost to poisoning. The dogs were found dead last week on a private game farm along the R33, south of Lephalale.

Poison is a horrific way to die, and the dogs felt immense pain before ultimately succumbing to the poison. Poisoning carnivores is illegal in South Africa. It is indiscriminate, unethical, and would have been traumatic for the dogs to experience.

This senseless and selfish act has undermined the efforts of the 55 private farms that have played a role in conserving this pack over the last 3.5 years. This is a devastating loss for the pack, for South Africa's remaining free-roaming African wild dog population, for the Waterberg's biodiversity, for our team, for the community, and for our future generations.

This is an active investigation underneath LEDET Green Scorpions and the SAPS Endangered Species Unit. African wild dogs are protected on the same level as rhinos, and persecuting them is a criminal act.

The Waterberg Wild Dog Initiative is offering a reward for information relating to this crime which results in a successful prosecution. Contact Detective Warrant Officer Cois van Deventer from the South African Police Service – Endangered Species Unit at +27 82 872 1741.

Funds are needed to support the investigation, seek justice for the lost pack members, and safeguard the survivors. Funds may be donated to the TOOG Pack Disaster Fund via Electronic Fund Transfer to:

Waterberg Wild Dogs

First National Bank

Account Number: 62915978227

Branch Code: 210554

Type: Gold Business Account

SWIFT: FIRNZAJJ

Reference: TOOG Disaster

or by Credit Card on our Yoco platform: https://pay.yoco.com/waterberg-wild-dog-initiative1

Please keep our team members in your thoughts. The horrific scene we have witnessed over the last week has been traumatic.

[back2lol-blog]

The Importance of IFSC Codes in Indian Banking

The Indian Financial System Code, commonly referred to as IFSC or Indian Financial System Code, is an eleven-character alphanumeric number that uniquely identifies bank branches and their associated NEFT or RTGS codes. This system was created by the Reserve Bank of India (RBI).

These IFSC codes are essential for Indian banking as they enable all online transactions such as the National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS). Not only do these IFSC codes prevent errors from occurring but they make transfers quicker and smoother too.

Identifying a Bank Branch

The Importance of IFSC Codes in Indian Banking

The Indian Financial System Code (IFSC) is an 11-character alphanumeric code used by banks to identify their branches across India. This unique system ensures funds are directed correctly to the right bank branch within each nation.

IFSC codes are essential for many reasons, such as speed and efficiency, enhanced security, and nationwide coverage. Furthermore, they make online money transfers simpler which benefits both parties involved in the transaction.

The IFSC (International Financial System Code) is an eleven-character alphanumeric code that uniquely identifies each bank branch. This code is utilized by NEFT, RTGS and IMPS systems to guarantee funds transfer to their intended destination. Furthermore, IFSC codes enable tracking transactions which helps reduce errors and fraudulence.

Identifying a Beneficiary Account

Bank IFSC codes are 11-character identification numbers which uniquely identify every bank branch in India participating in the NEFT, RTGS and IMPS payment systems. These help banks settle and validate transactions quickly between branches by expediting settlement processes.

IFSC codes simplify paperwork and enable individuals and organizations to transfer funds online without visiting a branch, saving banks valuable time, effort, and manpower.

If you need to look up an IFSC code, there are various resources such as the Reserve Bank of India website that can be utilized. Nevertheless, it's wise to double-check its accuracy with the relevant bank before transferring funds elsewhere.

Indian banking relies heavily on IFSC codes. They guarantee your money is transferred to its intended beneficiary promptly and efficiently, making IFSC codes essential when doing online transfers or using services like net banking.

Identifying a Bank Account

The IFSC code is a unique identification that's needed when transferring funds online through various methods such as National Electronic Fund Transfer (NEFT), Real Time Gross Settlements (RTGS), Immediate Payment System (IMPS) and Unified Payment Interfaces (UPI). Additionally, this helps identify a beneficiary account by providing their bank details.

It is essential to comprehend that an IFSC code consists of eleven alphanumeric characters, consisting of letters, numbers and symbols. The first four characters represent a bank name while the last six are either numbers or letters representing branch codes.

Indian banking relies heavily on IFSC codes, which are used to uniquely identify each bank branch. You may find IFSC codes on various documents like cheque books and account statements.

Online Fund Transfer

IFSC codes are an integral component of modern banking when transferring funds online. They identify the bank branch where your account is registered for NEFT, RTGS and IMPS transactions.

When sending money overseas or within India, the recipient's IFSC code is essential for smooth processing. To locate this number, check their cheque book or passbook.

An IFSC code is an 11-digit number issued by the Reserve Bank of India to all Indian banks and their branches. The initial four characters identify the bank, while the following six correspond to a particular branch.

[5xtrade]

Start Forex Trading Online in India: A Step-by-Step Guide

The forex trading Platform has exploded in India, with participation growing rapidly in recent years. A study from a leading financial research firm shows that India's forex trading volume has surged by 50% in the last three years. This growth highlights the immense potential for profit, attracting many investors seeking financial independence. However, trading forex also comes with risks. Understanding these risks and rewards is crucial for any aspiring trader.

Forex trading, or foreign exchange trading, involves buying and selling currency pairs on the global market. The appeal lies in its accessibility, flexibility, and the possibility of high returns. Yet, success requires knowledge, strategy, and a responsible approach to trading.

Understanding the Indian Forex Market Regulatory Landscape

In India, forex trading is regulated by the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI). Retail traders must adhere to specific guidelines to ensure safe trading practices. For more details, visit the SEBI website and the RBI website.

Choosing a Forex Broker

Selecting the right broker is a significant first step. Here are key factors to consider:

Regulation: Choose SEBI-regulated brokers. Fees: Look for competitive spreads and low commissions. Platform Features: Ensure it has tools for analysis and trading. Customer Support: Check the availability of support channels.

Examples of regulated brokers in India include ICICI Direct, Zerodha, and HDFC Securities.

Account Types

Forex brokers offer various account types:

Demo Account: A risk-free way to practice trading. Standard Account: Ideal for most retail traders. ECN Account: Suitable for experienced traders seeking better spreads.

Understanding the features of each account can help you make informed decisions.

Setting Up Your Trading Account Broker Selection and Registration

To start trading, follow these steps:

Choose Your Broker: Pick a regulated forex broker that fits your needs. Fill Out the Registration Form: Provide personal details and contact information. Agree to Terms: Read and accept the broker's terms and conditions. Account Verification and KYC

The Know Your Customer (KYC) process is mandatory. You will need:

ID Proof: Aadhar Card, Passport, or Voter ID. Address Proof: Utility bill or bank statement. Passport-Sized Photographs: Typically two recent photos are required.

Ensure all documents are accurate to avoid delays.

Funding Your Account

You can fund your forex trading account using several methods:

NEFT (National Electronic Funds Transfer) IMPS (Immediate Payment Service) Credit/Debit Cards

Choose the method that is most convenient for you.

Learning the Basics of Forex Trading Understanding Currency Pairs

Forex trading involves currency pairs. These can be grouped into three categories:

Major Pairs: USD/EUR, USD/JPY. Minor Pairs: GBP/AUD, NZD/CAD. Exotic Pairs: USD/THB, EUR/TRY.

Familiarity with these pairs is crucial for understanding market movements.

Technical and Fundamental Analysis

Analyzing markets can be done through:

Technical Analysis: Focuses on price movements and chart patterns. Fundamental Analysis: Involves economic indicators, news releases, and events.

For beginners, start with simple resources like tutorials and online articles.

Risk Management Strategies

Successful trading requires effective risk management:

Stop-Loss Orders: Limit potential losses by setting a stop-loss price. Position Sizing: Determine how much to invest based on your account size. Diversification: Spread investments across different currency pairs.

Experts stress the importance of these strategies to minimize risk.

Developing Your Trading Strategy Choosing a Trading Style

Your trading style affects your success. Consider these styles:

Scalping: Involves quick trades for small profits. Day Trading: Positions are opened and closed within a day. Swing Trading: Holds positions for several days to capture price swings. Long-Term Investing: Involves holding onto assets for extended periods.

Select a style that aligns with your personal preferences and risk tolerance.

Backtesting and Paper Trading

Practice is vital. Use paper trading to test your strategies without risking real money. Platforms like TradingView offer excellent simulated trading environments.

Adapting to Market Conditions

Stay informed about news and economic events. Market conditions can shift rapidly, requiring you to adapt your strategy accordingly.

Monitoring and Managing Your Trades Using Trading Platforms and Tools

Familiarize yourself with popular trading platforms such as MetaTrader 4 or TradingView. Key features include:

Charting Tools Technical Indicators Order Management Systems

Screenshots of these platforms can assist in navigating their features.

Record Keeping and Tax Implications

Maintain a detailed record of your trades. This is essential for tax purposes in India. Understand the rules surrounding forex trading taxation to stay compliant.

Emotional Discipline and Patience

Trading can be emotionally taxing. Practice self-discipline to avoid impulsive decisions and manage your emotions. Experts recommend setting clear rules to guide your trading.

Conclusion

Starting forex trading in India involves several key steps. From understanding the market and selecting a broker to developing strategies, every step is vital for success. Emphasizing responsible trading and risk management will keep you on the right track. Continuous learning and adaptation are crucial in this ever-evolving market.

Take the plunge with confidence, knowing that success is achievable through dedication and informed decisions. Happy trading!

[darkmaga-returns]

Kuwait has forced over one million citizens to hand over their biometric data in one of the most extreme pushes for digital ID. Kuwait introduced a national electronic ID (eID) that they say will assist with identification verification, digital signatures, E-government access, and the secure exchange of data. The deadline to file for this mandatory program was September 30 and the consequences for failing to comply were swift.

On October 1, the Ministry of Interior announced that those who failed to submit their data would be prohibited from all electronic services such as withdrawals, transfers, and account transfers. One cannot even withdraw cash. Around 35,000 people have been blocked out of their bank accounts and are unable to even view the balance. A few weeks later, those in noncompliance has their electronic bank cards deactivated. Visa, MasterCard, and K-Net all abided by the government’s rule.

Beginning on November 1, The Kuwait Banking Association stated it will implement a “complete block” on all accounts, which means one cannot even withdraw funds if they go to the bank in person. Expatriates have until December 31 to submit their biometric registration.

The government has reported an uptick of 6,000 new registrants per day compared to 600 since they began blocking citizens from accessing their own bank accounts. The government called this a “phased approach,” believing they’ve offered leniency to the public.

The issue here is that governments globally are strapped for funds and believe that they can increase revenues by at least 35% if they hunt down their citizens for taxes. Then we have the layer of the Great Reset put forth by Klaus Schwab and the World Economic Forum that is aiming to create a One World Government complete with a global database to track absolutely everyone. Australian journalist Maria Zaric has called it a “digital prison.” Once you’re locked in, you’re locked in. People will be less likely to speak out against the government, protest, or refuse vaccinations if they know their government can immediately exile them from society. This is more than a mere identification as it provides the government with instant access to all of your information and they will track your every movement. This is only the beginning of a massive wave of tyranny. Our computer has been warning that we have been entering into a more authoritarian mode that will reach a head in 2032.

[beardedmrbean]

Although it is four months away, some candidates are already working pretty hard to get their presidential election campaigns up and running.

Mika Aaltola, Pekka Haavisto, Olli Rehn, Paavo Väyrynen, Saara Huhtasaari, Ano Turtiainen, Jouni Kuitunen and Jaana Kavonius are all hoping to run backed by voter associations of at least 20,000 people.

Incumbent president Sauli Niinistö set this trend in 2018 when he collected 156,000 signatures to launch his re-election campaign, rising above party politics and presenting himself as head of a citizens' movement.

This time round Helsingin Sanomat says the eight candidates remain tight-lipped about the number of supporters they have already signed up, and there could be good tactical reasons for that.

Of the candidates HS asked, both Aaltola and Rehn said they had gathered a 'five figure' supporter base. Haavisto said he may be nearing the 20,000 threshold.

As the supporter cards have to be delivered to the Helsinki elections board for checking, and there's no electronic way to sign up, the campaigns have great discretion about when they announce their campaign is official, and how long they continue to gather supporters.

Collecting signatures is a low-threshold way to campaign and to build volunteer networks — and gives visibility while party-backed candidates are still planning their campaigns.

So HS reports researcher Hanna Wass as saying that it would pay candidates to continue collecting names long after they have gathered the required 20,000. As voters can only sign up to back one voter association candidate, they are also effectively denying their rivals' potential supporters.

Government tax plans

Ilta-Sanomat has taken a look at the government's taxation plans, and found that they will benefit high-earners — but not those with larger than normal pensions.

The so-called solidarity tax adds two percentage points to the tax rate for anyone making more than 85,000 euros per year. The government programme aims to lift the threshold for that tax to 150,000 euros, saving high income wage-earners thousands of euros.

Pensioners who get more than 47,000 euros, on the other hand, pay an additional tax of 5.85 percent. That will remain unchanged.

IS asked the leaders of the two main parties why that is, and their answers revealed a difference in views on the matter.

National Coalition Party leader Petteri Orpo said that removing the tax on higher pensions was a long-term goal of his party, but it had not been possible to agree that in the coalition negotiations.

Finance Minister and Finns Party leader Riikka Purra, meanwhile, said that the government programme aimed to reduce the state budget deficit and any funds for pensioners were to be used on helping those on smaller incomes.

Pohjanpalo staying in Venice

Iltalehti has happy news from Joel Pohjanpalo, the Finnish footballer banging in goals for fun at Venezia in Italy's Serie B.

He's just signed a contract extension that will keep him in Venice, which is known as the Queen of the Adriatic, until 2027.

In the summer Pohjanpalo turned down several transfers to remain at Venezia has become renowned for stylish kits that are sought-after among football hipsters and others looking to cut a dash when out and about.

The bewhiskered Pohjanpalo announced his contract extension on Instagram, alongside an image of him in a Venezia shirt with the city in the background and looking every inch the poster child for la dolce vita.

[dinaritexch]

De-dollarization of Iraqi Dinar. Iraqi Dinar Speculations.

Iraq’s recent banking reforms mark a significant shift in its monetary policy as the country pursues the de-dollarization of Iraqi Dinar. The nation’s central bank implemented strict new transaction regulations in early 2024, consequently reshaping the relationship between the local currency and the US dollar.

Furthermore, these changes affect not only Iraq’s domestic financial operations but also its international trade relationships and regional economic stability. This article explores the historical context, current implementation strategies, market responses, and potential future scenarios of Iraq’s currency transformation while considering the broader implications for regional trade and economic stability.

Historical Context of Iraqi Dinar’s Dollarization

The Iraqi dinar’s journey began in 1932 when it replaced the Indian rupee as the nation’s official currency. Initially pegged to the British pound, the dinar maintained remarkable stability until 1959 when it switched to a US dollar peg at a rate of 1 dinar to USD 2.80.

Pre-2003 Iraqi dinar status

The period between 1960 and 1980 marked the golden era for the Iraqi dinar. During this time, the country experienced substantial economic growth, with real GDP expanding at approximately 8% and per capita growth reaching 4.7%. Subsequently, the dinar’s value strengthened to USD 3.38 by 1973.

Impact of Gulf Wars on Currency

The onset of the Iran-Iraq War in 1980 marked a turning point for the Iraqi economy. The situation deteriorated further when Iraq invaded Kuwait in 1990, carrying a foreign debt exceeding USD 70 billion. Accordingly, the United Nations imposed economic sanctions, preventing Iraq from accessing high-quality currency printing services.

The currency crisis deepened as:

The government resorted to printing lower-quality notes

Hyperinflation rapidly eroded the dinar’s value

By late 1995, one US dollar traded for 3,000 Iraqi dinars

Emergence of dollar dominance

The extensive dollarization process intensified in the early 1990s. The Iraqi government faced significant budget imbalances after losing oil export revenues, therefore resorting to printing money to fund expenses. A table highlighting the currency’s decline shows:YearExchange Rate1980USD 3.221995USD 3,0002000GDP less than half of 1980

Following the 2003 invasion, the Coalition Provisional Authority introduced new Iraqi dinar notes between October 2003 and January 2004. Nevertheless, the dollar’s dominance persisted as Iraqis typically used dollars for significant purchases, given that large amounts of dinars would be needed for substantial transactions.

The extensive dollarization resulted from various factors, including the banking system’s fragility and the public’s diminished confidence in the local currency. Moreover, the Iraqi economy became predominantly cash-driven and dependent on US dollars.

Current De-dollarization Implementation

In late 2023, the Central Bank of Iraq (CBI) unveiled extensive measures to limit the flow of US dollars, specifically as part of its de-dollarization of Iraqi Dinar initiative. The implementation of these reforms marks a significant transition in Iraq’s monetary policy landscape.

2024 banking reforms

Beginning January 1, 2024, the CBI implemented a comprehensive ban on cash withdrawals and transactions in US dollars. In essence, this strategic move aims to curtail the misuse of approximately 50% of the USD 10 billion that Iraq imports annually from the New York Federal Reserve.

The banking sector has experienced notable improvements, as evidenced by:

Daily regulated dollar transactions increasing from USD 50 million to USD 200 million

Implementation of the SWIFT system for enhanced transparency

Establishment of stringent compliance measures for international transfers

New transaction regulations

The CBI has established a centralized electronic platform to regulate wire transfers, particularly focusing on preventing fraudulent transactions. As opposed to previous systems, banks must now provide comprehensive documentation, including:Transaction ComponentRequired InformationCustomer DetailsIdentity verification and source of fundsBeneficiary DataComplete profile and purpose of transferTrade ParticularsSupporting documentation and contracts

In particular, any bank found transferring funds to sanctioned individuals faces permanent exclusion from the foreign currency sale window.

Digital payment initiatives

The Digital Payment Regulation No.2 of 2024 represents a cornerstone in Iraq’s financial modernization strategy. The regulation introduces advanced infrastructure for electronic payment tools and financial services specifically designed to reduce cash dependency.

The CBI anticipates reaching 3 million digital payment users by year-end, with implementation focusing on:

Streamlined operations through POS systems and e-wallets

Enhanced data visibility for transaction monitoring

Improved financial security measures

The transformation extends beyond mere technical upgrades, as Iraqi banks wanting to access dollar reserves held in the United States must now process transfers through the electronic system. The Federal Reserve examines these requests and maintains the authority to block suspicious transactions.

International Relations and Currency Control

The relationship between Iraq and the United States remains central to the ongoing de-dollarisation of Iraqi Dinar, with significant implications for regional economic stability.

US-Iraq financial relationship

The United States maintains its position as Iraq’s most significant partner in economic development. Above all, since 2014, the US has invested nearly USD 3.50 billion in humanitarian and development assistance. A comprehensive breakdown of recent US assistance includes:YearEconomic DevelopmentHumanitarian Aid2023USD 150.00 millionUSD 114.20 million

The bilateral trade relationship continues to expand, with two-way trade in goods reaching USD 4.60 billion in 2021. Coupled with this, Iraq has emerged as one of the largest trading partners for the US, with Iraqi exports to America totaling USD 3.80 billion.

Iran sanctions impact

It is important to realize that Iraq’s banking sector faces significant challenges due to US sanctions on Iran. In light of these restrictions, the US Treasury has implemented powerful tools to protect Iraqi and international financial systems from illicit activities.

The banking sector has experienced notable changes:

The US Federal Reserve examines all dollar transfer requests

Iraqi banks must provide complete transparency for international transactions

Several Iraqi banks face restrictions on dollar transactions

Regional economic implications

The de-dollarization efforts have created ripple effects across the region. Iraq has become an essential economic partner for neighboring countries, although this has created challenges in maintaining compliance with international sanctions.

The International Monetary Fund notes that Iraq’s fiscal and external positions have improved, with external current account surpluses reaching 17.3% of GDP. At the same time, the Central Bank of Iraq’s foreign exchange reserves rose to USD 97.00 billion, equivalent to 11 months of imports.

Under those circumstances, Iraq faces the challenge of balancing its regional relationships while maintaining compliance with international financial regulations. The World Bank reports that despite record oil revenues, the country’s non-oil sectors have shown limited growth, highlighting the need for continued economic diversification and structural reforms.

Market Response and Exchange Rates

The Iraqi financial markets have experienced significant volatility as the government implements its de-dollarization strategy. Meanwhile, the gap between official and parallel market rates has created notable economic challenges for businesses and citizens alike.

Official vs parallel market rates

The disparity between official and parallel market rates has reached significant levels. The Central Bank of Iraq maintains an official exchange rate of 1,296.48 dinars per dollar, whereas the parallel market rate has climbed to approximately 1,600 dinars. This disparity represents an estimated inflation rate of 23.41% in the black market.Exchange Rate TypeRate (IQD per USD)Official Rate1,296.48Parallel Market1,600+

Banking sector challenges

Iraq’s banking infrastructure faces substantial hurdles in implementing the de-dollarization reforms. Straightaway, several key challenges have emerged:

The US Treasury and Federal Reserve have banned 14 Iraqi banks from conducting dollar transactions

Financial access remains amongst the lowest globally, with merely 19% of adults owning bank accounts

The private commercial banking sector struggles with limited capacity to support financial intermediation

Public reaction to reforms

The implementation of new financial measures has triggered widespread public response. Altogether, the reforms have particularly affected businesses dependent on dollar access. Citizens have expressed their concerns through various means, including protests over the declining value of the Iraqi dinar.

The banking sector’s transformation has faced resistance from the public. An estimated 90 trillion dinars are stored at home rather than in banks, which significantly reflects deep-seated distrust in financial institutions, even among business owners.

The impact on daily operations has been substantial, with many local banks limiting dollar cash withdrawals. In one notable instance, video evidence emerged showing a depositor threatening to burn down a Baghdad bank after being denied access to cash dollars.

The reforms have created additional pressure on Iraq’s impoverished families, who constitute over 40% of the population. The situation has intensified as businesses increasingly turn to the parallel market for their dollar needs, thereby driving up costs for essential goods and services.

Future Scenarios for Iraqi Currency

Looking ahead, the Central Bank of Iraq’s ambitious de-dollarization initiative presents both opportunities and challenges for the nation’s economic future. The transformation of Iraq’s monetary landscape hinges on several critical factors that will shape its success in the coming years.

Economic stability prospects

The Central Bank of Iraq expects some initial volatility in the dinar’s value as new measures take effect. Certainly, the bank’s commitment to providing dollars at the official rate for legitimate purposes suggests a strategic approach to maintaining stability. The economic outlook shows promising signs, with:

Non-oil GDP growth reaching 4.4% to 87.7 trillion dinars in 2023

Foreign reserves rising to USD 64 billion in 2021

Implementation of renewable energy programs worth 1 trillion dinars

Banking system modernization

The Iraqi banking sector is undergoing substantial structural changes. Generally, state-owned banks dominate 88% of banking sector investments, indicating the need for comprehensive reform. The modernization efforts focus on several key areas:Reform AreaImplementation FocusDigital ServicesElectronic payment systems and platformsRegulatory FrameworkEnhanced compliance and security standardsPrivate SectorIncreased competition and efficiency

The Central Bank has granted licenses to 17 companies for digital wallet operations, analogous to successful implementations in other developing economies. Additionally, e-payment transactions have reached 18 trillion Iraqi dinars, demonstrating the growing adoption of digital financial services.

Regional trade implications

Iraq’s economic relationships are evolving rapidly, as evidenced by its strengthening ties with various international partners. The country has emerged as China’s top importer in Western Asia, with bilateral trade reaching USD 49.70 billion last year. In addition, Chinese investments in Iraq have surpassed USD 34.20 billion, establishing a strong foundation for future economic cooperation.

The banking sector’s transformation presents notable opportunities:

Enhanced international trade capabilities through modernized payment systems

Improved compliance with global financial standards

Greater integration with regional economic partners

The Islamic banking sector shows particular promise, with assets growing to a 9.7% market share by end-2023. As a result of these developments, Iraq’s financial system is positioned for significant evolution, notwithstanding current challenges in banking penetration rates, which remain at 81% of the adult population without bank accounts.

The World Bank’s involvement through various development initiatives suggests sustained support for Iraq’s financial modernization. In concert with the International Monetary Fund’s guidance, their technical assistance programs provide crucial frameworks for implementing these ambitious reforms.

Conclusion

Iraq’s journey toward de-dollarization represents a pivotal transformation in its economic history. Though the path presents significant challenges, particularly with exchange rate disparities and banking sector reforms, the country shows promising signs of financial evolution.

Recent developments demonstrate Iraq’s commitment to modernizing its financial infrastructure. Digital payment initiatives, stricter transaction regulations, and enhanced compliance measures signal a determined push toward a more stable economic future. Meanwhile, the nation maintains crucial international partnerships while pursuing greater monetary independence.

The success of these reforms depends largely on public trust and participation in the formal banking sector. Despite current challenges, Iraq’s growing foreign reserves, expanding non-oil GDP, and strengthening regional trade relationships point toward positive economic prospects. The combination of banking modernization efforts and strategic international partnerships positions Iraq for potentially significant economic growth.

Looking ahead, Iraq’s financial transformation extends beyond simple de-dollarization. The country stands at a crossroads, balancing traditional economic structures with modern financial innovations. This careful approach, supported by international financial institutions and regional partners, suggests a thoughtful strategy for long-term economic stability and growth.

Source:- Dinarit

[donblogs]

Rbi Payment and Settlement Systems

The RBI's Payment and Settlement Systems ensure the smooth transfer of funds across various financial entities. These systems are crucial for maintaining financial stability and supporting economic growth. They include digital payment platforms, real-time gross settlement (RTGS), and national electronic funds transfer (NEFT), enabling secure and efficient monetary transactions. By regulating and enhancing these systems, the RBI fosters trust, innovation, and accessibility in the financial ecosystem, promoting a seamless payment experience for businesses and individuals alike.