Iraq Economic News and Points to Ponder Friday AM 1-19-24
Tlm724 Administrator Bondlady’s Corner
With Documents.. The Central Bank Plans To Cancel The Platform For Selling The Dollar At The End Of This Year
Time: 01/19/2024 Read: 1,053 times {Economic: Al-Furat News} The Central Bank of Iraq is planning to gradually cancel the electronic platform for external transfers {dollar} during the current year 2024, leading to its complete cancellation by the end of the year, and keeping it for audit and statistical purposes.
This comes within the framework of the Central Bank of Iraq’s endeavor to enable Iraqi banks to establish and establish solid banking relationships with the global and regional banking sector in order to achieve the sobriety of the Iraqi banking sector and full compliance with international standards and their requirements, according to documents issued by the bank.
According to the documents, Iraqi banks must work to be prepared and able to access and deal with correspondent banks.
According to the Central Bank, there are two types of requirements,
some of which are basic and must be provided and worked on as quickly as possible, and
some are important and
support the banks’ efforts in this field.
All banks will be required to provide the three basic requirements in order to help them open accounts with correspondent banks. As shown in the documents below.
https://vod2.alforatnews.iq/upload/2024-01/a6a8f6bad925fe4167d82a398acc0d10.jpeg
With documents.. The Central Bank plans to cancel the platform for selling the dollar at the end of this year Clip_image004 https://alforatnews.iq/news/بالوثائق-البنك-المركزي-يخطط-لإلغاء-منصة-بيع-الدولار-نهاية-العام-الجاري
Iraq Plans To Stop The Bleeding With “Financial Intelligence” And A Banking Expert Responds: It Will Not Add Anything – Urgent
Economy |01-17-2024, Baghdad today – Baghdad The expert in financial and banking affairs, Saleh Al-Banker, confirmed today, Wednesday (January 17, 2024), that the introduction of financial intelligence will not stop the bleeding of money in Iraq. The banker told “Baghdad Today”,
“Iraq has 3 types of border crossings,
the most prominent of which is land, and not a small part of the latter is not controlled, especially within the borders of the Kurdistan region,” pointing out that
“the introduction of financial intelligence will not add anything because the measures currently taken are sufficient.” But the problem is in the application. He added,
“The defect in the mechanisms for implementing the Central Bank’s instructions regarding currency smuggling is used by forces and parties to finance themselves and their interests,” pointing out that
“smuggling methods are developing, as are the mechanisms for smuggling drugs and other contraband,” stressing that
“it is not with the creation of any institution, but rather the effort.” To enhance the concept of the actual application of all procedures.”
The banker pointed out that “many of the decisions issued regarding controlling borders and preventing currency smuggling are not implemented in reality, and
ignorance and backwardness in banking dealing mechanisms are exploited because
it constitutes a loophole by influential people in passing their agenda,” stressing that
“seriousness and follow-up are what achieve the greatest benefit in Stop the bleeding of money in Iraq.
Since the announcement of raising the value of the Iraqi dinar against the dollar by the Central Bank, local markets have witnessed trading at a rate other than the official price of the dollar, with a difference that sometimes reached 30 points,
which necessitated the government and the Central Bank to intervene with measures to limit this phenomenon, but to no avail so far, as…
The dollar exchange rate remained high to more than 150 thousand dinars for every 100 dollars in the markets and exchange offices of Baghdad and the provinces.
For The First Time…The Assets Of Iraqi Banks Record An Unprecedented Number
Economy |Baghdad Today – Baghdad Today, Thursday (January 18, 2024), an economic expert revealed an “unprecedented” rise in assets in Iraqi banks operating in the country.
Manar Al-Obaidi said in a statement received by “Baghdad Today” that
“the volume of assets of Iraqi banks operating in Iraq amounted to more than 202 trillion dinars, which is the first time that it has exceeded the barrier of 200 trillion dinars.”
He added, “The value of banks’ assets increased by 8% compared to the same period of the previous year.” Al-Obaidi pointed out that “the size of banks’ assets to the Iraqi GDP is around 52%, and despite this high percentage,
it is still lagging behind compared to the Middle East region, where the size of banks’ assets to the GDP reached around 80%.”
He continued, “Government banks are still in control of the total assets of the banking sector, at a rate of about 85% of the total assets of banks, and despite the rise in the assets of the private banking sector,
it still does not constitute more than 15% of the total assets of banks operating in Iraq.”
https://baghdadtoday.news/240463-لأول-مرة.-موجودات-البنوك-العراقية-تسجل-رقماً-غير-مسبوق.html
Electronic Payment In Iraq Is Moving Towards Stability
January 17, 2024 Last updated: January 17, 2024 Independent/- The Central Bank of Iraq revealed that it is addressing the problems facing the electronic payment system, in coordination with financial institutions, indicating at the same time that the system is moving towards stability.
Director General of the Information Technology and Payments Department at the bank, Adnan Asaad, said that the year
2023 witnessed the most important breakthrough in the field of electronic payment, and that the
Iraqi government seriously supports the efforts being made in detailing the development of electronic payment.
Asaad stressed that the crisis that befell the country due to the bad use of cards and electronic payment tools had left a negative impact,
but thanks to the measures taken in cooperation with international financial institutions, many problems have been addressed and the electronic payment system has tended to stability.
For his part, Member of Parliament Hussein Arab stressed the inevitability of activating the role of the private sector and making it a basis for the process of economic advancement, which requires the presence of advanced financial services that rise to global standards.
Arab pointed out that the world has come a long way in digital transformation, and
we must keep pace with the developments the world is witnessing in this important field.
As for the Executive Director of the Association of Private Banks in Iraq, Ali Tariq, he
stressed the continuation of efforts to enhance the culture of electronic payment, which represents a governmental and legislative direction for the next stage. Tariq pointed out that
the Association of Banks and Large Financial Institutions is working to spread the culture of electronic payment due to its awareness of the importance of digital transformation and providing quality services to all segments of society.
Ahmed Kazim, Investment Director at the International Smart Card Company,
explained the importance of digital transformation and that it should be coupled with the launch of advanced electronic payment products that maintain money paths with high transparency. Kazem stressed that
government support for the digital transformation process facilitates many operations and makes services rise to global standards in providing advanced products that suit the growing Iraqi labor market.
The founder of the (Electronic Payment Culture in Iraq) platform, Nabil Al-Najjar, stressed that Iraq cannot move away from the global financial system, especially since
it is an important axis in the global economic arena, which requires us to work to keep pace with the global developments that the world is witnessing in the financial sector, which represents the axis. Most important in the process of economic development.
Al-Najjar stressed that the country is moving in the right direction in the field of digital transformation, and
the most important thing in this axis is the citizen’s interaction with electronic services, the spread of which is expanding in an acceptable manner.
Prospects of electronic payment in Iraq
Statements by Iraqi officials indicate that the electronic payment system in Iraq is moving towards stability, and that
there are great efforts being made by the government and the private sector to enhance the culture of electronic payment and spread it among citizens.
There are several factors that support the growth of electronic payment in Iraq, including:
Government support for the process, as the Iraqi government considers electronic payment to be one of the basic pillars of digital transformation and improving financial services.
The growth of the business sector in Iraq, as the Iraqi economy is witnessing steady growth, which leads to an increase in the volume of financial transactions.
The spread of the use of smart phones in Iraq, where more than 60% of Iraqis own smart phones, which facilitates the use of electronic payment applications.
Electronic payment in Iraq is expected to witness significant growth in the coming years, as the volume of electronic transactions in Iraq is expected to reach $10 billion by 2025.
There are several challenges facing the growth of electronic payment in Iraq, including:
Weak financial culture among citizens, as many Iraqis still prefer to use cash payment.
Weak communications infrastructure in some areas in Iraq, which limits the spread of the use of the Internet and electronic applications.
The Iraqi government and the private sector are working to confront these challenges by launching awareness campaigns to enhance financial culture among citizens and improve communications infrastructure throughout the country. https://mustaqila.com/الدفع-الإلكتروني-في-العراق-يتجه-نحو-ال/
Oil: The Volume Of Fuel Sales Via Electronic Payment Has Increased To 13 Billion Per Day
Economy Baghdad – INA – Amna Al-Salami The Petroleum Products Distribution Company in the Ministry of Oil announced today, Thursday, that the volume of product sales through the electronic payment system has increased to 13 billion per day, while setting the date for the final cancellation of cash trading.
The company’s general manager, Hussein Talib, told the Iraqi News Agency (INA):
“The movement of selling petroleum products through electronic payment has risen to 13 billion dinars per day after it was ranging between 10-11 billion, whether at government and private gas stations or preparing generators.” And agents for gasoline, kerosene, gas, and mobile phones,” pointing out that
“the demand for electronic payment is increasing dramatically daily.”
He added, “Our company obligated the electronic payment gateways to nominate employees authorized by these companies to collect money from citizens through electronic payment.”
He pointed out that “the directives of Prime Minister Muhammad Shiaa Al-Sudani set next June of 2024 as the date for ending cash trading and adopting the electronic payment card,” stressing that “the company has a plan to end cash trading at the end of next March, that is, in the first quarter.” From 2024.”
He explained, “Adopting electronic payment and ending cash circulation will serve citizens, ensure that fuel is sold to them at the official price, and preserve state funds from theft and manipulation.”
He stated, “Iraq is very late in the issue of electronic payment, as the countries of the world preceded it for a long time in the field of technology and electronic payment.
Therefore, the Prime Minister insists on ending cash circulation and adopting the electronic payment system in 2024.”
The Petroleum Products Distribution Company introduced the electronic payment service at gas stations since April 2023, and began gradually spreading the experiment to fuel filling stations in Baghdad and the governorates. https://www.ina.iq/201438–13-.html
To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/
Provoking Points To Ponder on Adversity:
Trouble brings experience, and experience brings wisdom. – Anonymous
A woman has got to love a bad man once or twice in her life to be thankful for a good one. – Marjorie Kinnan Rawlings
Adversity has the effect of eliciting talents, which, in prosperous circumstances, would have lain dormant. – Horace
Adversity is a severe instructor. … He that wrestles with us strengthens our nerves and sharpens our skill. Our antagonist is our helper. – Edmund Burke
Experience is a good teacher, but she sends in terrific bills. – Minna Antrim
Forget the times of your distress, but never forget what they taught you. – Herbert Gasser
You can learn little from victory. You can learn everything from defeat. – Christy Mathewson
A smooth sea never made a skillful mariner. – English proverb
When a man is pushed, tormented, defeated, he has a chance to learn something; he has been put on his wits … he has gained facts, learned his ignorance, is cured of the insanity of conceit, has got moderation and real skill. – Ralph Waldo Emerson
http://famousquotesandauthors.com/topics/adversity_quotes.html
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