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Clare:  As of the beginning of next month, Kurdistan will adopt the Iraqi dinar in crossings and airport transactions


The Kurdistan Regional Government decided, today, Tuesday, to start dealing in the Iraqi dinar at all border crossings and airports, starting from the beginning of next month.

The Director General of Customs in the Kurdistan Region, Samal Abdul Rahman, said, “In accordance with a decision issued by the Kurdistan Regional Government, all transactions at border crossings and airports will be in Iraqi dinars, starting from the beginning of next month.”

Abdul Rahman added that the regional government had previously used the dinar instead of the dollar at some crossings with neighboring countries, adding that there are still some crossings that will be converted to the dinar tomorrow.

The Kurdistan Region Council of Ministers had issued Resolution No. 227 circulated on 9/20/2023 and published on 10/16/2023, which stated: “Based on the provisions of Article (8) of the Kurdistan Region Council of Ministers Law, No. 3 of 1992, it was decided to collect fees.”

Customs duties and customs taxes at border gates and customs points are in Iraqi dinars only. LINK

Clare:  Executive Procedures For The Electronic Payment System And Electronic Points Of Sale (POS).


The Council of Ministers, in its forty-fourth regular session, held today, Tuesday, approved a package of executive measures related to the electronic payment system and electronic points of sale (POS), which the government adopted within its ministerial platform in the axis of economic and financial reforms, and obligating all government agencies to adhere to them.

A statement from his media office, received by Earth News, stated that “the procedures included the following”:

1- Implementing the requirements and circulars issued by the Central Bank of Iraq, the General Secretariat of the Council of Ministers, and the relevant authorities, in a way that contributes to the speedy completion of the implementation of electronic payment systems, including electronic points of sale (POS), and otherwise holding those who delay accountable, in accordance with the law.

2- The use of electronic payment tools by procurement committees and implementation committees shall be a secretariat, provided that all payment operations shall be held after (6) months from the date of issuance of this decision.

3- Deposit the bonuses, incentives, annual profits, and overtime wages granted to employees and those assigned to a public service, at a rate of not less than (20%) of them into their bank accounts, provided that they are used exclusively for electronic payment and cannot be withdrawn in cash.

4- Adopting financial and accounting information systems for the financial aspects of expenses and revenues, which contribute to the ease of using electronic payment and electronic collection methods.

Second: The Central Bank of Iraq is responsible for taking all measures to support the implementation of electronic payment systems, including electronic points of sale (POS), in accordance with the law, including the following:

1-Coordination with relevant authorities to exercise an effective role in supporting electronic payment systems projects, drawing up a national strategy for payments, and overcoming obstacles. facing the work of beneficiaries of these systems.

2- Listing all services provided, their types, amounts and fees collected from citizens, in addition to the number of transactions for each of the services provided, and setting a policy for pricing commissions for electronic payment services for amounts collected for the benefit of government institutions, according to what was stated in the letter of the General Secretariat of the Council of Ministers on September 14, 2023.

3- Organizing workshops, including banks, electronic payment companies, the Federation of Chambers of Commerce, unions, and stakeholders, to present their ideas and proposals in the field of providing incentives and facilities that can be adopted to make the project a success and present them to decision makers.

4- Completing the evaluation of electronic payment companies in accordance with the standards established for this purpose, and determining the position regarding their licensing according to the results of the evaluation.

5- Expediting the completion of the study of applications submitted by new companies that wish to enter the market and provide the service according to the established standards, in a way that ensures attracting reputable companies in this field and enhancing the principle of competition, in order to achieve the provision of the best services at the lowest prices to citizens.

6- Completing the procedures for determining the tariff related to electronic payment operations, according to the nature of the business and the amounts collected for the public and private sectors, no later than December 15, 2023.

Third: The Central Bank of Iraq is obligating all banks to take all measures to support the application of electronic payment systems, including electronic points of sale (POS), including the following:

1- Simplifying the procedures for opening bank accounts for citizens, business owners, and professions, while studying the possibility of… Account opening and card issuance commissions (free or at nominal prices), and cooperation with all banks; To grant short or medium credit facilities to the owners of these interests, ensuring that they benefit from the existence of their accounts and motivating them to use electronic payment.

2- Adopting the service of banking offices in addition to branches, and moving on the ground to universities, institutes, shopping centers, commercial centers, and others, for the purpose of encouraging the opening of bank accounts for customers and providing them with electronic cards (for free or at nominal prices).

3- Study the possibility of including deposits resulting from electronic operations, which exceed a certain amount and remain in the account for a period of time, as savings deposits, according to which certain benefits or advantages are granted.

4- Obligating banks and electronic payment companies to provide a (free) electronic application on mobile phones, allowing customers to pay by phone, inquire about their balances and financial transactions, and prepare reports on paid invoices related to electronic payment systems, including electronic points of sale (POS).

5- Taking appropriate measures regarding monopolistic contracts concluded with electronic payment companies, to ensure compliance with the Competition and Antitrust Law No. 14 of 2010.

6-Intensifying media awareness campaigns for citizens about the benefits of electronic payment systems and how to use them, including electronic points of sale (POS), in coordination Between banks and electronic payment companies.

7- Obliging electronic payment companies to provide a customer service center around the clock, to facilitate payment operations and address immediate problems occurring in electronic payment.

Fourth: The Ministry of Communications and the Media and Communications Authority, each according to its specialty, shall provide the Internet at reasonable prices to all commercial websites, ensuring support for e-commerce and synchronization of data and commercial transactions with the required speed.

Fifth: Obliging private educational institutions, universities and private colleges, fuel processing stations, centers and shops of all kinds, restaurants, pharmacies, private medical clinics, warehouses, all wholesale and retail marketing outlets, and professionals and others that require payment for their interests within the boundaries of the Baghdad Municipality and the centers of governorates and districts throughout all of Iraq, to There will be a minimum amount of cash receipts through the electronic point-of-sale (POS) system after they are determined by the relevant sectoral authorities and presented to the Ministerial Council for the Economy, as a condition for renewing work licenses or licenses to practice the profession.

Sixth: The relevant government agencies must oblige all owners of commercial activities to register their entities in the commercial registry, and register owners of professions with the competent sectoral authorities, with the requirement of opening a bank account as one of the requirements for registration or a license to practice the profession.

Seventh: The Ministry of Labor and Social Affairs/Department of Retirement and Social Security for Workers obliges companies to pay social security amounts to their workers through electronic payment systems.

Eighth: Government agencies must impose additional fees at a rate not exceeding (5%) of the value of goods and services in cash transactions, compared to those collected through electronic payment systems, to encourage citizens; In order to use electronic payment systems instead of cash payment.

Ninth: This decision will be implemented starting December 1, 2023.   LINK

Clare:  The Iraqi Central Bank is moving towards the US Federal Reserve to increase its dollar transfers


The Parliamentary Finance Committee revealed, today, Wednesday, a move by the Central Bank with the US Federal Reserve to increase Iraqi dollar transfers.

A statement by the committee, followed by Mawazine News, stated that “external and internal factors stand behind the crisis of fluctuations in the dollar exchange rate,” stressing that “the governor of the Central Bank of Iraq is working hard to solve these problems in order to reach understandings with the US Federal Reserve to increase Iraqi dollar transfers, as well as About confronting speculators and brokers internally.”
The statement called on “citizens to support the procedures and policy of the Central Bank because the crisis requires the combined efforts of everyone.”

He added, “The Finance Committee is in constant contact with the Central Bank of Iraq and other concerned parties regarding the problem of the fluctuation of dollar selling prices and supports all steps and measures that would restore stability to the exchange rate,” pointing out that “several immediate and future proposals are being presented in this regard, with the aim of finding alternatives and solutions.”

Effective for this crisis and in a way that preserves the strength of the Iraqi dinar and also preserves the strength of our cash reserves of hard currency.”    LINK


Clare:  Adviser to the Prime Minister: Using an international audit force that contributes to reducing corruption phenomena

11/1/2023  Baghdad – IA – Nassar Al-Hajj

Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, confirmed today, Wednesday, that government agencies’contracts with reputable international financial auditing companies represent an international auditing force that contributes to reducing the phenomena of multilateral corruption.

Saleh told the Iraqi News Agency (INA): “International auditing companies have long experience in investigating the most complex financial transactions, especially financial and administrative activities and transactions with broad and complex connections, called branching activities with long arms.”

He added, “The use of an additional international audit force for important financial centers in our country has become clear in reducing the phenomena of multilateral systemic corruption, and that the positive effects of this comprehensive, multi-purpose audit undoubtedly represent a new dimension in providing a climate based on assessing the level of financial discipline in addition to its role in Strengthening long-term paths that are of fundamental importance in government administration, and at the same time extend across the joints of multi-purpose government financial activities in our country.”

Saleh continued, “In accordance with international standards, in developing the efficiency of public money management and auditing mechanisms and adopting modern accounting principles, the international procedures that are adopted in auditing are procedures that have left a positive impact in providing an additional climate of financial protection that is directly consistent with the general principles stated in the government program.”

In developing the digital government administrative system, it is a trend that has become coherent and continuous and touches on financial governance in accordance with international standards to protect public money and apply the force of law.”

The Prime Minister’s Advisor for Financial Affairs noted that “the role of international auditing companies is, in all cases, based on the principles and foundations of the effective Federal Financial Management Law No. 6 of 2019, as amended, as well as the applicable national supervisory instructions and procedures.”   LINK