Central Bank: Using The Best Internationally Approved Systems And Standards In The Field Of Electronic Payment

Earth News / The Central Bank of Iraq announced today, Monday, the use of the best internationally approved systems and standards in the field of electronic payment, while indicating that it spends hundreds of millions of dollars annually to develop infrastructure systems to build an important base for the development of electronic payment in Iraq.

Deputy Governor of the Central Bank, Ammar Khalaf, said in a speech at the first Iraqi Digital Economy Forum, attended by an Earth News correspondent, that “the digital financial transformation in Iraq began with the localization of the salaries of state employees and the opening of bank accounts, the primary purpose of which was to use electronic payment in daily transactions.” Whether inside or outside Iraq.”

Khalaf added, “Iraqi society prefers to rely on cash in daily transactions, but the government’s efforts to support digital transformation, especially in the financial sector and other sectors, gave a strong impetus to the Central Bank over the past year and it continues to encourage and activate electronic payment in Iraq by issuing many Among the laws, controls and instructions that encourage the use of electronic payment in Iraq.”

He pointed out that “some ministries responded quickly to the directives of the Central Bank and the Iraqi government, especially the Ministry of Oil by making collections at gas stations and others via electronic payment, as well as the Passports Directorate, which obligated payment to be electronic, in addition to the General Traffic Directorate and other ministries.” He stressed that “all this support gives a very strong impetus to electronic payment.”

He pointed out that “the Central Bank has been the only influencer for many years, as it has embraced the importance of digital transformation in most of its transactions, and spends hundreds of millions of dollars annually to develop infrastructure systems to build an important base for developing electronic payment in Iraq through the use of the best internationally approved systems and standards in this field.” “.

Earthiq.news

Al-Zaidi sends a message to Parliament regarding monetary policy in Iraq

The Secretary-General of the Iraqi Islamic Movement, “Imam Ali Brigades,” Shibl al-Zaidi, today, Monday, sent a message to the Iraqi parliament regarding the monetary (financial) policy pursued in Iraq.

Al-Zaidi said in a tweet followed by Al-Sumaria News, “One of the common mistakes in the monetary (financial) policy pursued in Iraq since the fall until now is that we are subject to the American mood and its fluctuations and under its absolute control, and it has been noticed recently that the American Treasury aims to punish 37 banks.” Iraq calls for ending Iraqi banking activity and replacing it with foreign and Arab banks and restricting the currency auction and remittances to those banks, as well as controlling banking services and remittances. This is what legislators in the Iraqi parliament must pay attention to by working to issue legislation that prevents the participation of foreign banks in the auction.

He added that if there is an urgent need for such an auction, it is for the people of the country exclusively. Likewise, exits must be found that free us from mortgaging the Iraqi economy to the American port, as oil can be sold in other foreign currencies and imported from those countries, or the barter system can be adopted in development and economic projects that provide job opportunities. New projects for citizens or service projects with long-term contracts through the oil barter system.”

He continued, “Reviving industry, trade, and liberal professions and supporting them will advance the economic reality of the country and contribute to creating an outlet for monetary policy and breaking American restrictions.” He pointed out that the current situation is good but is subject to collapse when wars and crises end. Which is ravaging the world at the present time, but the puzzling question is: What if oil sales prices changed in a country where 25% of its people receive salaries depending on its sales?

Alsumaria.tv

Iraqi oil exports to America exceeded 4 million barrels last month

Shafaq News / The US Energy Information Administration announced on Monday that Iraq’s oil exports to the United States exceeded four million barrels during the month of February.

The administration stated in a table seen by Shafaq News Agency, “Iraq exported 4.379 million barrels of crude oil to America during the past month, with an average of 127 thousand barrels per day, lower than January, when its exports amounted to 5.387 million barrels, with an average of 173 thousand barrels per day.” “.

She added, “Iraq did not export crude oil to America during the first week of February, while it exported an average of 43 thousand barrels per day in the second week, and an average of 226 thousand barrels per day was exported in the third week, and in the fourth week the average export reached 240 thousand barrels per day.” .

She indicated that “Iraq ranked fifth in its exports to America during the past month after Canada, Mexico, Saudi Arabia, and Brazil, and ranked second in the Arab world after Saudi Arabia, whose exports amounted to more than 9 million barrels.”

Shafaq.com

The International Monetary Fund praises the Iraqi Central Bank’s steps to support the economy

Experts from the International Monetary Fund mission praised the measures taken by the Central Bank of Iraq, which contributed to maintaining the stability of the Iraqi economy and working to raise its capabilities.

The mission stated in the final statement on the sidelines of the meetings held in the Jordanian capital, Amman, according to a statement from the Central Bank of Iraq received by Al-Rab’a, that “growth has returned in the non-oil sector in a strong way in the year 2023, with inflation receding, and growth in the real gross domestic product is estimated.” Non-oil prices increased by 6 percent in 2023, after declining in 2022, and overall inflation declined from the high level it reached at 7.5 percent at the beginning of 2023, to 4 percent by the end of the same year, thus reflecting the decline in food and energy prices across the country. international level.”

The mission attributed the occurrence of these developments to “the return of trade financing operations to their normal course and the stability of the foreign exchange market. After some interruptions occurred following the implementation of new controls to combat money laundering and combating the financing of terrorism on cross-border payments in November 2022, improved compliance with the new system led to “And the initiatives of the Central Bank of Iraq to reduce the transaction processing time led to a recovery in trade financing in the second half of 2023, and this ensured the private sector’s ability to obtain foreign currency at official rates for import and travel purposes.”

The mission welcomed “the initial steps taken towards establishing the Treasury Single Account (TSA), which is considered a critical tool for improving cash liquidity management.”

The mission praised “the efforts made by the Central Bank of Iraq aimed at getting rid of surplus liquidity. The Central Bank increased the interest rate on monetary policy tools and raised mandatory reserve requirements. It also began issuing treasury bills with a maturity of 14 days last summer.”

The Fund called for “supporting existing efforts by the Central Bank by consolidating unused government deposits in the unified treasury account, refraining from pro-cyclical financial policy, reducing reliance on monetary financing, and improving public debt management,” noting “continuing efforts.” “Aiming to establish an interbank market with the support of technical assistance provided by the International Monetary Fund.”

The mission welcomed “the steps taken by the authorities to accelerate the pace of digitization of the economy, reduce dependence on cash and enhance financial inclusion.”

Alrabiaa.tv

Parliamentary bloc: America prevents Iraq from joining the Chinese agreement

Information / Baghdad… The head of the Al-Sadiqoun parliamentary bloc, Habib Al-Halawi, confirmed today, Sunday, that America is pushing to prevent Iraq from joining the Belt and Road Initiative.

Al-Halawi said in an interview with the Maalouma Agency, “The United States of America is pushing to prevent and obstruct Iraq’s association with the Silk Road Economic Project, adding that Iraq’s association with the Chinese initiative represents a strategic opportunity to activate Iraq’s role within the Belt and Road Initiative.”

He pointed out that “America stands as an obstacle to the growth of the Iraqi economy and does not allow Chinese companies to invest in Iraq, stressing that there is a desire among the Iraqis to consolidate bilateral relations with China.”

Almaalomah.me

Sudanese issues 3 directives to internal oversight to combat corruption

Shafaq News / Iraqi Prime Minister Muhammad Shiaa Al-Sudani issued three directives to advance internal oversight work in the anti-corruption file.

His media office said in a statement, received by Shafaq News Agency, “In continuation of the government’s approach in the field of combating and preventing corruption, due to the risks that corruption poses that negatively affect government institutions and public services provided to citizens, and in order to advance the work of internal control in government institutions and integrate their role.” With the role of the Federal Finance Supervision Bureau, the Federal Integrity Commission, and law enforcement agencies, the Prime Minister directed the following:

1- Strengthening internal control procedures and expanding the scope of their work by raising the administrative level of audit and internal control formations in all government institutions, and setting effective tasks for them to exercise all kinds of control over the disbursement of funds to achieve preventive control procedures, prevent the waste or loss of public funds, preserve them, and uncover corruption. Holding the corrupt accountable, taking legal measures against them, providing legal protection for workers in that field, and motivating them to continue exercising their role efficiently, effectively, and stably.

2- Disseminating the internal control manual prepared by the Federal Office of Financial Supervision to all government agencies; To provide supervisory controls for administrative units in a way that contributes to increasing their ability to achieve their goals and missions and prevent corruption.

3- Preparing a draft law for the Federal Internal Oversight Authority based on the provisions of Article (108) of the Constitution of the Republic of Iraq for the year 2005, to strengthen internal oversight in all government institutions and regulate previous preventive oversight procedures and subsequent follow-up and raise levels of responsibility, integrity and transparency; To protect public funds and all government institutions.

Shafaq.com

The Iraqi Central Bank confirms to Shafaq News the provision of five foreign currencies as an alternative to the dollar for merchants

Shafaq News / The Central Bank of Iraq confirmed that it has provided five alternative currencies to the dollar, for merchants to use in purchasing their goods from other countries using each country’s currency through the bank.

Deputy Governor of the Central Bank, Ammar Hamad, told Shafaq News Agency, “The Central Bank provided other foreign currencies to Iraqi merchants, which are (the euro, the Chinese yuan, the Turkish lira, the Emirati dirham, and the Indian rupee).

He added, “These currencies have become available to merchants for the purpose of financing foreign trade. When a merchant imports goods from China, he can now pay the Iraqi dinar to the Iraqi bank, and through the bank, the amount will be paid to the Chinese company and factory in the Chinese currency.”

Last week, the Central Bank of Iraq’s total sales of hard currency in US dollars amounted to more than one billion dollars.

Shafaq News Agency correspondent stated that the Central Bank sold during the past week, and for a period of five days during which the auction was opened, one billion and 52 million and 796 thousand and 86 dollars, at a daily rate of 210 million and 559 million and 217 dollars, lower than what it recorded the previous week, when it amounted to one billion and 62. One million 587 thousand and 198 dollars.

Shafaq.com

The rate of inward investments into Iraq increased by 60% within 3 years

Information / Baghdad… Representative and member of the Parliamentary Services Committee, Baqir Al-Saadi, confirmed on Saturday that the rate of incoming investments into Iraq has increased by 60% over the past three years.

Al-Saadi told Al-Maalouma, “There are reasons that create successful investments, most notably security and political stability, and the provision of attractive opportunities for capital with flexibility in dealing with procedures,” pointing out that “Iraq represents an important opportunity for many Arab and foreign investors.”

He added, “The rate Incoming investments, Arab or foreign, have increased by 60% in the past three years, amounting to hundreds of millions of dollars, especially in the housing sector.

He stressed the government’s efforts to “create pioneering investment contracts with the start of laying the foundation stone for the construction of several new cities.”
He pointed out that “investments It leads to economic recovery and the provision of job opportunities, noting that “in the coming months, investments will be at higher levels with the start of implementation of the first phase of the strategic development path.”

Several governorates witnessed an influx of Arab and foreign investments in various sectors, most notably housing, medicine, and industry.

Almaalomah.me

Within a week, $896 million was transferred from the Iraqi Central Bank abroad

Shafaq News / The Central Bank of Iraq’s total sales of hard currency to the US dollar last week amounted to more than one billion dollars.

Shafaq News Agency correspondent stated that the Central Bank sold during the past week, and for a period of five days during which the auction was opened, one billion and 52 million and 796 thousand and 86 dollars, at a daily rate of 210 million and 559 million and 217 dollars, lower than what it recorded the previous week, when it amounted to one billion and 62. One million 587 thousand and 198 dollars.

The highest dollar sales were on Tuesday, amounting to 214 million 597 thousand and 79 dollars, while the lowest sales were on Monday, amounting to 206 million 555 thousand and 16 dollars.

The agency’s correspondent indicated that foreign remittance sales during the past week amounted to 896 million 586 thousand and 86 dollars, an increase of 83%, compared to cash sales that amounted to 156 million 210 thousand dollars.

He explained that the sales went in the form of cash and transfers abroad to finance foreign trade, while the selling price of the amounts of documentary credits and international settlements for electronic cards reached 1,305 dinars per dollar, while the selling price of the amounts of transfers abroad and the cash selling price reached 1,310 dinars per dollar.

Shafaq.com

Masrour Barzani discusses with a US Treasury official reforming the financial and banking system in Kurdistan

Shafaq News / The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, discussed on Friday, with the US Treasury Undersecretary for Terrorism and Financial Intelligence, Brian Nelson, reform of the financial system and the banking sector.

A presidential statement received by Shafaq News Agency stated, “Barzani met with the Undersecretary of the US Treasury for Terrorism and Financial Intelligence, Brian Nelson, and the two sides exchanged views on strengthening bilateral relations and ways to support the reforms implemented by the Kurdistan Regional Government within the framework of the ninth ministerial formation.”

The statement added, “The two sides discussed reforming the financial system and the banking sector, in addition to discussing the (My Account) project and the digital transformation of public services.”

Shafaq.com