Al-Sudani directs to take new measures regarding the electronic payment system in Iraq

Shafaq News / A government source said, today, Thursday, that Prime Minister Muhammad Shiaa Al-Sudani directed several executive measures related to the electronic payment system and electronic points of sale (POS).

According to the source in his statement to Shafaq News Agency, this directive aims to enhance the use of electronic payment in Iraq and facilitate and monitor financial and commercial operations carried out through this system.

The source summarized the most important main measures that Al-Sudani directed, which are as follows:

1- Determine the tax wages that can be paid in cash in the amount of (500 thousand dinars) and what is more than that is settled via electronic payment.

2- Forming a joint committee between the Central Bank of Iraq, the Communications and Media Commission, and representatives of the private sector who are specialists in this field, which will do the following:

A- Proposing mechanisms to reduce fees for telephone messages related to electronic payment operations.

B- Coordination with the National Cybersecurity Committee and providing it with the risks that it indicates for the purpose of addressing them by the relevant sectoral authorities.

3- Instructing the competent authorities, including the General Directorate of Organized Crime in the Ministry of Interior and the National Security Service, to take their role regarding the observed violations and fraudulent operations regarding electronic payment operations.

4- Instructing the concerned authorities not to renew the license of educational and medical institutions, hotels, restaurants, and all other professions except after presenting the contract for using electronic payment to those authorities.

5- Assigning the Central Bank of Iraq to set specific standards to be used in government departments and institutions to activate electronic payment operations. Through those standards, the Federal Integrity Commission can monitor and measure the work of government departments in a manner consistent with those standards, and is accompanied by organizing training workshops on those standards between the Integrity Commission and the bank. Iraqi Central Bank.

6- Instructing the relevant authorities, including government institutions, private sector institutions, and banks, to increase the number of electronic payment devices and other self-services, which contributes to the development of electronic payment services in the country.

7- Assigning the Central Bank to formulate a proposal with the minimum requirements that are available in contracts for electronic wallets.

9- Forming a joint work team between the General Authority for Taxes, the National Security Service, and the Ministry of Interior/General Directorate for Combating Organized Crime, which will undertake the task of conducting inspection tours of various commercial areas to ensure the provision of trade names, tax identification, and electronic payment points.

In October 2023, the Iraqi Council of Ministers issued several executive measures related to the electronic payment system and electronic points of sale (POS), and said at the time in a statement that they “aim to enhance the use of electronic payment in Iraq and facilitate financial and commercial operations.”

Shafaq.com

Iraqi Dinar / US Dollar auction results for today 4-30-2024

Results of the foreign currency selling window for Tuesday 4/30/2024

Advertisement No. (5115)

The amount:

Total amounts of transfers abroad (transfers, credits)
245,890,122

Total cash withdrawals
27,410,000

Total total sales
273,300,122

Note that: The selling price of documentary credits and international settlements for electronic cards is ( 1310 ) dinars per dollar.

The selling price for transfer amounts abroad is ( 1310 ) dinars per dollar.
The cash selling price is ( 1305 ) dinars per dollar.

cbi.iq/currency_auction

Iraqi Business: There are no financial fears in Iraq for three years, and fear regarding the path of development is unjustified

The head of the Iraqi National Business Council, Daoud Abd Zayer, confirmed that there have been no financial fears in Iraq for three years, while he considered the fear of development “unjustified.”

Abdel Zayer said, during his hosting of the program {Free Speech} broadcast on Al-Furat satellite channel this evening, that: “Iraq is at the forefront of the first stages in the fourth place in terms of growth among the Arab countries. It indicates that Iraq has increased its revenues from oil exports and there are figures for development, which is an indicator that Iraq is in a stage of growth.” Higher than neighboring Arab countries, and it is reflected in the financial performance of development investments.

– The government’s management of investing money in the right place, which is positive and has real meanings and implications.

– Development and infrastructure projects and the Al-Faw port.

I indicated that Iraq is in a higher stage of growth than neighboring Arab countries
Energy during the previous six-month season maintained its level and is expected to stabilize until the end of this year

– Expectations for a decline in oil prices will not exceed 5%, and this will not affect Iraq’s revenues, and there are no financial concerns for the next 3 years over the life of the budget

Overcoming the consequences of the sharp decline in energy prices.

External borrowing comes to complete projects parallel to repaying loans, and delaying the disbursement process confuses part of the development scene, especially with regard to development project receivables.

-Oil is exposed to the political situation at the regional level, in addition to supply and demand, as well as the winter and summer seasons.

Iraq was operating a primitive banking system until 2023, when the government worked with the Central Bank of Iraq to implement external transfers through the electronic platform and ended the issue of manipulation of the exchange rate.

-The improvement in the price of the Iraqi dinar will eliminate the parallel market.
Gold is considered a safe haven for investment in the world in anticipation of the collapse of any approved global currency and its rise as a result of a political crisis at the world level, which affected everyone and now it has begun to decline in small percentages and is considered the ideal solution for investment.

– Real estate in Iraq usually rises at the interest rate approved by loans and is dependent on monetary policy.

The development road will add economic value to the country on an economic, political and geographical basis and will be the optimal regional road for international trade. Any justification for challenging this project is unjustified and some people’s fear of it has no realistic value.

-The Ministry of Oil has not been serious since 2013 in investing in natural gas through licensing contracts.

Alforatnews.iq

Parliament Finance rules out the government’s vote on the budget schedules today and confirms: We need 30 days to approve them

Today, Tuesday, a member of the Parliamentary Finance Committee ruled out a Cabinet vote on the budget schedules, while indicating that Parliament needs 30 days to approve them.

Finance Committee member Faisal Al-Naili said in an interview with Al-Rabaa, “The fourth month has passed and the budget schedules have not arrived, and I do not expect the Council of Ministers to vote on them today.”

He added: “We hope that the Council of Ministers will vote on the schedules today and send them, especially since the House of Representatives will enter a legislative recess next week.”

He pointed out, “If it is voted on and sent, the council will complete voting on it before entering the recess,” indicating that “if the schedules are complete, I do not think we need more than 30 days to approve them.”…

Faceiraq.org

Parliamentary calls to expel the American ambassador from Iraq

Information / private… On Tuesday, the representative of the Al-Sadiqoun parliamentary bloc, Rafiq Al-Salhi, called for the expulsion of US Ambassador Elena Romanowski from Iraq, considering her statements as blatant interference in the country’s affairs.

Al-Salhi said in an interview with the Maalouma Agency, “The statements of the Washington ambassador are blatant and unacceptable, which calls for an urgent national stance to expel her from Iraqi territory.”

He added, “Elena Romanowski greatly underestimated the Iraqi people and government,” warning of “the seriousness of the American ambassador’s movements and their repercussions for the country’s sovereignty.”

He pointed out that “the American persistence constitutes blatant interference in Iraqi sovereign affairs.”

In an interview earlier today, a member of the Parliamentary Human Rights Committee, Nisan Al-Zayer, denounced the statements of the US Ambassador to Iraq, Alina Romanowski, regarding the amendment to the anti-prostitution and homosexuality law approved by the House of Representatives.

Almaalomah.me

Parliamentary Finance: The Council of Ministers will vote today on the 2024 budget schedules

Shafaq News / The Parliamentary Finance Committee announced on Tuesday that the Council of Ministers will vote in today’s session on the budget schedules for the year 2024.

The head of the committee, Atwan Al-Atwani, said in a statement received by Shafaq News Agency: “We look forward to resolving this file as quickly as possible and sending the schedules to the House of Representatives to vote on in order to begin the process of reconstruction, construction and development within the framework of the government program.”

Al-Atwani stressed “the commitment to implement the provisions and paragraphs of the Federal General Budget Law for the years (2023-2025), and to include its financial allocations in this year’s schedules, especially with regard to appointments and contracts that were not implemented during 2023, and other rights that affect the lives of citizens.”

He stressed “supporting and empowering the governorates to implement their service plans and development programs and completing the requirements for including strategic projects in a way that achieves a qualitative leap in the level of providing services to citizens.”

Meanwhile; Acting Speaker of the House of Representatives, Mohsen Al-Mandalawi, agreed today, Tuesday, with the Prime Minister, Muhammad Shiaa Al-Sudani, on the necessity of completing the schedules of the budget law for the year 2024, and expediting their sending to the House of Representatives for the purpose of discussing and voting on them, due to their connection to the lives of citizens and their focus on investment spending for new projects.

According to a statement issued by Al-Mandalawi’s office and received by Shafaq News Agency; The two sides stressed the importance of integrating the work of the legislative and executive authorities and the impact of this on the speedy passage of important laws and supporting efforts to implement the government program and anti-corruption steps.

Shafaq.com

Association of Private Banks: Iraq is witnessing great development in the transition to electronic government

The Association of Private Banks confirmed today, Friday, that Iraq is witnessing great development in the transition to electronic government

A statement by the association, received by Al-Rabaa, stated that “the head of the Iraqi Private Banks Association, Wadih Al-Handal, participated in the Arab Economic Security Forum, which was organized by the Union of Arab Banks in Beirut.”

Al-Handal stressed, “The forum is being held in complex circumstances and geopolitical changes taking place in the region, and the Arab banking sector has begun to be affected, starting with the State of Iraq,” adding that Iraq is still facing major challenges, at various economic levels, including depriving the Iraqi private banking sector of using… The dollar, which has exceeded half the number of banks operating inside the country, is a very dangerous indicator, despite the efforts of Iraqi governmental and private institutions to comply with local and international anti-money laundering and terrorist financing laws, but for the first time we are witnessing a clear targeting of the sector that has begun to affect banking services inside the country, and undermine confidence. citizens, and hinders the expansion of financial inclusion.”

He added, “These challenges facing the banking sector reaffirm the prominent role played by the Union of Arab Banks, international organizations, and Arab banks in coordinating positions and confronting dangers together,” noting that “our meeting represents an opportunity for cooperation and agreement on an action roadmap for the future.” “The targeting of the Iraqi banking sector will not stop within its borders, and may expand at any moment to other countries in light of the regional turmoil.”…

Faceiraq.org

A banking official indicates a “danger” to Iraq by depriving more than half of its banks of dollars

Shafaq News / The head of the Iraqi Private Banks Association, Wadih Al-Handal, on Friday considered the deprivation of more than half of the country’s banks from dealing in US dollars a “dangerous indicator” of the economy.

This came in a speech he delivered during his participation in the Arab Economic Security Forum, organized by the Union of Arab Banks in Beirut.

Al-Handal said in his speech that the forum is being held in complex circumstances and geopolitical changes taking place in the region, and the Arab banking sector has begun to be affected, starting with the State of Iraq.

He added that Iraq is still facing major challenges, at various economic levels, including depriving the Iraqi private banking sector of using the dollar, which has exceeded half the number of banks operating inside the country, which is a very dangerous indicator, despite the efforts of Iraqi governmental and private institutions to comply with laws against money laundering and terrorist financing. Local and international, adding: But for the first time we are witnessing a clear targeting of the sector, which has begun to affect banking services within the country, undermine citizen confidence, and hinder the expansion of financial inclusion.

Al-Handal also pointed out that “the Association of Private Banks is working with the Iraqi government, the Central Bank, and some local and international institutions, to save the banking sector, and return banks deprived of dealing in dollars to their activities, but this is not enough, but rather requires continuing cooperation with the Arab and foreign banking sector, because the stage “The integration of the Iraqi banking sector with its Arab counterpart must begin quickly.”

He added: We are making great strides in this direction, especially since Prime Minister Muhammad Shiaa Al-Sudani held dialogues in Washington with the US President and other government officials, who announced in a joint statement the possibility of a group of Iraqi banks returning to dealing in dollars and supporting the private banking sector.

Shafaq.com

Al-Sudani will visit Saudi Arabia at the end of this month

The Prime Minister, Muhammad Shiaa Al-Sudani, will visit the Kingdom of Saudi Arabia at the end of this month.

Al-Sudani’s visit comes in response to an invitation from Saudi Crown Prince Mohammed bin Salman bin Abdulaziz, which he received on April 1, to participate in the special meeting of the World Economic Forum, which the Kingdom is hosting at the end of this month.

It is noteworthy that the special meeting of the World Economic Forum will be held in the city of Riyadh for the period from April 28-29, and will address a number of international topics and issues, and discuss international cooperation in the fields of economics and sustainable development.

It is noteworthy that the Sudanese’s expected visit to Saudi Arabia comes days after his visit to the United States, which lasted about a week, followed by the visit of Turkish President Recep Tayyip Erdogan to Iraq last Monday.

Burathanews.com

Economist: Travelers’ dollars are leaking into the parallel market…and this is what the Central Bank should do

{Al-Furat News} The economic expert, Safwan Qusay said: “The current policy of the Central Bank of Iraq goes towards auditing the cash dollar, which was marred by many failures in the first periods, especially its leakage through travelers to the irregular market, and this issue needs a new and clear mechanism.”

He added, “It is assumed that travelers are dealt with through tourism and airline companies, and the travel ticket is not allowed to be canceled unless the traveler returns the amount he purchased from the exchange outlets or banks.”

Qusay stressed, “This measure will restore confidence in the cash dollar and the possibility of facilitating the mission of real tourists and filling the gaps that accompanied the process of establishing the electronic platform for the cash sale of foreign currencies.”

He stated that “the Central Bank will not hesitate to provide the dollar to those entitled to it, whether at the level of Hajj or other windows,” noting that “the Central Bank’s emphasis on procedures for granting citizens the cash dollar ensures that it reaches those who need it.”

Qusay added, “The Central Bank’s official sales during the previous 10 days rose to $270 million per day, which is an indication of the activation of the electronic platform,” adding, “The more we reduce imports and analyze the irregular demand for the dollar, the more stable the dollar’s ​​exchange rate will be.”

Meanwhile, travelers expressed their surprise at the Central Bank’s decisions to prevent government banks from selling dollars to travelers.

Travelers said, via {Al-Furat News}: “We are surprised by the Central Bank’s decisions to prevent government banks from selling the dollar to travelers and monopolizing it only with financial transfer and exchange companies.”

Travelers called on Parliament and members of the Parliamentary Finance Committee to “intervene and solve the problem and allow government banks to carry out the process of selling the dollar, especially in conjunction with the delegation of pilgrims to the Holy House of God, and they need to buy the dollar at the official price.”

Alforatnews.iq