Bondlady’s Corner – Iraq Economic News and Points to Ponder Monday Afternoon 1-15-24


Iraq Economic News and Points to Ponder Monday Afternoon 1-15-24

Tlm724 Administrator Bondlady’s Corner

Advisor To The Prime Minister: Electronic Payment Enhances Economic Development Efforts

Economical 01/15/2024 Baghdad: Hussein Thaghab   The Executive Director of the Iraq Fund for Development, Muhammad Al-Najjar, said that the digital transformation that the country aspires to achieve represents the most important steps in the next stage, and an important axis of the development process that Iraq seeks.

He added to “Al-Sabah” that  developing performance within the Iraqi labor market is extremely important and a prominent focus in achieving goals, and that  the financial sector represents the size of the corner to make plans a reality, which requires the presence of an advanced financial sector that adopts advanced work mechanisms.

Al-Najjar explained that the  presence of an advanced financial sector that relies on advanced financial transactions is an attractive element for specialized global efforts, especially since  the Iraqi labor market is vast and accommodates great local and international efforts.

He explained that  the shift towards electronic payment carries many positives that secure the reality of financial transactions in Iraq, pointing out that the clear interaction between beneficiaries and electronic payment leads to the spread of these transactions on a wider scale in the country.

Executive Director of the Association of Private Banks, Ali Tariq, confirmed that there is a clear and tangible increase in the volume of daily payments through electronic payment cards, whether in government payments or the private sector, and that

the current year will witness the launch of the Iraqi National Company for the Management of Payment Systems, which contributes to facilitating government payments via the Internet.

There will be a wider spread of payment systems throughout institutions and the provision of broader programs to stimulate the use of electronic payment.

He said that  the directions of the government and the Central Bank provide a historic opportunity to stimulate and use electronic payment, as these trends witness a clear focus and the issuance of many decisions that serve to accelerate its use in a way that ensures expansion of its adoption, pointing out that

Iraq is witnessing for the first time decisions that serve the electronic payment process in the presence of an infrastructure. Infrastructure at the Central Bank, the banking system, and electronic payment companies. He pointed out that

the outside world has witnessed a major revolution in the field of electronic payment and a complete move away from cash dealing, as  it provides safe paths for funds and their transfer without any disruption.

In Iraq, electronic payment will expand to the extent that the benefits of the largest segment of society will be felt.

Tariq revealed that the number of electronic payment points has tripled during the year 2023, and

it is hoped that it will double to greater and greater levels in the coming period. He indicated that

last year witnessed a transition in expanding the use of electronic payment, as the collection project for government and private institutions was approved in the middle of last year, which was an important detail of the government program and within the strategy of the Central Bank of Iraq.

He stated that  electronic payment follows several paths, the most important of which is providing POS acceptance points in government institutions and private projects, noting that the number of cards today in Iraq exceeds 15 million cards of various types, and that issuing electronic payment cards is not a complicated matter.

Regarding the transition to fully adopting electronic payment, Tariq pointed out that the matter requires the presence of at least one electronic payment method in government and private institutions that guarantees easy performance for the citizen, pointing out that  all institutions now have devices that accept electronic payment, but the citizen is not forced to use it. Adopting this mechanism.

He pointed out that the most important challenges facing this matter are the need for broad education campaigns for all segments of society in order to achieve the widest spread after knowing the benefits obtained through electronic payment, which greatly reduces corruption and provides safe transactions.

As for the advisor to the International Smart Card Company, Ghazi Al-Kanani, he stated that the reality of electronic payment in Iraq is expanding greatly and the citizen is interacting with the services provided, especially with the continuous updating of products that have come to touch the citizen’s life and provide him with what meets his needs.

He pointed out that  the continuous development of electronic payment mechanisms and achieving universality in providing products represents a fundamental goal, as the global electronic transactions market is witnessing rapid and continuous developments, and work is continuing to benefit from these developments that contribute to the creation of new and important products.

He stressed that  the government’s directives and the instructions of the Central Bank of Iraq support the process of transitioning to cash transactions, as they provide safe services and a clear flow of money paths, noting that developing the reality of electronic payment in Iraq represents an important step in support of achieving economic advancement.

A Guide To Combating Fraud And Corruption For Banks Operating In Iraq

January 15, 2024     Based on the supervisory and supervisory role of this bank and in view of the continuous developments in the banking sector and what resulted in the provision of banking services in ways that keep pace with global development, and in light of the presence of some groups that target electronic technologies in creating fraudulent methods by exploiting technical and security gaps in the regulatory and technical aspects related to the work Banks.

In light of this and in order to confront these challenges, a guide to combating fraud and corruption was prepared for banks operating in Iraq in order to provide support to all licensed banks in determining procedures to combat cases of fraud and corruption…to view click here.

Extending The Deadline For Receiving Merger Applications

January 15, 2024     Based on the decision of the Board of Directors of this bank No. (17) of 2024,

it was decided to extend the date for receiving requests from brokerage companies for buying and selling foreign currencies operating in the Kurdistan region from category (C) until 3/31/2024 for merger to be classified as (A) or (B)..

The Head Of Parliamentary Finance Stresses The Importance Of Legislating The Public-Private Partnership Law

Chairman of the Parliamentary Finance Committee, Atwan Al-Atwani  Economy News – Baghdad  The Chairman of the Finance Committee in the House of Representatives, Atwan Al-Atwani, called on Monday for accelerating the legislation of priority laws that achieve sustainable development, increase non-oil revenues, and support the national industry.

The media office of the Chairman of the Finance Committee in the House of Representatives stated in a statement, seen by Al-Iqtisad News, that “Al-Atwani, during his intervention in the dialogue symposium held by the Federal Service Council, on the occasion of (Iraqi Legislation Day), said that we are in dire need to speed up the legislation of these laws.”

The mission, at the forefront of which is the Public-Private Partnership Law, because of its great importance in moving the wheel of investment and ensuring the provision of job opportunities for young people and reducing the burden on state institutions and the general budget.”

He added, “Al-Atwani pointed out the need for legislated laws to take the path of actual implementation and realistic application to regulate the relationship between the citizen and state institutions,” indicating that “at the conclusion of the symposium, Al-Atwani participated in the section honoring a number of Federal Service Council employees who are distinguished in their work, wishing them more success.” Success and excellence in performing the tasks assigned to them in the service of our beloved Iraq.”   Views 30 01/15/2024 –

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Provoking Points To Ponder on Adversity:

The secret of a leader lies in the tests he has faced over the whole course of his life and the habit of action he develops in meeting those tests.  – Gail Sheehy

The fiery trials through which we pass will light us down in honor or dishonor to the last generation.  – Abraham Lincoln

Our trials are tests; our sorrows pave the way for a fuller life when we have earned it.  – Jerome P. Fleishman

Times of general calamity and confusion have ever been productive of the greatest minds. The purist ore is produced from the hottest furnace, and the brightest thunderbolt is elicited from the darkest storms.  – Charles Caleb Colton

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