TNT – “Tidbits From TNT” Tuesday 3-5-2024

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Tishwash:  Central: We spend millions of dollars on electronic payment, and Iraqis prefer cash

The Central Bank confirmed, on Monday, March 4, 2024, that Iraqi society prefers to deal with cash, pointing out that millions of dollars are spent annually by the bank on electronic payment. 

Iraqis prefer cash in their transactions, while the Central Bank spends millions of dollars on electronic payments

Deputy Governor Ammar Khalaf said in a speech followed by “Ultra Iraq” that “Iraqi society prefers to rely on cash in daily transactions,” noting that “the government’s efforts to support digital transformation, especially in the financial sector and other sectors, gave a strong impetus to the Central Bank during the year.” the past”.

According to experts  , the Iraqi government, through attempts to implement electronic payment, aims to withdraw the monetary mass in circulation in Iraq, which amounts to 84 trillion dinars.

Khalaf pointed out that “the Central Bank spends hundreds of millions of dollars annually to develop infrastructure systems to build an important base for the development of electronic payment in Iraq,” explaining that “the digital financial transformation in Iraq began when the salaries of state employees were localized and bank accounts were opened” to use electronic payment .

The Deputy Governor stated that the Ministry of Oil, gas stations, and some ministries “quickly responded to the directives of the Central Bank and the Iraqi government,” in addition to “the Passport Directorate, which required that payment be electronic, and the General Traffic Directorate.”

Ten days ago, the regional president of Visa, in Central and Eastern Europe, the Middle East and Africa, Andrew Torrey, revealed  “the company’s readiness to bring expertise, in addition to employing more Iraqis in its office in Baghdad, with the aim of reaching 500,000 acceptance points from points of sale with electronic payment.” in Iraq  link

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Tishwash:  Central Bank: Iraqi society prefers to use cash in daily transactions

3/4/2024 – Baghdad

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, “The digital financial transformation in Iraq began with the localization of state employee salaries and the opening of bank accounts, the primary purpose of which is to use electronic payment in daily transactions, whether inside Iraq.” Or outside it.”

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.” Stressing that “all this support gives a very strong and significant impetus to electronic payment.”

He pointed out that “the Central Bank has been the only influential player 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.” “.   LINK

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Tishwash:  Central Bank: Using the best internationally approved systems and standards in the field of electronic payment

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.

The 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.”   link