TNT – “Tidbits From TNT” Wednesday 12-13-2023

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Tishwash:  Iraq and the UAE begin financial transfer, trade and import in dirhams

The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, met in Dubai with the Chairman of the First Abu Dhabi Bank Group, Hanaa Al-Rustamani.

During the meeting, according to a statement by the Central Bank, a copy of which {Al-Furat News} received, “it was agreed to launch financial transfer operations between the two countries and to finance trade and imports between Iraq and the United Arab Emirates in the UAE dirham currency through the First Abu Dhabi Bank, as transfer operations in the UAE dirham began this day, Wednesday.” December 13.”

The first phase of this agreement will be, according to the statement, “with five Iraqi banks, which will be gradually increased.”

The Central Bank of Iraq noted that “this step comes within the framework of enabling Iraqi banks to establish relationships with reputable international banks, and it aims towards reducing reliance on the electronic platform for financial transfers and working in accordance with normal international practices adopted in strengthening the balances of Iraqi banks for the purposes of financing trade.”

The First Abu Dhabi Bank offered to contribute to financing clean energy projects in Iraq.

It is noteworthy that First Abu Dhabi Bank is one of the largest and strongest financial institutions in the world, with a credit rating of AA-, and its total assets amount to about 300 billion US dollars.  link

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CandyKisses:  Iraq agrees with the UAE to launch financial transfers and trade financing between the two countries

Shafaq News / The Central Bank of Iraq announced on Wednesday its agreement with the “First Abu Dhabi” bank group in the United Arab Emirates to launch financial transfers, trade financing and imports between the two countries in the UAE dirham currency.

A statement issued by the Central Bank said that Governor Ali Mohsen Al-Alaq met in Dubai with the head of the “Abu Dhabi” Bank Group, Hanaa Al Rostamani, and during the meeting, it was agreed to launch financial transfers between the two countries and finance trade and imports between Iraq and the United Arab Emirates in the currency of the UAE dirham through the First Abu Dhabi Bank.

The statement pointed out that the transfers in the UAE dirham started today, Wednesday, December 13, explaining that the first phase of this agreement will be with five Iraqi banks to be gradually increased.

According to the statement, this step comes within the framework of enabling Iraqi banks to establish relations with solid global banks, and it is aimed at reducing reliance on the electronic platform for financial transfers and working in accordance with normal international practices adopted in strengthening the assets of Iraqi banks for trade finance purposes.

The statement noted that First Abu Dhabi Bank offered to contribute to the financing of clean energy projects in Iraq.

It is noteworthy that the “First Abu Dhabi Bank” is one of the largest and most powerful financial institutions in the world, with a credit rating -AA, and its total assets are about 300 billion US dollars.

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Tishwash:  The Governor of the Central Bank visits the branch of the International Development Bank in Dubai

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Ismail, visited the branch of the International Development Bank in Dubai.

After congratulating the bank and its management, he informed him of the progress of the procedures taken in the branch, providing full support to the bank branch, appreciating its role in strengthening economic relations between Iraq and the United Arab Emirates.

Central Bank of Iraq
Media Office,   link

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The leading global company in the field of digital payments, Visa, cooperated with the payment services provider, “Exchange,” and the largest Internet service provider, “Earthlink” (the National Internet Project), to organize an awareness campaign in the form of a training workshop to educate Iraqis about the advantages of digital payments. This initiative comes as a continuation of the ongoing awareness campaign organized by Visa for merchants and consumers in cooperation with the Central Bank of Iraq and with the support of Prime Minister Muhammad Shiaa Al-Sudani.

The workshop, which was launched on November 15, 2023 and required the personal attendance of participants, aims to train the Earthlink team/agents, who in turn will be able to educate their user base, which exceeds 2 million users. The training will cover various topics, including the use of cards in daily transactions via points of sale, e-commerce, as well as the use of cards in ATMs. In addition, participants will receive guidance on how to make informed financial decisions and the security of digital payments.

As part of the campaign, a strategic initiative to introduce a co-branded prepaid card in collaboration with Earthlink is currently being implemented. The initiative aims to provide additional benefits to Earthlink users and agents participating in the electronic payment system. To stimulate participation, Al-Tabadul and Earthlink will encourage agents and users to obtain the Al-Tabadul Visa card and facilitate their membership payments through the card.

Commenting on the matter, Laila Sarhan, Regional Director and Vice Chairman of the Board of Directors to lead the company’s business in North Africa, the Levant countries and Pakistan, said: “At Visa, we believe that strategic partnerships play a crucial role in achieving financial inclusion. Therefore, we are excited to cooperate with the two companies, the Exchange.” ‘ and ‘Earthlink’ (the National Internet Project) to empower and support the Iraqi consumer. Over the past few years, Visa has collaborated closely with the Central Bank of Iraq and key players in the sector, in line with the goals of Iraq Vision 2030 to promote financial inclusion within a diversified economy. “Our mission is to connect the world through an innovative, reliable and secure payment network, to enable individuals, businesses and economies to thrive. The electronic payment awareness campaign is another step in this direction.”

For his part, Ahmed Shaker, CEO of Al-Tabadul, said: “We realize that many users in Iraq still use cash transactions, which can be inconvenient and risky, keeping them excluded from the formal financial sector. We are pleased to cooperate today with Visa.” And ‘Earthlink’ to enhance awareness of digital payment options and integrate the Iraqi people into a financially inclusive environment. Our goal through the campaign is to reach more than two million Iraqis within the ‘Earthlink’ network (the national internet project), to support Iraq’s progress in the field of strengthening the digital economy.”

Visa has always embraced innovation to lead the way in building the largest, most dynamic and global open global network of technology, partnerships and people. In Iraq, Visa has led several initiatives and collaboration projects, marking an important milestone with the introduction of the country’s first digital payment and multi-currency cards    link