Parliamentary Finance expects to approve the budget in the month of Ramadan
The Parliamentary Finance Committee expected the approval of the draft financial budget law for the year 2023 during the holy month of Ramadan.
Committee member Mueen Al-Kadhimi told {Euphrates News} agency, "The draft general budget law for the year 2023 will reach parliament next week, and it will need to be presented for voting between a month and 45 days," that is, during the month of Ramadan.
He added, "The price of oil will be approved in the budget, in which it will be $65 per barrel."
Al-Kazemi stressed, "There are no job grades in the budget, but there is deletion, creation and confirmation of contracts and lecturers."
And the Minister of Construction and Housing, Bankin Rikani, announced that "the budget will be passed by the Council of Ministers in the next week [current]," pointing out that "the share of the Kurdistan region in the budget will reach 12.64%."
It is noteworthy that the Parliamentary Finance Committee announced last Tuesday that the total value of the budget will be 195 trillion dinars, and its deficit is 60 trillion or less, and the price of a barrel of oil was set at 65 dollars.
Borrowers demonstrate in front of the Central Bank in Baghdad
Dozens of borrowers demonstrated, on Monday, in front of the Central Bank of Iraq building in the center of the capital, Baghdad, to demand the release of financial allocations for their loans.
Agency reporter said that the demonstration started this morning, in front of the Central Bank of Iraq building in Al-Rashid Street in central Baghdad, by borrowers demanding the release of financial allocations that were suspended to complete their transactions related to housing loans from the Real Estate Bank.
Al-Sudani is discussing with the World Bank delegation ways of joint cooperation and support for the government's plans
Prime Minister Mohamed Shiaa Al-Sudani received, on Monday, the Regional Director for the Levant Countries Region at the World Bank, Jean-Christophe Carré, and his accompanying delegation.
During the meeting, they discussed various aspects of cooperation between Iraq and the World Bank, ways to support the growing indicators of the Iraqi economy, and government efforts in this context, as well as an emphasis on cooperation in the field of banking reform adopted by the government, and areas for enhancing progress in addressing service priorities and reform pursued by it. government programme.
The meeting discussed, according to a statement by Al-Sudani's office, which Mawazine News received, "opportunities for financial cooperation in supporting social protection programs that have witnessed a comprehensive expansion, as well as areas of supporting the transport sector in Iraq, and government plans to expand its infrastructure."
Outputs of the Sudanese meeting with the World Bank delegation
Prime Minister Mohamed Shia Al-Sudani discussed, on Monday, with a World Bank delegation, ways of joint cooperation and support for the government's plans.
The media office of the Prime Minister said in a statement, of which “NAS” received a copy, (March 6, 2023), that “Prime Minister Muhammad Shia’ al-Sudani received today the Regional Director for the Levant Countries Region at the World Bank, Jean-Christophe Carré, and his accompanying delegation. Noting that "during the meeting, they discussed various aspects of cooperation between Iraq and the World Bank, ways to support the growing indicators of the Iraqi economy, and government efforts in this context."
The statement added, "During the meeting, cooperation was emphasized in the field of banking reform adopted by the government, and areas of enhancing progress by addressing service priorities and the reform pursued by the government program."
He continued, "The meeting touched on opportunities for financial cooperation in supporting social protection programs, which have witnessed a comprehensive expansion," referring to "areas of supporting the transport sector in Iraq, and government plans to expand its infrastructure."
Companies Invited for development of Al-Nisour Square
Prime Minister Mohammed S. Al-Sudani has invited several companies to develop Al-Nisour Square in Baghdad by constructing overpasses, tunnels, and an overpass over the railway towards Umm Al-Tabbul Mosque intersection, and widening the roads adjacent to the project path.
The companies are:
- Transtech Engineers
- China Railway Sixth Group Co Ltd.,
- China State Construction Engineering Co., Ltd. (CSCEC).,
- China Communications Construction Company Co., Ltd., and
- The Yellow River Company.
The Central Bank clarifies the latest measures of the financial transfer platform and limiting the rise in the dollar
Today, Monday, the Central Bank announced the start of expanding inclusion in entering the electronic platform, and while it indicated its continuation in issuing positive steps to facilitate foreign trade financing, it confirmed its communication with Chinese banks regarding dealing in the yuan currency.
The governor's assistant said in a statement to the Iraqi News Agency, which was seen by the "information", that "the Central Bank continues to follow the instructions previously issued to ensure the stability of the parallel exchange rate."
He added, "A meeting was held with the banking sector, merchants, and factory owners to face challenges and overcome them," noting that "the Central Bank began expanding the channels and entities covered by entering the electronic platform."
He explained, "This is the first step, while continuing to issue positive steps to facilitate the financing of foreign trade or any sound official transfers abroad."
He pointed out that "the measures taken can control the market," calling on "citizens and project owners to review the official channels to obtain foreign currency, as for merchants, there are great facilities for them from banks to finance their foreign trade instead of other methods."
He pointed out that "the recent decisions of the Council of Ministers mentioned dealing in dinars, so there is no justification for citizens to use foreign currency in local transactions."
Regarding dealing in the Ioan, Khalaf stated, "There is continuous communication by the central bank with Chinese banks, in order to activate and allow merchants to transfer directly, meaning that the central bank delivers the dinar through banks, and the transfer is directly through the use of the Chinese currency, the yuan."
The Federation of Chambers of Commerce put forward a proposal to end the "dollarization" of the car market in Iraq
On Monday, the Federation of Chambers of Commerce in Diyala submitted a proposal to end what it called dollarization of the car market in Iraq.
The head of the union, Muhammad Mulla Jawad, said in an interview with Al-Maalouma, that "the dollarization of the markets for buying and selling cars in Iraq began after 2005 and became absolutely controlled after 2010, as it is a financial standard for valuing cars of all kinds around the country and the decline in the use of the dinar."
He added, "The car market attracts 30% of the pressure on the US dollar and pushes to increase its exchange rates, which amounted to approximately 156 thousand per $ 100 today, which is much higher than what was set by the Central Bank of Iraq."
He pointed out that he "submitted a proposal to end the file of dollarization of car markets in Iraq through 3 tracks. The first is to secure the dollar for foreign import at central bank prices and impose regulations on companies, merchants and exhibitions in adopting the dinar in internal buying and selling, in addition to converting contracts into dinars."
And he considered that "ending the dollarization of car markets will lead to a significant reduction in the rates of demand for buying dollars and lead to a balance of supply and demand in all Iraqi markets."
The Iraqi markets are experiencing strong pressure on the dollar, which led to an increase in exchange rates at very high rates that raised public concern due to the high basic prices.
The Central Bank: We will continue to follow the previously issued instructions to ensure the stability of the parallel exchange rate
Central Bank: Controlling the exchange rate is everyone's responsibility
The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, stated that the stability of the dollar exchange rate is everyone's responsibility, indicating that the reforms of the Central Bank have become clear to the banking sector.
Yesterday, Saturday, Baghdad hosted a forum and exhibition of banking and commercial services for merchants and businessmen.
The Deputy Governor said in his speech during the forum, which was attended by "Al-Sabah": "The financial sector is witnessing a clear process of reform at all levels with regard to the banking sector and electronic payment, especially since the banking sector suffers from some problems that represent previous accumulations, and this year will witness important developments in payment." email".
Khalaf added, "The state generally tends to use cash devices and reduce the use of cash in the process of exchanging the banking sector, which suffers from some old problems," noting that "the Central Bank continues in the reform process with these challenges facing public and private banks that have an important role in meet the needs of the banking sector.
He continued, "The Central Bank has worked to establish facilities for financing merchants and external transfer of trade, and there is a clear commitment in the Anti-Money Laundering Law for Financing Terrorism," pointing out that "the banking sector is the main sector in any economic development, and the infrastructure in the financial sector is a fundamental pillar of any economic development and growth.
He stated that "the current year will witness a significant, remarkable and tangible development for the banking sector and the electronic payment process," pointing out that "there are extensive procedures within the powers of the Central Bank, but there is also an important aspect that falls on the ground that needs legislation, and therefore the issue of the exchange rate that concerns all citizens and its stability Everyone's responsibility."
He stressed that "the Central Bank works, legislates, and issues instructions and orders to facilitate proper access to foreign currency, whether they are travelers or merchants," pointing out that "this meeting will be the beginning of continuous communication between the real sector and the banking sector to reduce the challenges and problems facing the two sectors, and we will be present as a central bank." And listen to any challenges and overcome all difficulties.
For his part, the head of the Federation of Chambers of Commerce, Abdul Razzaq Al-Zuhairi, explained that "the exchange rate crisis that the country is suffering from requires collective action to overcome it and go towards creating a sober economy that puts Iraq in the right place among the countries of the world."
He added, "Iraq has the elements of economic advancement, and we must invest it to serve the country, especially with the support of the executive and legislative authorities, as the day has come when we work on building Iraq," noting that the discussion among the participants is positive and achieves results that serve the country.
Regarding the axes of the forum, the Chairman of the Finance Committee in Parliament, Atwan Al-Atwani, said: Here we must diagnose the defect that is represented in the reluctance of merchants to go to the platform, and we must discuss this with merchants and reach a solution.
He pointed out the need to know the reasons why merchants went to the local market to obtain dollars, and to find out the real reasons. Is it taxes or customs?
Deputy Executive Director of the Association of Private Banks Ahmed Al-Hashemi said: The conference brings together the banking system with the family of commerce to answer all inquiries of merchants regarding foreign imports, mechanisms for opening accounts, and what is required by the external import process with regard to documentary credit or transfer.
He added, "The goal is to bring merchants together with banks so that the meeting will be useful to serve the import process, and to make all transfers take place through the banking system and officially, and to form real data on imports and their necessary amounts, pointing out that the conference provides assurances to merchants regarding external transfers and their organization, and this limits Money laundering operations and puts Iraq in front of compliance with any currency, not just the dollar.
Haider al-Rubaie, a specialist in economic affairs, said: "We hope that the outputs of this conference will serve the poles of the local market, including merchants and importers, all the way to the owners of single stores who faced major problems because of the exchange rate and transferring their money from the Iraqi dinar to the dollar to recover capital."
He continued by saying: "We need real interest and work from banks, especially civil ones, and we hope that banks will work to serve the private sector and facilitate procedures in all commercial operations."
The Cabinet’s decision to publish the use of point-of-sale (POS) devices and implementation requirements
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Referring to the Cabinet’s decision to spread the use of point-of-sale (POS) devices widely in financial transactions and to move from a cash society to a cashless society in line with what was stated in the government program to develop banking work and the Prime Minister’s affirmation, during his meeting with a delegation from the global Visa company, to proceed with financial inclusion plans And digitization of banking transactions in a manner that meets
international standards and specifications in force at the international level.
While we support the decision of the Council of Ministers in this regard and stress the need for strict adherence to the parties mentioned in the implementation of the decision in accordance with the procedures and mechanisms specified in the paragraphs of the decision, we must, on this occasion, clarify the efforts made and are being made by the Central Bank since its launch of the technical revolution for digital transformation in the banking sector since 2016 in implementation For the objectives of his first and second strategy and until the present time in achieving banking reform and development and with determination and high confidence in the ability of the Iraqi financial and technical cadres working in the Central Bank to overcome the challenges of the technical gap in the information systems that Iraq suffered from due to the repercussions of the blockade, wars, terrorism and instability during the period of the information revolution. Where the Central Bank was able to overcome the challenges of digital transformation and development in banking technologies, establish infrastructure in banks, and lead an advanced system of payments at the level of the state's financial system.
It is certainly an important national effort for the employees of the Central Bank and banks, and this comes because of the procedures and developments that the Central Bank has taken, to stand in the right direction in the darkest economic conditions that our country suffered from, and to draw a sound road map to catch up with technical developments in the countries of the world.
The Central Bank and the banking sector believe that the decision of the Council of Ministers is moving in a direction and steps consistent with the strategy of the Central Bank in digitizing and developing daily financial and banking transactions with the latest developments, developments and standards in the developed countries of the world in this field, but we believe that setting the date of implementation on 1/6/2023 needs to be Technical discussions with specialists in the Central Bank and electronic payment companies in the private sector with the aim of determining the foundations, standards and technical infrastructure and the availability of the necessary number of (POS) devices, of which the current availability is about (8500) devices and the number of activated electronic cards exceeds (15) million cards and a number Automated teller machines (ATMs) with a limit of more than 1566 ATMs. It also requires great educational, media and advertising efforts, and for a time that exceeds the currently specified times, and in partnership with banks and electronic payment companies, because the banking culture of citizens using this modern technical means to move from cash payment toPaying in this way is very weak, in addition to the lack of knowledge and means of motivation for the owners of malls, commercial and service stores, agencies and areas that can use this type of daily financial and banking transactions.
There are no legislations that oblige citizens as well as service providers to implement digital transformation and motivate them to use electronic payment methods to pay bills. Noting that the esteemed Council of Ministers’ decision allowed citizens to use electronic payment along with cash, in addition to the lack of infrastructure integration, through networking between The ministries and agencies referred to in the decision. ...and the need to develop communication services and facilitate the use of Internet services.
Therefore, it requires government support for the process of expanding the use of electronic cards and points of sale by obliging the ministries to cooperate with
the Central Bank of Iraq. The work has been completed and all routine procedures have been facilitated. It also requires the provision of incentives to service providers and the provision of banking facilities. We propose to develop a plan to implement the decision gradually and with time limits agreed upon by all concerned authorities in the government, the Central Bank and electronic payment companies operating for the purpose of completing the implementation requirements in full.
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