The Governor of the Central Bank chairs the first meeting of the Iraqi National Payments Council
The Governor of the Central Bank chairs the first meeting of the Iraqi National Payments Council
link they tweeted this as well
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, chaired the first meeting of the Iraqi National Payments Council after its restructuring.
During the meeting, which was attended by officials from the Central Bank and representatives of the relevant ministries, the government and private banking sectors, electronic payment service providers and other actors, the objectives of the Council and the main tasks that it intends to implement were reviewed to achieve national strategies to develop the infrastructure of the financial and banking sector, advance the components of the electronic payment environment, and strengthen the pillars of inclusion. Finance in Iraq.
The Council discussed the experiences of other countries in the field of payment systems and the mechanisms necessary to implement Iraqi Council of Ministers decisions No. 23044 and 23620 for the year 2023, as well as proposals that would contribute to the implementation of these decisions with the aim of expanding the scope of work of Iraqi electronic payment systems and linking them with various institutions, ministries and bodies and encouraging The public wants to use it and benefit from the advantages it provides.
It is noteworthy that the Iraqi National Payments Council aims to coordinate and achieve cooperation between regulatory and supervisory authorities, executive authorities and financial institutions.Central Bank of Iraq
Information Office
2 - December 2023
Iraqi Cabinet pushes for State Contracts in Dinars
As part of financial and economic reforms, the Iraqi Cabinet has endorsed recommendations to conduct all state contracts within Iraq in Iraqi dinars.
There will be exceptions for ongoing external grants, loans, and agreements, and new contracts involving foreign grants, loans, and agreements may adhere to agreed-upon foreign currency terms, as specified in the Ministry of Finance's April 27, 2023 circular.
Additionally, beneficiaries can open documentary credits for importing project materials and transfer foreign currency for salaries, wages, and company dues, subject to Central Bank of Iraq (CBI) controls.
then DEC 1 2023
Sudanese Advisor: The law rejects the use of cash dollars in internal settlements
Today, Friday, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, explained the gains of adopting the electronic payments system in transactions inside Iraq. Saleh said in a statement, “The cash payments system is linked to a high degree of certainty whenever payments are made by electronic or digital means, which provides an indicator of liquidity for the banking system and reduces the degree of uncertainty in banking liquidity.”
He explained that "the payments system provides sufficient information about the flow of cash into the banking system, makes clear the amounts of paid and accumulated amounts, and indicates their actual balances at all times during the banking working day. Conversely, in light of the monetary systems that rely on direct cash payment, banking liquidity management policies surround themselves." With additional hedges of idle liquidity in order to protect against liquidity risks.
Saleh stated, “This matter disrupts part of banking operations and credit in particular, so as electronic payments increase as a behavior in daily dealings, the management of the cash mass and its flow in the banking system will be subject to the rule of clarity in cash management and then directing bank credit towards profitable areas by expanding... Credit activity provides efficient use of the cash supply, as well as a decrease in the rate of cash leakages outside banks, which means that a structural change in the behavior of cash demand among individuals and at banks will tend towards a decline, due to dealing with electronic payment systems that are linked to bank accounts.”
He stressed, “The development of the payments environment and its transition from a direct cash environment or cash payment in payment and receipt operations to the use of electronic payment will, in all cases, reduce the risks of local cash payment in currencies other than the dinar and distance the national economy’s transactions from cash payment in foreign currency, because payment systems Digital does not allow transactions in the local economy in anything other than the dinar, that is, the national currency, and certainly the economy’s tendency in its transaction payments is to (the digital dinar) instead of (the cash dollar), whose transactions in internal settlements are legally rejected completely by virtue of the principle of monetary sovereignty of the Iraqi dinar.
Queues at the electronic card windows in Rafidain Bank branches (photos)
soooo I guess they are taking things seriously at the last minute hmmmm....
Al-Rafidain Bank said today, Wednesday, that there is a wide demand in the bank’s branches in Baghdad and the governorates to open accounts and issue electronic cards.
A statement from the bank:
There is a wide turnout in the branches of Al-Rafidain Bank spread across Baghdad and the governorates in receiving citizens to provide services and facilities, opening bank accounts and issuing electronic cards, as part of the trend to adopt electronic payment and reduce the use of cash in banking financial transactions.
these are the words on the sign in the picture below:
Company
Iraqi deposit insurance
Protecting depositors and preserving their rights.
Encouraging savings and contributing to strengthening confidence in the banking sector.
Creating money hoarded in homes at banks.
Bank deposits are subject to a deposit guarantee by the company.
Al-Rafidain announces the activation of electronic collection in a number of departments
Today, Saturday, Rafidain Bank announced the activation of electronic collection in a number of state departments.
A statement from the bank, received by the Iraqi News Agency (INA), stated that “Rafidain Bank announces the outcome of the
departments that have begun activating electronic collection, switching from cash financial transactions to electronic, and collecting funds through modern electronic systems from Rafidain Bank.”
The statement indicated that "the activation of collection is continuing and its pace is increasing and is on the rise," stressing that "new departments will be included soon."
Labor calls on people with disabilities to visit banks to complete the issuance of the “MasterCard”
On Saturday, the Authority for the Care of People with Disabilities and Special Needs at the Ministry of Labor called on those who benefit from its services and were issued MasterCard card forms to visit the banks to complete the procedures and guarantee their salaries for the current month.
In a statement, seen by Al-Iqtisad News, the Authority asked “those who benefit from the Authority’s services in accordance with Law No. 38 of 2013 and who were issued a MasterCard card issuance form by the Authority to review the issuance outlets in the banks.”
She added that the review aims to "complete the procedures for issuing the MasterCard and ensuring the disbursement of their salaries for the month of December 2023."
Sudanese advisor talks about the digital dollar and the electronic payments system
Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, explained the benefits of adopting the electronic payments system in transactions inside Iraq, and while he pointed out that among them is providing the most efficient use of the monetary mass, he stressed that Iraqi law rejects the use of the cash dollar in internal settlements.
Saleh said in a press interview, “The cash payments system is linked to a high degree of certainty whenever payments are made by electronic or digital means, which provides an indicator of liquidity for the banking system and reduces the degree of uncertainty in banking liquidity.”
He added, “The payments system provides sufficient information about the flow of cash into the banking system, makes clear the amounts of paid and accumulated amounts, and indicates their actual balances at all times during the banking working day. Conversely, in light of monetary systems that rely on direct cash payment, banking liquidity management policies surround... It also uses additional hedges of idle liquidity in order to guard against liquidity risks.
He continued, "This matter disrupts an aspect of banking operations and credit in particular, so as electronic payments increase as a behavior in daily dealings, the management of the cash mass and its flow in the banking system will be subject to the rule of clarity in cash management and then directing bank credit towards profitable areas by expanding activity." Credit is what provides efficient use of the cash mass, as well as a decrease in the rate of cash leakages outside the banks, which means that a structural change in the behavior of cash demand among individuals and at banks will tend towards a decline due to dealing with electronic payment systems that are linked to bank accounts.”
Saleh continued, “Thus, the development of the payments environment and its transition from the direct cash environment or cash payment in payment and receipt operations to the use of electronic payment will, in all cases, reduce the risks of local cash payment in currencies other than the dinar and distance the national economy’s transactions from cash payment in foreign currency.” Because digital payment systems do not allow transactions in the local economy in anything other than the dinar, i.e. the national currency, and certainly the economy’s tendency in its transaction payments is to (the digital dinar) instead of (the cash dollar), whose transactions in internal settlements are legally rejected completely by virtue of the principle of monetary sovereignty of the dinar.
After the dollar exchange rate crisis, Badr Parliament announces her “optimistic” expectations for the coming year
After the worsening crisis in the price of the dollar against the Iraqi dinar, which lasted for months, and government attempts to contain the crisis, the Badr parliamentary bloc expected a decline in exchange rates early next year.
MP from the Badr parliamentary bloc, Karim Al-Mohammadawi, confirmed that the US dollar will continue to decline in the parallel market, explaining the reason for this.
Al-Mohammadawi said, in a press interview seen by Taqaddam, that “the Central Bank has taken important steps over the past few days in order to control the dollar exchange rate, and that is why we see a gradual decline in the dollar exchange rate in the parallel market.”
Al-Mohammadawi expected that “the dollar exchange rate will continue to decline,” adding, “We believe that with the beginning of the first months of the new year, the dollar exchange rate in the parallel market will be very close to the official price, especially as the government and the central bank continue to take decisions to provide the dollar and diversify the basket of foreign currencies in the country.” Foreign commercial transactions.
The Central Bank announces an agreement with Türkiye as part of the procedures for resolving the dollar crisis
The Central Bank of Iraq announced , on Saturday, an agreement to make arrangements between Iraqi and Turkish banks as part of attempts to resolve the dollar crisis , after discussions held by a joint Iraqi delegation in Istanbul and returned to Baghdad on Friday morning, December 1.
The Central Bank said in a statement that the agreement stipulated regulating the trade exchange for small merchants and retailers, “dinar for euro or Turkish lira,” under arrangements with combined transfers in accordance with a commercial regulation that guarantees the integrated cycle of the commercial process. “Depositing in dinars inside Iraq, paying in euros or lira in Turkey for shipping.” Goods from Turkey to Iraq.
According to preliminary information about the agreement, these arrangements will take place between the Iraqi banks and their Turkish counterparts through intermediary banks.
Members of the government, the Central Bank and the Association of Iraqi Private Banks, as well as representatives of a number of private banks, participated in the negotiations that took place in Istanbul.
The arrangement stipulates the following:
- Agreement to make banking arrangements between Iraqi banks and their Turkish counterparts through intermediary banks to ensure commercial exchange for major merchants and importers and to make and pay remittances in the euro and Turkish lira currencies.
- Agreement on organizing the trade exchange for small merchants and retailers (dinar in exchange for euros or Turkish lira) under arrangements with combined transfers according to a commercial organization that guarantees the integrated cycle of the commercial process (depositing in dinars inside Iraq, paying in euros or lira in Turkey, shipping goods from Turkey to Iraq). This is to facilitate the external transfer of thousands of Iraqi traders and spare them from working through non-fundamental means. This also comes in the context of regulating trade and external transfer in accordance with sound practices and standards, and within the framework of the comprehensive plan pursued by the Central Bank to open multiple channels, outlets and currencies with the aim of maintaining the stability of the financial system and protecting it from... risks and achieving general price stability by covering imports at the official price, which is confirmed by controlling inflation rates.
The top line of these images says
Iraqi-Turkish banking agreement
the bottom line on the first image says:
Trade exchange between the two countries through intermediary banks, making transfers and paying them in euros and Turkish lira
the second image says:
Combined transfers in euros and Turkish lira to organize trade exchange for small merchants
Disrupting official working hours in Iraq for 3 days
This month of December witnesses the suspension of official working hours for 3 days, and it is likely to increase to four days.
The tenth of this month, corresponding to Sunday, will be an official holiday on the occasion of Victory Day, the anniversary of the victory over ISIS terrorist gangs in Nineveh Governorate and the cities that were controlled by terrorism.
While Sunday and Monday, 17-18 of this month, will be official holidays for holding the governorate council elections.
It is likely that all Iraqi governorates will be included in the Christmas holiday, corresponding to December 25, 2023.
The Iraqi resistance targets the American base at Erbil airport
The Islamic Resistance in Iraq announced today, Sunday, the targeting of the American base at Erbil Airport.
words:
Islamic resistance in Iraq
2023-12-3
In the name of God, the most gracious, the most merciful
[Permission is given to those who fight because they have been wronged, and indeed, God has power to grant them victory.
In response to the crimes committed by the enemy against our people in Gaza, the Mujahideen of the Islamic Resistance in Iraq targeted the American occupation base at Erbil Airport, with a drone,
It hit its target directly.
(And victory is only from God. Indeed, God is Mighty, All-Wise)
Islamic resistance in Iraq
Sunday 19 Jumada al-Awwal 1445 AH
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