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The Central Bank decides to establish the National Company for Electronic Payment Systems in Iraq
link they tweeted about this too
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Today, Wednesday (December 13, 2023), the Central Bank of Iraq decided to establish the National Company for Electronic Payment Systems in Iraq.
The Central Bank stated in a statement received by “Baghdad Today” that “the Board of Directors of the Central Bank of Iraq decided to establish (the National Company for Electronic Payment Systems in Iraq),” indicating that “the company represents a qualitative development in the structure of the country’s financial infrastructure.”
He added, "The new company will assume responsibility for developing, operating, and managing the national electronic payment and clearing systems with high efficiency and adding new elements to serve the electronic payment environment."
He continued, "His role will revolve around organizing and supervising these systems, and that implementation will begin and the legal, executive and operational framework for the company will be established with the participation of all interested parties, in accordance with the Bank Law and the applicable legislative frameworks."
It is noteworthy that this step coincides with the rapid growth in electronic financial services and products and the increase in the number of users in accordance with the framework of the government program to support and adopt advanced electronic payment systems.
Parliamentary Finance expects a decline in dollar prices in Iraq
link
The Parliamentary Finance Committee revealed that the government has spent only 20% of the current year’s budget, and expected to release the rest of the budget on December 20, indicating that the government’s move towards currencies other than the dollar will reduce the pressure on demand for it and thus lower its prices. He pointed out that the government's move towards currencies other than the dollar will facilitate the issue of trade on the one hand and will push traders to deal with the platform more and reduce pressure on the dollar instead of focusing on it, stressing that it will contribute to stabilizing its official price.
Committee member Jamal Cougar said that the government has spent only 20% of the current year’s budget, and it is assumed that after December 20, a good portion of the budget will be spent for a period of five days until the accounts are closed, noting that with the beginning of the new year, the year’s budget schedules are sent. Next.
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.
The Central Bank announces the launch of transfer operations in the UAE dirham
The Central Bank announced today, Wednesday, the launch of transfer operations in the UAE dirham, indicating that this will enable Iraqi banks to establish relationships with reputable international banks.
The Central Bank stated in a statement received by the Iraqi News Agency (INA), that “the Governor of the Central Bank, Ali Mohsen Al-Alaq, met in Dubai with the Chairman of the First Abu Dhabi Bank Group, Hana Al-Rostamani,” indicating that during the meeting it was agreed to launch financial transfer operations between the two countries and trade financing. And imports between Iraq and the United Arab Emirates in the Emirati dirham currency through the First Abu Dhabi Bank.”
He added, “Transfer operations in the Emirati dirham began today, and the first phase of this agreement with five Iraqi banks will be gradually increased,” noting that “this step comes Within the framework of enabling Iraqi banks to establish relationships with reputable international banks, it aims to reduce dependence on the electronic platform for financial transfers and work in accordance with normal international practices adopted in strengthening the balances of Iraqi banks for the purposes of financing trade.
He explained that “First Abu Dhabi Bank offered to contribute to financing operations .” Clean energy projects in Iraq,” pointing out that “First Abu Dhabi Bank is one of the largest and strongest financial institutions in the world, as it has a credit rating of AA, and its total assets amount to about 300 billion US dollars.”
Iraq relies on the Emirati dirham in foreign trade transfers through 5 licensed banks
Agreement with Abu Dhabi Bank
Today, Wednesday, the Central Bank agreed with the First Abu Dhabi Bank to launch financial transfer operations and financing foreign trade between Iraq and the Emirates in the “dirham” currency, and confirmed that the first phase of this agreement will be implemented through 5 Iraqi banks, which will increase later.
Central Bank statement:
The Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, met in Dubai with the Chairman of the First Abu Dhabi Bank Group, Ms. Hana Al Rostamani, and during the meeting 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. Transfer operations in the UAE dirham began today, Wednesday, December 13, and the first phase of this agreement will be with five Iraqi banks, which will be gradually increased.
This step comes within the framework of enabling Iraqi banks to establish relationships with reputable international banks, and it aims to reduce dependence on the electronic platform for financial transfers and work in accordance with normal international practices adopted in strengthening the balances of Iraqi banks for the purposes of financing trade.
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.
Sudanese directs to link the Central Bank, customs and border crossings
link this is gooooood
Prime Minister Muhammad Shiaa Al-Sudani held, before noon on Wednesday, a special meeting of the Networking Committee for Border Ports, in the presence of a number of government advisors.
A statement issued by Al-Sudani's office stated that the latter "listened, during the meeting, to a comprehensive presentation of the port networking project, the system designed to manage it and the unified and central database it provides, in addition to the possibilities of interconnection with the controls in order to enhance security and follow up on transit trucks."
The statement added that Al-Sudani "was briefed on the developed electronic declaration system, the smart tracking system inside the ports for trucks, and the obstacles to completing the project, which began work on in March 2023, and which will reduce time and limit financial corruption, smuggling operations and customs manipulation."
According to the statement, the Prime Minister stressed the need for the draft system to include broad automation in the processes related to border crossings, secure their work in a centralized manner, and create a unified examination image that contains all the required information, directing that reliance on the human factor be reduced to the maximum extent.
The statement continued that Al-Sudani "directed to accelerate the integration of the link between the departments, in order to reach a state of linkage between the Central Bank, Customs, border crossings, and all sectoral departments, praising the efforts made to complete the work of this system and implement it to its full potential."
The Central Bank of Iraq agrees with America to meet its requests for cash shipments for the year 2024
The Central Bank of Iraq agrees with America to meet its requests for cash shipments for the year 2024
maybe more details to come?
The Central Bank of Iraq announced, on Thursday, its agreement with an American delegation to meet the bank’s needs for cash shipments of the dollar currency for the next year.
The bank said in a statement today that a delegation had concluded its meetings with the delegation of the US Federal Reserve and the US Treasury in Dubai.
He added that the meetings resulted in a number of agreements related to supporting the policies of the Central Bank of Iraq in its approach to supporting Iraqi banks in establishing relationships with correspondent banks and the gradual transition of operations to enhance the advance balance of the accounts of these banks.
The statement explained that this is consistent with what the Central Bank of Iraq previously announced in its plan to gradually reduce reliance on the electronic platform until it ends its work during the next year and limit it to the processes of recording financial transfers for the purposes of control, auditing and analysis.
The statement quoted the Governor of the Central Bank of Iraq, Ali Al-Alaq, as saying that the Central Bank is determined to support Iraqi banks, enhance their capabilities and prepare them to work in accordance with international practices.
According to the statement, it was agreed and approved by the above authorities to meet the requests of the Central Bank of Iraq for cash shipments for the year 2024.
The meetings witnessed a number of understandings aimed at building the capabilities of Iraqi banks and enhancing their compliance with international standards, according to a statement by the Central Bank of Iraq.
Iraqis concerned about impact of drone, rocket attacks on stability
https://www.youtube.com/watch?v=5WQThEuRzxQ
ERBIL, Kurdistan Region - US interests in Iraq have come under repeated rocket and drone attacks since mid-October by Iran-backed militia groups and beyond the condemnations by both Washington and Baghdad, ordinary Iraqis are concerned about the repercussions of these attacks on stability.
There have been at least 92 attacks targeting American interests in both Iraq and Syria since October 17, according to the US Department of Defense, carried out by militia groups over Washington’s support for Israel’s war on Gaza.
Iraqis have endured decades of war, most notably the US invasion of the country in 2003 and the fight against the Islamic State (ISIS) in 2014. The country is transitioning from a post-conflict era into one of development and reconstruction but many are worried about the impact regional dynamics have on their country.
The rocket and drone attacks have predominantly targeted Anbar’s Ain al-Asad airbase, Erbil’s Harir base, and the vicinity of Erbil International Airport where US forces are stationed. On Friday, rockets targeted the US embassy in Baghdad, prompting US to warn it will not hesitate to take action if the safety of its forces is jeopardized.
“Attacking any foreign mission or diplomatic base is a terrorist crime that exposes the perpetrator to the maximum penalties,” Iraqi Prime Minister Mohammed Shia’ al-Sudani said following the embassy attack.
There are around 2,500 US troops in Iraq and 900 in Syria as part of an international coalition to fight the Islamic State (ISIS).
"Attacks against foreign embassies and foreign military bases that exist legally with the approval of the Iraqi government are attacks that violate the law, embarrass Iraq, and harm Iraq’s reputation internationally,” Mohammed Jumaa, a lawyer in Baghdad told Rudaw's Anmar Ghazi on Sunday, expressing his concern that an escalation in attacks would tarnish Iraq’s image.
Iran holds significant influence in Iraq, with the two countries being connected through political, economic, and religious ties. The majority of the militia groups in Iraq are also believed to be part of Tehran’s network of influence in the region, also known as the “Axis of Resistance.” Its Quds Force, part of the Islamic Revolutionary Guard Corps (IRGC), is the center of coordination with the proxy groups, and is believed to be sending its proxies weapons and funds. Most of the attacks in the past two months have been claimed by Iran-backed militia groups operating under the name of the Islamic Resistance in Iraq.
These militia groups also come under the umbrella of the Popular Mobilization Forces (PMF) which are part of the state security apparatus.
Hisham al-Ibrahimi, a civil servant in Baghdad indirectly accused Iran of being behind attacks on the US forces in Iraq.
"Those who carry out the attacks are not one of us. They are not Iraqis. Impossible. I predict they are from outside Iraq. I predict they are hidden people who are sabotaging the political relations between us and America and among neighboring countries," Ibrahimi said.
“Everything that happens is negatively affecting us politically,” he voiced with concern.
The attacks have reignited the decades-long debate on whether US troops should exist in Iraq, renewing calls of withdrawal from those within the country’s political framework who oppose American presence. They have also placed the Sudani government, which seeks to maintain Western support, in a delicate situation as it tries to distance itself from the attacks.
While many locals agree on the negative influence of the attacks on foreign missions and troops a, they still maintain their stance against US presence in the country.
"We are certainly against any attacks or targeting of diplomatic missions and embassies located in the capital, or consulates,” Hashem Nizar, civil servant, said, adding that despite this, “the will of the people is against the presence of American camps or bases.”
“We hope that the parliament will resolve the issue by issuing a decree for a total withdrawal of the American occupation as soon as possible,” Nizar stated.
Analysts have stated that the fact that the attacks are being claimed by only one group shows that there is a supportive consensus among the Iran-backed factions. Hadi al-Amiri, a prominent Shiite politician has justified the attacks as a “natural reaction” to Washington’s support of Israel.
Popular Iraqi Shiite cleric Muqtada al-Sadr has also entered the discussion, using the significance of the Palestinian cause among Iraqis as an opportunity to push for the expulsion of American personnel, and called for the closure of the US embassy in Baghdad.
Washington has repeatedly stated US troops remain in Iraq upon the invitation of the Iraqi government, and that their sole purpose is achieving the enduring defeat of ISIS and preventing a reemergence of the militant group.
