Parliament sets next Thursday as the date for holding a session to vote on the budget

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The House of Representatives has set next Thursday as the date for holding a voting session on the federal budget.

Below is the text of the document:

words :

Yasin al-Nawab (reading verses from the Holy Quran)
Arabic and international for affairs
First: Voting on the draft federal budget law for the Republic of Iraq for the fiscal years (2023, 2024, 2025). (Finance Committee, Strategic Planning and Federal Service Committee), (67) Article).
The session begins at one o'clock in the afternoon

The Iraqi dinar is falling again against the dollar... the dilemma of the "security mentality" and the continuation of smuggling

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The value of the Iraqi dinar has returned to decline, after relative gains it achieved during the past months, mainly due to the increasing demand for the dollar and the lack of supply of it, and also due to problems in managing the financial process in Iraq, according to Iraqi officials and experts who spoke to Al-Hurra.

The value of the dollar rose to about 1480 dinars now, compared to 1380 dinars per dollar at the end of last April.

The instability in the price of the dollar causes economic and financial problems in the country, which manages a large part of its internal trade, and almost all of its foreign trade, in US dollars.

The Central Bank of Iraq raised the quantities of dollars sold in the market at the official rate, 1310 dinars per dollar, to 206 million dollars per day on the fifth of June, compared to 107 million at the same time last month, according to bank data .

However, the increase in the supply of dollars did not seem to lead to a decrease in its prices.

The government's economic advisor, Mazhar Muhammad Salih, says that there are two trends that have caused the recent increase in the volume of sales in the Central Bank's window.

Saleh adds to the "Al-Hurra" website that the first trend is caused by the re-submission of applications by banks that were previously rejected by the compliance platform due to deficiencies in the technical conditions for submission.

The instructions stipulate that the rejected banks are allowed to submit new applications after several months, which generated "high momentum in demand for the dollar," according to Saleh.

The second reason, according to the government advisor, is the "slowness in the movement of foreign transfers" due to external regulators.

Saleh says that the audit process takes a relatively long time, and this raises the momentum of requests for foreign currency.

government actions

Saleh says that the Iraqi monetary authorities are seeking to shorten the transfer time and strengthen bank balances with their correspondents from international banks after entering the window of the Central Bank to sell foreign currency, through continuous coordination with the compliance authorities in the US Federal Bank.

The government is also trying to control the movement of the dollar in the parallel markets, according to economist Mustafa Hantoush.

Hantoush says that the previous government "manipulated exchange rates" without an economic justification, which led to an increase in the value of the dollar in conjunction with the US Federal Bank's imposition of compliance measures that also caused a reduction in dollar sales in the markets, which led to an increase in its price.

While the current Iraqi government reduced the price of the dollar against the Iraqi dinar, in an effort to increase the strength of the Iraqi currency, its efforts apparently collided with the high demand for the dollar for internal transactions, and also because of currency smuggling.

According to economist Ali Hamid, "the dollar is sold in Iraq at a relatively cheap price, which makes the demand for it high to be sold in other countries."

Hamid adds to the "Al-Hurra" website that "the sanctions imposed on Syria, Iran and Lebanon have greatly reduced the arrival of the hard currency needed by those countries, which made the illegal currency trade flourish, and Iraq was the preferred interface for smugglers due to lax laws and the abundance of cheap currency."

Security mentality

Expert Hantoush says that the Iraqi authorities are trying to manage the financial file with a "security mentality" that relies on "arrests and signatures (pledges)" and other ill-conceived measures.

He adds that this method has led to a "liquidity crisis" in Iraq, as "smuggling to Iran and Syria continues" due to the lack of control over the smuggling file at the border crossings.

Hantoush added, "The security forces are supposed to control the border crossings and prevent smuggling," instead of "arresting those who trade dollars inside."

The security pursuits of dollar traders create a liquidity crisis because of "the high risk of trading, which means that sellers will try to achieve high returns to offset that risk," according to Hantoush, and the pursuit of traders means fewer dollars available in the market, and this in turn leads to an increase in the price of the dollar.

The government has not yet approved the 2023 budget, in which the dollar is supposed to be officially priced at 1,310 dinars, in an effort to calm demand for the dollar and reduce its prices.

Some economists believe that "the devaluation of the Iraqi currency" is positive, calling on the Iraqi government to think "with an open market mentality," according to economist Samer Abdul Majeed.

Abdel Majeed told Al-Hurra that "volatility in dollar prices hurts the market much more than a steady rise in its price."

Abdel Majeed agrees that the currency depreciation will hurt employees and those with limited incomes, but he says that this effect will be for a relatively short term in exchange for a long-term recovery in investment, tourism, agriculture and industry.

Iraq supports its currency by selling relatively cheap dollars and providing them for circulation, which causes financial losses in the millions of dollars daily, but this also ensures the provision of relative economic security for employees and people with limited income, while also causing an increase in the demand for currency smuggling.

Iraqi governments are trying to achieve a balance between demand for and supply of hard currency, but they have also been subject since last October to constant scrutiny by the US Federal Bank to ensure that currency is not smuggled to other countries, which reduces supply in the markets.

 

The Iraqi Trade Bank issues a notice to citizens

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The bank’s media said in a statement received by Earth News, “Our dear customers, in order to avoid fraud and fraud, please keep your banking information confidential, as well as your electronic card information. Entities, websites, social media pages, and others who claim to trade in these currencies because they have been withdrawn from circulation.

He added, “We also stress that the Iraqi Trade Bank TBI does not deal with any entity or institution that adopts the promotion of advances and loans, but that loan transactions are promoted exclusively through its branches, and we also stress not to fill out any form through any website or electronic page that requires filling in the confidential information of your electronic card.” To avoid electronic fraud attempts.

And he continued, “In the event that unofficial websites claiming to be affiliated with our bank or bearing the name (Iraqi Trade Bank) have been viewed, please inform us by calling the following numbers: Customer

Baghdad and London are discussing "promising" investment opportunities in Iraq

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Today, Monday, Finance Minister Taif Sami and the British Ambassador to Iraq, Mark Bryson Richardson, discussed the contribution of the private sector to the overall national economy.

The Ministry of Finance said in a statement, "Minister of Finance Taif Sami received today the UK Ambassador to Iraq, Mark Bryson Richardson, and his accompanying delegation."

Sami stressed, "the strength of the relations of cooperation between the Republic of Iraq and the United Kingdom, and the constant development and growth they are witnessing in various fields, especially in the field of finance, economy and investment."

The meeting witnessed, according to the statement, "they discussed the consolidation of bilateral relations between the two countries, through the development of mutual cooperation in the areas of developing the banking sector and the contribution of the private sector to the overall national economy, in addition to discussing the promising investment opportunities that Iraq abounds in."

 

Baghdad sends 400 billion new dinars to Kurdistan

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Today, Monday, the representative of the Kurdistan Regional Government in Baghdad, Fares Issa, confirmed that if the budget is not approved in the coming days, Baghdad will send 400 billion new dinars to the region.

Issa told (Baghdad Today) that "the Kurdistan Regional Government has not yet released the salaries for the month of May for employees, due to the lack of sufficient financial liquidity, as a result of stopping oil exports and not approving the budget."

He added, "In the event of a delay in approving the budget, the federal government will send in the coming days an amount of 400 billion dinars as a loan that will be deducted from the region's share, so that the Kurdistan government can pay the salaries of its employees."

The Kurdistan region is witnessing a severe financial crisis that caused its inability to pay the salaries of employees after the decision to stop oil exports from the region to Turkey, which came after the Federal Ministry of Oil won a lawsuit in international courts.

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The Central Bank of Iraq begins the process of electronic payment to reduce the use of paper money

The Central Bank of Iraq announced that Cabinet Resolution No. (23044) for the year 2023 has entered into force, represented by increasing the number of electronic payment devices (POS), which are used as of today, the first Thursday of June, in government institutions and the private sector to promote a culture of electronic payment and collection Reducing the use of paper money in collection and commercial transactions.

And the Central Bank of Iraq confirmed, in a statement today, that it has been going for years to provide this service in accordance with its powers, and in compliance with the decision of the esteemed Council of Ministers, as it has started since the beginning of this year to expand the scope of work, hold workshops and launch incentive initiatives to implement financial inclusion and enhance the use of electronic payment by the citizen. They are located in the ministries, agencies, and departments of the state that work with collection and financial collection, such as the Ministry of Interior, Electricity and Oil, the Housing Fund, the Municipality of Baghdad, and the Ministry of Commerce.

He noted that every entity that provides services or has financial collection with citizens directly will work through electronic payment devices (POS), and the citizen has the right to choose payment in the way that facilitates it, revealing at the same time that there are other institutions and government departments that will join the (POS) service. During the next few days, in implementation of the above-mentioned Cabinet decision.

The Central Bank also indicated that there is a great response from the private sector, commercial centers, licensed delivery companies, taxi companies licensed by the competent sectoral authorities, and some universities and private hospitals, by providing point-of-sale (POS) devices in their work.

The statement added that this bank has provided the necessary infrastructure and support for the launch of this project in its expanded form, and its continued development in accordance with the best international technologies and specifications in service of the public interest, and facilitating the procedures for electronic cash circulation through bank cards, explaining that the transfer of funds electronically from the cards of the beneficiaries of this service. To the bank holding the account of the government entity, the invoices will be after the completion of the processing and settlement processes in the payment systems of high reliability and security, affiliated to the Central Bank of Iraq and in accordance with the best international practices.

The Central Bank promotes the use of payment devices (POS) in accordance with the decision of the Council of Ministers

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The Central Bank of Iraq announces the entry into force of Cabinet Resolution No. (23044) for the year 2023, represented by increasing the number of electronic payment devices (POS), which are used starting from 1/6/2023 in government institutions and the private sector to enhance the culture of electronic payment and collection, and reduce The use of paper money in collection and commercial transactions.

And the Central Bank of Iraq affirms that it has been continuing for years to provide this service in accordance with its powers, and in compliance with the decision of the esteemed Council of Ministers, as it has started since the beginning of this year to expand the scope of work, hold workshops and launch incentive initiatives to implement financial inclusion and enhance the use of electronic payment by citizens in ministries and agencies. And state departments that work with collection and financial collection, such as the Ministry of Interior, Electricity and Oil, the Housing Fund, the Municipality of Baghdad, and the Ministry of Commerce, indicating that each entity that provides its services or has financial collection with citizens directly, will work through electronic payment devices (POS), and for the citizen The right to choose payment in the way that makes it easier for him, revealing at the same time that there are other government institutions and departments that will join the (POS) service during the next few days, in implementation of the aforementioned Cabinet decision.

The Central Bank indicates that there is a great response from the private sector, commercial centers, licensed delivery companies, taxi companies licensed by the competent sectoral authorities, and some universities and private hospitals, by providing point-of-sale (POS) devices in their work.
And that this bank has provided the necessary infrastructure and support for the launch of this project in its expanded form, and its continued development according to the best international technologies and specifications in service of the public interest, and facilitating the procedures for electronic cash circulation through bank cards, explaining that the money is transferred electronically from the cards of the beneficiaries of this service to the bank The holder for the account of the billed government entity is after completing the processing and settlement operations in the highly reliable and secure payment systems affiliated to the Central Bank of Iraq and in accordance with international best practices.

 Central Bank of Iraq

Media Office
1-6-2023

What is the strength of the Iraqi dinar against gold?.. An economist reveals details and numbers

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The value of the Iraqi dinar was 53.7 thousand Iraqi dinars per gram of gold in April 2023, compared to 66 thousand Iraqi dinars per gram of gold in April 2022, according to economic expert Manar al-Obeidi.

Al-Obaidi said in a post, followed by Alsumaria News, that "the Iraqi dinar is a paper currency issued by the Central Bank of Iraq. The Iraqi currency derives its strength and value from the value of the reserves of the Central Bank of Iraq and the value of these reserves of foreign currencies in front of gold."

According to the attached table below, the Iraqi currency rose in value for the month of April from the current world by 19% on an annual basis and by 0.1% on a monthly basis against gold.

The value of the central bank reserves for the month of April amounted to 116 billion US dollars, an increase of 55% on an annual basis compared to April 2022, which was 75 billion US dollars, according to Al-Obeidi.

He added, "The value of the exported cash currency increased from 81 trillion Iraqi dinars in April 2022 to 97.6 trillion Iraqi dinars in April 2023, with an annual increase of 20%," noting that "the price of a ton of gold rose against the US dollar from 61 million dollars per ton in April 2022." to $64 million per ton in April 2023, an annual increase of 5%.

And he continued, "Therefore, the value of the Iraqi dinar, based on the above indicators, amounted to 53.7 thousand Iraqi dinars per gram of gold in April 2023 compared to 66 thousand Iraqi dinars per gram of gold in April 2022, which indicates an increase in the strength of the Iraqi dinar by 19% on an annual basis." That "this improvement in the value of the Iraqi dinar gives a great impression that the Iraqi dinar is strong and stable."

 

Former Foreign Minister: Gold and foreign currencies have become an urgent necessity for Iraq

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Former Foreign Minister Muhammad Ali al-Hakim confirmed today, Thursday, that the government must guarantee the future of citizens, by strengthening Iraq's gold balance.

Al-Hakim said in a post followed by Earth News, Yes, strengthening Iraq's balance of "gold and a package of foreign currencies" has become an urgent necessity as an oil country. ".

He stressed that “there must be a guarantee, even partial, for the future of its citizens.”

 

and... hmmmm

Debt stops the service of foreign remittances, "Western Union" in Iraq

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Today, Wednesday, the correspondent of (Baghdad Today) reported that Western Union transfers in Iraq have stopped due to the accumulation of debts of the owners of agencies operating in the country.

Our correspondent said, "The owners of money changers complained about the cessation of the service of foreign transfers (Western Union)," explaining the state of cessation "to the accumulation of debts on the owners of agencies operating in Iraq."

One of the money changers told our correspondent, "The problem is not that the agency owners did not pay the main company, but rather because of the suspension of transfers to the company by the Central Bank."

The Sudanese financial advisor reveals the amount of gold accumulated by families and the gold flowing into Iraq

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Today, Wednesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that monetary gold is managed within the country's sovereign investment portfolio, revealing the volume of gold accumulated by the public and the gold flowing into Iraq.

 

Saleh said, in a press statement, followed by NRT Arabia: "The Iraqi families lost (their mufflers) and their various assets and assets of preoccupied gold during the period of the economic blockade that struck the country throughout the ninetieth decade during the last century, and the subsequent few years, as gold was used at that time and heavily under the weight of the hardships of economic life, to exchange it for means of subsistence and to defend human existence.

 

He added, "Most of the occupied gold leaked out of the country during the era of the former regime, as a means of exchange for basic and necessary needs, in addition to the loss of the country's official reserves of monetary gold and foreign currencies due to the international blockade decisions at the time."

 

Saleh pointed out that "the development of the positive economic conditions in the country after 2003, and the flow of oil revenues and other resources over the last twenty years, led to a change in the equations of gold wealth and the demand for it on a large scale again," stressing that "the monetary authority reserves today what More than 132 tons of monetary gold.

 

He explained, "Keeping monetary gold is an important possession that represents an aspect of monetary policy measures and its optimal management of the investment portfolio from the country's foreign reserves."

 

Saleh continued, "International guidebooks and regulations, especially those approved by multilateral international financial institutions, indicate that monetary gold reserves are between 7-10 percent of total foreign reserves, and monetary gold is managed within the sovereign investment portfolio," noting that "this percentage It comes because it is devoid of returns compared to foreign currencies and investment in international financial instruments.

 

Regarding the flow of gold and worked gold into the country, he stated, "The preliminary estimates indicate that there is an annual average flow of gold and worked gold into the country, especially of the desired high karat, at least 50 tons per year."

 

And Saleh continued by saying: "What means the existence of a wealth of gold stored by families or the public with the accumulated historical gold that can be estimated between 1200-1500 tons of gold and perhaps more, which is equivalent to at least ten times the official monetary gold."

 

He pointed out, "The market value of one ton of gold (of 24 karat) today in the global gold markets exceeds $6 million."

The Central Bank: Issuing a new denomination for the national currency is not on our agenda at the moment

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no bother they don't need a 20k dinar note anyway

 The Central Bank of Iraq settled the controversy regarding the possibility of issuing a new category of the national currency and pumping it for circulation in the local market.

The Governor of the Central Bank, Ali Al-Alaq, said in a statement to the National Iraqi News Agency / NINA /: "We are not with the issuance of a new monetary category for the Iraqi national currency currently in circulation."

He explained: "The issuance of cash currency for the category of twenty thousand dinars, is not in the agenda of the Central Bank of Iraq now."

On the developments of the dollar exchange rate mechanism in the local market, Al-Alaq stressed: "The Central Bank is currently implementing all purchase requests from the dollar for all categories of citizens."

He added: "Any rate outside the official established exchange rate is for the purposes of speculation or carrying out illegal actions in local transactions," indicating: "The beneficiary who is looking for a higher exchange rate and has the opportunity to buy at the official rate is looking for a higher price on the black market, This is evidence of legal forms in the transactions that he intends to carry out.

The European Bank for "Reconstruction and Development" is expanding in Iraq

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The European Bank for Reconstruction and Development announced, on Thursday, the shareholders' approval of the bank's expansion in Iraq and Africa, while confirming a study of a proposal to increase the capital by between three and five billion euros.

"A detailed proposal for increasing the paid-up capital will be prepared by the end of this year," the bank said, in a statement, pledging at the same time to "more support for war-torn Ukraine."

The loan, which focuses on emerging markets, has already allocated 3 billion euros to Ukraine and is to be invested in 2022-23.

The bank's president, Odile Renu Basso, said during the bank's annual meeting that the assistance would continue, and that the increase in paid-up capital would give the bank the way to maintain this level of investment.

Last March, the European Bank for Reconstruction and Development announced the allocation of $1.6 billion over the next two years to support reconstruction and recovery in areas hit by the earthquake in Turkey three months ago.

Chambers of Commerce expects a 50% drop in "dollarization" of car showrooms within 3 months.

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On Thursday, the Diyala chambers of commerce expected a drop in what they called the dollarization of car showrooms by 50% within 3 months.

The head of the chambers, Muhammad Mulla Jawad, said in an interview with Al-Maalouma, that "obligating the owners of car showrooms to make written pledges in Diyala and the rest of the governorates to adopt the dinar instead of the US dollar in buying and selling operations is a successful step and will push to variables that focus positively on the economic file directly.”

He added, "The use of the dollar in buying and selling operations will decrease by 50% within 3 months," pointing to "the importance of this path in reducing the demand for the parallel market to buy the dollar and thus reducing its prices to good levels."

He pointed out that "the dollarization of the auto sector is a grave mistake from an economic point of view, and it has caused an increase in the dollar's prices in recent years due to the high demand, because it has become a currency of exchange by 99%.”

Security detachments began to take pledges from car showrooms to adopt dinars instead of dollars in buying and selling operations.

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IrisGuard, NassWallet partner in Iraq

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UK-based IrisGuard and Iraq's NassWallet have announced a new partnership with the integration and deployment of IrisGuard EyePay iris enabled smartphone, and EyeCloud platform with NassWallet's mobile wallet service.

According to a statement from IrisGuard, the integration will enable a regular verified disbursement of humanitarian cash assistance, provided by the United Nations High Commissioner for Refugees (UNHCR) to over 280,000 refugees who have fled to Iraq due to neighbouring conflicts.

NassWallet has been growing rapidly in recent years. In 2022, it processed over $1 billion in transactions across all its services in Iraq. This growth is being driven by the increasing popularity of mobile payments in Iraq and they are expanding their operations and new locations across major cities in Iraq.

IrisGuard's EyePay® platform utilises the human iris for 100% certain proof-of-life, ensuring cash assistance is delivered to those entitled to it without payment cards or bank accounts.

NassWallet have now deployed IrisGuard's EyePay® payment system at 37 sites in Iraq and plan to increase this to 55 locations. Refugees are now able to easily and securely withdraw aid cash, using only their eyes as their unique identifier to the wallet.

Requiring only a 2G signal and featuring full GSMA & FCC approvals, the IrisGuard iris enabled Android EyePay® Phone is compatible with over 1400+ GSM mobile network operators (subject to local regulatory requirement). Biometric authentication for ensuring 100% proof of presence removes the need for any other form of ID such as PIN, card or ID documents. This anchor authentication is fast becoming a popular way for wallet security, accepted by users in both the developed and the developing worlds.

 

The Agricultural Bank Warns Its Customers Of This Matter

link  wow I wonder where they heard to buy the Venezuelan Bolivar hahaha

 Today, Monday, the Agricultural Cooperative Bank warned all of its customers against dealing in currencies withdrawn from circulation, especially (the Belarusian ruble and the Venezuelan bolivar), while pointing out the existence of fake pages on social media platforms claiming to grant loans to citizens.

A bank statement, received by Earth News, stated, “Many inquiries are often received about currencies withdrawn from circulation, especially (the Belarusian ruble and the Venezuelan bolivar), through which fraud and defrauding operations are carried out on the public.

And he added, “On the other hand, the bank warned of the presence of fake pages on social media platforms that claim to grant loans to citizens, and publish pictures containing the names of citizens claiming that they have been approved by the Central Bank, in order to delude them that these loans have been granted by the Central Bank.”

2 post production articles

oh this is interesting also

Transferring money in "Kawani" and the exchange rate losses.. The car market is "annoyed" by limiting dealings in dinars - Urgent

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A number of car showroom owners in Iraq revealed their stance towards the government decision and the Ministry of Interior's campaign against dealing in foreign currency in buying and selling various types of commodities, expressing their dissatisfaction with the decision, which they described as urgent.

A number of exhibition owners told "Baghdad Today" that "the wheel, which has a price of 60 thousand dollars, for example, we will need to transfer its value in Iraqi dinars by means of "Kawani", which amounts to about 90 million dinars, due to the small denominations of the Iraqi currency that may It is in the category of five thousand to fifty thousand dinars, compared to a percent of the dollar.

A number of exhibition owners indicated that when the government imposes buying and selling in Iraqi dinars, this means that it wants us to calculate the value at the official rate. On the other hand, if we take these dinars to convert them into dollars, we will buy them at the parallel market price, and the government does not provide us with dollars, for example, at the official price for our business. They called it an "ill-conceived decision".

On the other hand, a number of showroom owners welcomed the decision, but stressed that it takes a long time to get used to it, as the car market has been dealing in dollars for more than twenty years.

 

To travelers.. Card payments are now available at Green Bird offices 

link  I don't think only travelers cards would be working and not the citizens I think the cards are back on...

 

Today, Saturday, the General Company for Iraqi Airways announced the start of the electronic payment service (pos) system, in the company's offices, after .training the specialized cadres to work on this system

A statement issued by the company, of which Network 964 received a copy, :stated

The management of the General Company of Iraqi Airways announces today “Saturday” the start of the electronic payment service system (POS) in the company’s offices for booking and issuing travel tickets in the capital, Baghdad, which are the offices of Al-Saadoun, Al-Salihiya and Al-Rasheed. .

Streamlined work The general manager of the company, Eng. Manaf Abdel Moneim Uriel, said, according to the directives of His Excellency the Minister of Transport, Mr. Razzaq Muhibis Al-Saadawi, and in line with government directives, this service has been approved in these offices, and it is scheduled to be activated in the other offices of the company, as it is one of the modern methods of financial transactions, as it will allow the traveler the ability to pay via Local and international electronic payment cards (visa, master card, .paypal)

It is noteworthy that Iraqi Airways had activated this service in most of its foreign offices during the month of November of last year on the sidelines of the visit of His Excellency the Minister of Transport, Mr. Razzaq Muhibis .Al-Saadawi, to the company's office in the Egyptian city of Cairo