Bondlady’s Corner

Iraqi News Highlights Sunday Afternoon 3-5-23

Tlm724 Administrator Bondlady’s Corner

The Stability Of Dollar Prices In Baghdad

Market  Economy News _ Baghdad  Today, Sunday, the exchange rates of the dollar are stable in the local markets.  And the selling prices of the dollar were recorded, 152,500 dinars per 100 dollars, while the buying prices of the dollar were recorded at 152,000 dinars per 100 dollars.

And the Central Bank of Iraq decided, earlier, to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of purchasing a dollar from the Ministry of Finance reached 1,300 dinars per dollar and sold it at (1310) dinars per dollar to banks through the electronic platform, and sold at (1320) dinars per dollar. Dollars from banks and non-bank financial institutions to the final beneficiary.

199 views  Added 03/05/2023 – 9:57 AM

The Central Bank Confirms The Continuation Of Its Initiative To Finance The Purchase Of Housing Units

Economy| 03:45 – 05/03/2023   Baghdad – Mawazine News   The Central Bank of Iraq confirmed today, Sunday, the continuation of its initiative to finance the purchase of housing units.

The bank stated in a statement, received by Mawazine News, that it “continues to finance the requests of citizens wishing to purchase housing units through the housing lending initiative.”

And he added, “All requests that were previously submitted to the banks included in the initiative and the Iraqi Housing Fund will be funded according to the controls established for the initiative.” Ended 29 / m99

Minister Of Finance: The Government Is Proceeding With A Package Of Reforms To Provide The Requirements For A Balanced Economic Renaissance

Economy| 01:36 – 05/03/2023  Baghdad – Mawazine News,  Finance Minister Taif Sami confirmed, on Sunday, that the government is proceeding with a package of fundamental reforms in order to provide the requirements for a balanced economic renaissance in the country.

And a statement by the Ministry of Finance, received by Mawazine News, said, “The Minister of Finance, Taif Sami Muhammad, received, today, Sunday, the Director of the World Bank’s office in Iraq, Richard Abdel Nour, and the Director of the Regional Office for the Middle East and North Africa, John Christophe.”

The meeting witnessed a discussion of ways to consolidate joint cooperation between Iraq and the World Bank, and an emphasis on continuing bilateral coordination in the field of cooperation to promote sustainable development in the financial, economic and investment sectors, in line with the vision of the Iraqi government aimed at benefiting from all forms of international support necessary to support development projects in Iraq”.

Sami appreciated, “The role played by the World Bank in supporting the government’s reform directions, especially as it is determined to proceed with a package of fundamental reforms in order to provide the requirements for a balanced economic renaissance in the country by diversifying sources of income, involving the private sector in all economic activity, and opening horizons New promising development opportunities in Iraq.

For his part, representatives of the World Bank expressed their “support for the efforts of the Iraqi government in the package of reforms that it is working to implement, despite the global economic challenges.” Ended 29/N33

The Cabinet’s Decision To Publish The Use Of Point-Of-Sale (POS) Devices And Implementation Requirements

Articles  Sameer Al-Nusairi  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 to Paying 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 apply 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.

190 views  Added 03/05/2023 – 10:54 AM

Integrity: Exposing A Waste Of Public Money In One Of The Companies Of The Ministry Of Industry And Minerals

Money and business   Economy News _ Baghdad  Today, Sunday, the Federal Integrity Commission revealed the seizure of cases of waste of public money in one of the companies of the Ministry of Industry and Minerals.

The Commission’s Investigation Department stated, in a statement received by “Al-Iqtisad News”, that “the cadres of the Commission’s investigation office in Babil Governorate were able to control the initial cases of waste of public money in the General Company for the Automotive Industry, one of the formations of the Ministry of Industry and Minerals,” explaining that “the preliminary investigations led to Those who cause waste reduce the company’s profits in contracts concluded with other parties.”

And she added, “The cases of wastage were represented by reducing the company’s profits from (7% to 5%), contrary to the instructions of the company’s management and the binding decisions of its board of directors, which caused losses to the company and a waste of public money.”

And she continued, “The staff of the Commission in the Babel Investigation Office was able to seize the initials and present them to the competent investigating judge. The latter issued summons orders against eight of the defendants, based on the provisions of Article (331) of the Penal Code, and they are each of the assistant general manager of the company, and the director of departments.” Previous internal control, legal, financial and commercial in the company, and officials of the departments of contracts, purchases and records therein.

Views 177   Added 03/05/2023 – 9:33 AM

Parliamentary Meeting With The Head And Officials Of The Customs Authority

Sunday 05 March 2023 15:34 | Economical Number of readings: 127  Baghdad / NINA / – Today, Sunday, the Parliamentary Finance Committee held a joint meeting, in the presence of the head of the Customs Authority, Hassan Al-Agaili, and its general managers.

The head of the committee, Representative Atwan Al-Atwani, said during the meeting that “the parliamentary committee considers this institution very important to enhance the state’s resources through the application of the customs tariff and work to standardize it at all border crossings.”

He added, “The hosting session is to inform the Finance Committee about the work of the Customs Authority and the problems that accompany its work, and the ceiling achieved during the past years compared to the plan set for the coming years.”/ End 5

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