Bondlady’s Corner

Iraqi News Highlights Monday Afternoon 4-3-23

Tlm724 Administrator Bondlady’s Corner

An Economist For / Nina /: Iraq Must Shift To The Oil Refining Industry And Invest In The Associated Gas

Monday 03, April 2023 10:20 | Economical    Number of readings: 563  Baghdad / NINA / – Economic affairs specialist Dergham Muhammad Ali stressed the importance of Iraq moving towards completing the extractive oil industry and investing in the associated gas.

He said in a statement to the National Iraqi News Agency ( NINA ):

“The oil market is unstable, and

sales of crude oil are less attractive than oil derivatives, and

Iraq must move strongly towards refining to reach the global market with high-value oil derivatives, which have a higher demand than crude oil.”  He pointed out,

“The next stage must witness a diversification of revenues to avoid entering into a vicious circle due to the total dependence on rentier revenue.” /

An Economist Told NINA: The World Bank’s Expectations For The Iraqi Economy Are Unrealistic And Pessimistic..And It Will Reach 6% In 2023

Monday 03, April 2023 09:22 | Economical    Number of readings: 655  Baghdad / NINA / The expert in economic affairs, Raad Twij, described the World Bank’s expectations of a decrease in the growth of the Iraqi economy in the years 2023, 2024 as / unrealistic / and pessimistic, indicating that the

growth rates in Iraq will reach 6% in 2023.

Twigg said in a statement to the National Iraqi News Agency / NINA / that

“the pessimistic expectations of the World Bank for the years 2023 and 2024 may be unrealistic, indicating that, growth in the Iraqi economy is fast and strong and has exceeded 9% in 2022, as a result of the rise in oil prices at the time, Despite the decline in oil prices in early 2023, they remained stable within the average range (70-75 dollars) per barrel in the first half of 2023.  He pointed out that

“the political and security conditions are stable, developed, and attractive to foreign investment, and

there is no deficit in electricity and water supplies, which the World Bank has questioned, which made its expectations of growth rates drop to 4% in 2023 and 2.9% in 2024, indicating that while refuting these

The facts are better facts, the improvement of the performance of the Iraqi economy and the attempt of Iraq to be self-reliant in extracting gas, as the growth rates of the Iraqi economy will rise much above what the World Bank expected and will reach 6% in 2023.

Representative Oil: The New Refineries Will Reduce The Need For Imports And Save Huge Amounts Of Money

Economy    1-04-2023, 17:49  BAGHDAD – The Parliamentary Oil, Gas and Natural Resources Committee confirmed today, Saturday, that strategic projects in the oil sector achieve three factors of great importance in Iraq, while noting that the new refineries will reduce the need for imports and save huge sums of money.

Committee member Zainab Juma al-Moussawi told the Iraqi News Agency (INA), that

“strategic projects in the black gold sector, including the Karbala refinery, will achieve three factors of great importance in Iraq.”  Al-Moussawi added,

“The Karbala refinery will work to cover the country’s need for oil derivatives (gasoline) by 60%, as it produces 9 million liters per day, and thus the need for imports will decrease, which saves huge sums.”  She pointed out that

“Iraq’s import bill of oil derivatives, which exceeds $3 billion annually, will be significantly reduced as a result of the entry of the Karbala refinery and the new refineries that the current government is working to open.”  And she continued:

“As for the third factor in the gains with the opening of the Karbala refinery, it is represented by the employment of hundreds of unemployed Iraqi citizens,” stressing that

“the new refineries in Iraq will reduce the country’s dependence on the global market and address the rents of the Iraqi economy.”

And Prime Minister Muhammad Shia Al-Sudani affirmed, this morning, Saturday, that the government has placed at the top of its priorities work to raise the production capacity of refineries.

Al-Sudani said in a statement, followed by the Iraqi News Agency (INA):

“We have placed at the top of the government’s priorities the work to raise the production capacity of the existing refineries by supporting and completing the complementary production units under construction and encouraging investment in the refining sector to establish modern refineries with advanced technical specifications,

leading to To dispense with imports and switch to the export stage to achieve the highest added value of the exported barrel.–.html

Global Visa: 81 Percent Of Iraqis Have No Bank Accounts

Economical 04/03/2023    Baghdad: Hussein Thaghb Al-Tamimi  The regional director of Visa International, Laila Sarhan, revealed the decline in Iraqis’ dealings with banks, noting that

81% of the population does not have banking dealings.

At the same time, she explained that the Iraqi banking system had begun to shift towards digital banking services, while she welcomed the move towards the electronic payment system.  Sarhan said, in an interview with “Al-Sabah”:

“The meetings of the company’s team in Iraq with the Prime Minister and the Governor of the Central Bank focused on developing the reality of electronic payment within the Iraqi labor market and in a way that achieves the goals of the Iraqi Central Bank by moving towards electronic transactions completely.

She added that

“electronic payment in the country is currently witnessing a major transformation because the

opportunities are great within the Iraqi market in the field of payments, in light of the low dealings of citizens with banks, as

we find that 81% of the population does not have banking dealings, and

the reason is the low financial culture,” welcoming the government’s efforts. to encourage electronic payments. And she revealed that

there is “great optimism about what can be done in Iraq in cooperation with the government, the banking system and all sectors, and support for digital transformation efforts in terms of financial support and a culture of financial education, and

we can also propose appropriate solutions for the Iraqi market, because

Iraq is still at the beginning of the journey, not He had to start from scratch.”

Sarhan believes that «the directives of the Council of Ministers regarding the activation of points of sale in Iraq, is very important and goes towards creating real electronic transactions, especially since many merchants today do not have a POS, but they can have smart phones.   And she pointed out that

“after the Corona pandemic, a major shift occurred in the reality of digital transactions, and

the citizen began to interact strongly with electronic payment tools, by shifting towards these transactions in full.

And the regional director of the global company, Visa, stated that

“fraud via the Internet represents a major challenge that can be dealt with, and the

infrastructure needs to be developed as well as financial culture, and

it can be achieved through seminars and programs,” explaining that

“global fraud rates are less than 7 cents per US dollar, Also, the

systems that invest in artificial intelligence helped a lot in securing this solution.”   She pointed out that

“financial inclusion and digital transformation is everyone’s responsibility, and

Visa’s vision certainly matches the vision of the Iraqi government with easy and smooth services that suit the public, and

then efforts are made to provide e-commerce in the easiest possible way, such as the Central Bank’s instructions, as it facilitates many digital cards and prepaid wallets for the citizen, each

These things are important for digital transformation.”

Regarding the cost borne by the citizen, she said,

“The citizen receives the safe service, and therefore there is a facilitation of daily commercial operations, and in

this way he saves effort and time for his dealings with banks and transfer shops, and

with this card he can buy in the electronic market.”  Sarhan warned that

“the banking system is undergoing transformation, empowerment, and mechanization in terms of digital banking services, and we see that

it is possible for the card to be digital in an application and reach the user, and

then it will be a tangible card (plastic), as

last year witnessed banking transactions applications, and

the individual can open an account.” In a fast and official way,

it facilitates the transfer of funds from inside to outside and vice versa.  And she stressed that

“the difficulties facing the implementation of the tasks are represented by the infrastructure, and coordination with the public to increase confidence in financial payments, and the

partnership of Iraqi banks with the company is very important to expand financial inclusion and develop the Iraqi banking system,” pointing to

“the existence of communication with the Central Bank of Iraq regarding mutual advice.”

We are also working on 3 important frameworks; operational, solutions, legislative.  Sarhan pointed out,

“There are calls for the private sector to be an active partner in the digital transformation process, and here

it is necessary to run workshops with a number of key players and service providers.

There was a discussion about the use of points of sale, and

there was a discussion with the prime minister, and

we are waiting for how we can take remarkable steps so that the public can use of electronic payment.

Customer Care Procedures For Customers

April 03, 2023   Care to customer

[Partial translation]

Banking Control Department

Non-Banking Financial Institutions Control Section

A Division of Standards and Compliance

NO: Date: : the date  DG: 1 No. 0   To / all licensed banks

8) All licensed exchange companies (from classes 8 and 8).

Brokerage companies selling and buying all approved foreign currency

All authorized electronic payment companies

customer due diligence procedures

Based on the issuance of Statement No. (1) for the year 7102 of the Anti-Money Laundering and Financing Council Terrorism and published in the Official Gazette (Iraqi Gazette) No. (11141) on 51/91/515

Which included canceling the work of the two statements (1) for the year 7:117 and (1) for the year 710, as amended, and replacing them

-: The above statement regarding the implementation of due diligence measures in the following cases

1- When conducting a casual operation, the value of which exceeds (100,000) ten thousand US dollars or its equivalent In Iraqi currency or other foreign currencies,

whether the operation is one or several operations as if they are interconnected” and upon suspicion of committing money laundering or financing terrorism,

or when there is doubt about the authenticity of the Identifiable data, its accuracy or adequacy that it previously obtained about the customer’s identity

1- When conducting casual transactions in the form of electronic (wire) transfers, regardless of their value

To act accordingly…with appreciation

Faisal Al-Haimus-. Deputy Governor Agency

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