Iraq’s Path to a Digital Economy: New Directives Usher in Era of Electronic Payments, 31 OCT

Iraq’s Path to a Digital Economy: New Directives Usher in Era of Electronic Payments

With the stroke of a pen, the office of Iraq’s Prime Minister has issued a series of executive orders that could reshape the nation’s financial landscape. The mandate, centred on the advancement of electronic payment systems and Point of Sales (POS) technology, signals Iraq’s intention to join the global digital economy’s accelerating tempo.

Driving Digital Transformation

The measures include the implementation of requirements issued by the Central Bank of Iraq, the General Secretariat of the Council of Ministers, and related entities. These directives are designed to fast-track the application of electronic payment systems, a critical step towards modernizing Iraq’s commerce and banking sectors.

But the changes run deeper, extending to the very conduct of government business. Procurement and implementation committees will now use electronic payment tools, integrating digital transactions into the heart of governmental operations.

Embracing Financial Technologies

The executive orders also mandate the adoption of financial and accounting information systems that facilitate the use of electronic payment methods. The implications are profound: a digital leap forward, translating into greater financial transparency, efficiency, and accountability.

The Central Bank of Iraq is tasked with taking all necessary steps to support the implementation of electronic payment systems. This move underscores the vital role of the CBI in driving this digital transformation, a testament to its pivotal role in Iraq’s economic future.

Incentivizing Electronic Payments

Perhaps most intriguingly, the new directives stipulate that government entities impose additional fees for cash transactions. This strategy is designed to nudge citizens and businesses towards electronic payments, fostering a cashless culture that aligns with global trends.

These actions, set to commence on the first of December 2023, represent a bold leap into the future for a nation navigating the complexities of post-war rebuilding and economic revitalization.

While the road to a fully digital economy is long, these directives represent a significant step in that direction. They pave the way for a new era of financial inclusivity and transparency in Iraq, promising a future where digital transactions are the norm rather than the exception.

https://bnn.network/tech/iraqs-path-to-a-digital-economy-new-directives-usher-in-era-of-electronic-payments/

U.S. Dollar Closes Higher Against Iraqi Dinar Amid Global Economic Dynamics, 31 OCT

U.S. Dollar Closes Higher Against Iraqi Dinar Amid Global Economic Dynamics

As the sun settled over the lively markets of Baghdad and Erbil, the U.S. dollar (USD) wrapped up the trading day on a higher note against the Iraqi dinar (IQD). An emblem of global economic dynamics, the USD closed at a rate of 162,000 IQD for every 100 USD in al-Kifah and al-Harithiya Central Exchanges, climbing 200 IQD from its opening rate.

A Snapshot of Parallel Markets

In Baghdad’s bustling parallel markets, the selling and buying rates for the USD were 163,000 and 161,000 IQD for every 100 USD, respectively. The tale was similar in Erbil, the capital of the Kurdistan region, where USD selling and buying rates were 162,000 and 161,900 IQD to 100 USD, respectively.

Global Currency Volatility and Iraqi Markets

The ascent of the USD against the IQD mirrors the ongoing turbulence in global currency markets. With whispers of economic stimulus measures in the United States wafting through trading floors, investor confidence in the currency has surged, leading to a weakening of other currencies, including the IQD.

Notably, amidst this volatility, the exchange rate for Basra crudes has remained an island of stability. This resilience is attributed to the Iraqi government’s efforts to stabilize the oil market and the country’s reliance on oil exports for revenue.

Marketing Local Products: A Key Economic Strategy

While exchange rates command attention, another economic narrative unfolds in Iraq. Prime Minister Barzani has emphasized the importance of marketing local products, signaling a recognition of the potential economic benefits of promoting and exporting local goods. This strategy underscores the necessity for economic diversification and reducing reliance on oil exports.

Overall, the USD exchange rate against the IQD has been influenced by global economic factors, such as stimulus prospects and oil market volatility. The stability of the exchange rate for Basra crudes and the emphasis on marketing local products highlight the economic challenges and opportunities facing Iraq. The country’s economy is heavily dependent on oil exports, and efforts to diversify and promote non-oil sectors are crucial for long-term economic stability and growth.

https://bnn.network/world/us/u-s-dollar-closes-higher-against-iraqi-dinar-amid-global-economic-dynamics/

Ministry of Oil: Approval of the oil and gas law depends on consensus, 31 OCT

 Ministry of Oil: Approval of the oil and gas law depends on consensus, 31 OCT

The government is moving forward with approving the oil and gas law, subject to consensus, according to the Ministry of Oil on Tuesday.

Assem Jihad, a spokesman for the ministry, told the official agency that “the government is committed to approving this law within the current government session.” He added that “the ministry prepared the oil and gas law and submitted it to the government, and this law was discussed by the concerned authorities and the team formed by the regional government.” Additionally, it is covered in the government curriculum.

“The oil and gas law aims to manage Iraq’s oil wealth and ensure fair distribution, which will lead to optimal investment of national resources and support sustainable economic development. Additionally, this law will contribute to the Iraqi state treasury. As a result, the government and the ministry are actively working towards approving this legislation.”

During a recent interview, he stated that the government has allowed ample room for discussion regarding the oil and gas legislation. The minister added that the government’s and ministry’s objective is for the bill to be passed and that all viewpoints are taken into account. He further emphasized that the national interest should be prioritized above any other concerns.

According to him, there were several discussions held among the concerned authorities. However, in the end, the ministry drafted and made necessary amendments to the law that serve the public interest. It is now the responsibility of the government to submit the draft law to the House of Representatives for approval after reaching an agreement on it.

He highlighted that the oil and gas law requires consensus for approval. The ministry drafted the law and consulted with the concerned parties. Any consensual or political aspects remain with the concerned parties.

Is still a 'GO' in Nov 1st?💣Iraq IS Joining WTO!🤔Iraq Dinar RV Updates |...

A secure future for faster and easier financial transfers electronically.. The Central Bank officially launches the “Visa Direct” service, 31 OCT

  A secure future for faster and easier financial transfers electronically.. The Central Bank officially launches the “Visa Direct” service, 31 OCT

Report...Youssef Salman... The Central Bank of Iraq announced the launch of the “Visa Direct” service to facilitate financial transfers, in coordination with the international company “Visa” and cooperation with the First Bank of Iraq, which is the first digital bank in Iraq.

The Visa Direct service is a direct financial transfer service for bank customers in Iraq. It was launched digitally, for the first time, through a special application. Every customer in the First Iraq Bank (FIB) can transfer five million dinars daily, and 13 million dinars monthly. Calculated at the official exchange rate.

Counselor Mazhar Muhammad Salih read the speech of the Prime Minister, Muhammad Shia al-Sudani, on his behalf during the official announcement of the launch of the service in the capital, Baghdad, by saying that “the ministerial program attaches importance to developing digital payment systems in our country.”

He added, "Iraq urgently needs to prepare and prepare all stakeholders in the electronic payment system to ensure full adoption of digital technology," noting that "some show reluctance to use electronic payment technology, in addition to the difficulties faced by technological service providers in displaying stable products." And effective.”

The government advisor stressed, “According to the vision of the government program, there has become a need to make concerted efforts more urgent than ever before. What is necessary is to follow a strategic approach that takes a comprehensive view of the system and sustainable profitability while imagining the appropriate roles for all stakeholders, and this is what we are working on at the present time.” From the Iraqi Payments Council in the Central Bank of Iraq and the electronic payment systems development team in the Prime Minister’s Office.”

In turn, the Governor of the Central Bank, Ali Al-Alaq, stressed that “the shift from a cash economy to a digital economy is considered a major task in a country that has lag behind in keeping pace with developments in the field of financial technologies.”

He added, “The world is undergoing very rapid changes, and the financial and banking sector is keeping pace and following these developments and is trying to invest in them more than the rest of the other sectors,” indicating that “the financial and banking sector is based on speed, accuracy, and costs, and financial purification is what can provide the financial sector with these.” Advantages.

He continued to say, “We are now embarking on a large program and a broad and comprehensive strategy, with direct coordination and support from Prime Minister Mohamed Shiaa Al-Sudani, who accompanies this aspect with us in continuous meetings,” adding that “the Visa Direct tool came at its right time, and we need more tools that facilitate operations.” Transfer, especially simple transfers at the citizen level or transfers that relate to some simple aspects.”

He explained, “This tool facilitates the demand for foreign currencies, and we are trying to expand access to these currencies in easy ways, and this tool will provide that,” stressing that “the issue of foreign transfers, selling the dollar, and the exchange rate are fundamentally linked to employing as many electronic tools as possible.”

She added, "Our presence in Iraq is based on important foundations, which are the Iraqi youth and the government that has the courage to turn the scales and go back to building the digital infrastructure, which will allow the development of the country and the important financial and banking field of the Iraqi economy." She also appreciated the Iraqi government's cooperation and support for the presence of Visa and the expansion of its work in Iraq./End 5    link

"RV UPDATE" BY SANDY INGRAM, CLARE & KAPERONI, 31 OCT

 Sandy Ingram  

The other day a [Community Member] said...Coinbase was exchanging the Iraqi dinar on the platform.  Sure enough [we] found that Coinbase is allowing clients to trade cryptocurrency for the Iraqi dinar.  Further research shows clients can buy the Iraqi dinar using bitcoin...

Clare  

Article:  "Out of 329.. 'only' 32 Iraqi parliamentarians signed the closure of the American embassy.. Documents "  

Quote:  "32 Iraqi parliamentarians, out of 329 others, submitted a request to the Presidency of Parliament to close the American embassy in Baghdad and expel Ambassador Alina Romanski."

Kaperoni  

Iraq had another meeting with the WTO...pertaining to a full session...Iraq has nothing to export yet so there is no reason to be in the WTO. Develop your economy Iraq!

Iraq and Iran are discussing using their currencies in trade and financial transfers, 31 OCT

  Iraq and Iran are discussing using their currencies in trade and financial transfers

Today, Tuesday, Prime Minister Muhammad Shiaa Al-Sudani received the Minister of Industry, Mines and Trade of the Islamic Republic of Iran, Abbas Aliabadi, and discussed economic relations between the two countries, and ways to enhance them and strengthen exchange and partnership at various levels and fields.

Payne stated to the Prime Minister's Office, a copy of which {Al-Furat News} received, that Al-Sudani indicated during the meeting "Iraq's readiness to open horizons for bilateral cooperation in the field of petrochemical and fertilizer industries, because of their strong impact in promoting internal development."

For his part, the Iranian Minister conveyed the greetings of the President of the Islamic Republic of Iran, Ebrahim Raisi, and his emphasis on the necessity of proceeding with fruitful economic integration projects, in the face of the economic challenges witnessed by the region and the world.

The meeting also witnessed discussion of the possibility of moving towards using the national currencies of the two countries in trade exchange and bilateral financial transfers, in order to have more flexibility in dealing, for the benefit of the two countries.   link