Saturday, January 20, 2024
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Electronic Payment In Iraq Is Moving Towards Stability, 20 JAN
Electronic Payment In Iraq Is Moving Towards Stability
January 17, 2024 Last updated: January 17, 2024 Independent/- The Central Bank of Iraq revealed that it is addressing the problems facing the electronic payment system, in coordination with financial institutions, indicating at the same time that the system is moving towards stability.
Director General of the Information Technology and Payments Department at the bank, Adnan Asaad, said that the year
2023 witnessed the most important breakthrough in the field of electronic payment, and that the
Iraqi government seriously supports the efforts being made in detailing the development of electronic payment.
Asaad stressed that the crisis that befell the country due to the bad use of cards and electronic payment tools had left a negative impact,
but thanks to the measures taken in cooperation with international financial institutions, many problems have been addressed and the electronic payment system has tended to stability.
For his part, Member of Parliament Hussein Arab stressed the inevitability of activating the role of the private sector and making it a basis for the process of economic advancement, which requires the presence of advanced financial services that rise to global standards.
Arab pointed out that the world has come a long way in digital transformation, and
we must keep pace with the developments the world is witnessing in this important field.
As for the Executive Director of the Association of Private Banks in Iraq, Ali Tariq, he
stressed the continuation of efforts to enhance the culture of electronic payment, which represents a governmental and legislative direction for the next stage. Tariq pointed out that
the Association of Banks and Large Financial Institutions is working to spread the culture of electronic payment due to its awareness of the importance of digital transformation and providing quality services to all segments of society.
Ahmed Kazim, Investment Director at the International Smart Card Company,
explained the importance of digital transformation and that it should be coupled with the launch of advanced electronic payment products that maintain money paths with high transparency. Kazem stressed that
government support for the digital transformation process facilitates many operations and makes services rise to global standards in providing advanced products that suit the growing Iraqi labor market.
The founder of the (Electronic Payment Culture in Iraq) platform, Nabil Al-Najjar, stressed that Iraq cannot move away from the global financial system, especially since
it is an important axis in the global economic arena, which requires us to work to keep pace with the global developments that the world is witnessing in the financial sector, which represents the axis. Most important in the process of economic development.
Al-Najjar stressed that the country is moving in the right direction in the field of digital transformation, and
the most important thing in this axis is the citizen’s interaction with electronic services, the spread of which is expanding in an acceptable manner.
Prospects of electronic payment in Iraq
Statements by Iraqi officials indicate that the electronic payment system in Iraq is moving towards stability, and that
there are great efforts being made by the government and the private sector to enhance the culture of electronic payment and spread it among citizens.
There are several factors that support the growth of electronic payment in Iraq, including:
Government support for the process, as the Iraqi government considers electronic payment to be one of the basic pillars of digital transformation and improving financial services.
The growth of the business sector in Iraq, as the Iraqi economy is witnessing steady growth, which leads to an increase in the volume of financial transactions.
The spread of the use of smart phones in Iraq, where more than 60% of Iraqis own smart phones, which facilitates the use of electronic payment applications.
Electronic payment in Iraq is expected to witness significant growth in the coming years, as the volume of electronic transactions in Iraq is expected to reach $10 billion by 2025.
There are several challenges facing the growth of electronic payment in Iraq, including:
Weak financial culture among citizens, as many Iraqis still prefer to use cash payment.
Weak communications infrastructure in some areas in Iraq, which limits the spread of the use of the Internet and electronic applications.
The Iraqi government and the private sector are working to confront these challenges by launching awareness campaigns to enhance financial culture among citizens and improve communications infrastructure throughout the country. https://mustaqila.com/الدفع-الإلكتروني-في-العراق-يتجه-نحو-ال/
"IRAQ WON THE POSITION OF DIRECTOR GENERAL OF THE ARAB WORLD INSTITUTE IN PARIS" BY MARKZ, 20 JAN
MarkZ
[via PDK]
“Iraq won the position of Director General of the Arab World Institute in Paris” This means they are on the world stage. What is going to be necessary for this? Full membership in the WTO and a new rate. That would make sense. Yesterday was a great news day from Iraq where they are openly talking about changing their value and a rate competing with the US dollar.
“Iraq and the IMF are discussing cooperation and start meetings soon to support a reform program”
They would not be having these meetings on Iraq on the world stage unless they were ascending to the WTO and about to have a valuation change. And that is certainly what we are hearing from contractors and government officials inside Iraq.
We just don’t know the exact time…but know they are prepared. And they told us via an article...that they are getting ready to peg their currency to a basket of currencies from the region to increase the value of the dinar to compete with the US dollar.
Iraq Plans To Stop The Bleeding With “Financial Intelligence” And A Banking Expert Responds: It Will Not Add Anything - Urgent , 20 JAN
Iraq Plans To Stop The Bleeding With “Financial Intelligence” And A Banking Expert Responds: It Will Not Add Anything - Urgent
Economy |01-17-2024, Baghdad today – Baghdad The expert in financial and banking affairs, Saleh Al-Banker, confirmed today, Wednesday (January 17, 2024), that the introduction of financial intelligence will not stop the bleeding of money in Iraq. The banker told "Baghdad Today",
"Iraq has 3 types of border crossings,
the most prominent of which is land, and not a small part of the latter is not controlled, especially within the borders of the Kurdistan region," pointing out that
"the introduction of financial intelligence will not add anything because the measures currently taken are sufficient." But the problem is in the application. He added,
“The defect in the mechanisms for implementing the Central Bank’s instructions regarding currency smuggling is used by forces and parties to finance themselves and their interests,” pointing out that
“smuggling methods are developing, as are the mechanisms for smuggling drugs and other contraband,” stressing that
“it is not with the creation of any institution, but rather the effort.” To enhance the concept of the actual application of all procedures.”
The banker pointed out that “many of the decisions issued regarding controlling borders and preventing currency smuggling are not implemented in reality, and
ignorance and backwardness in banking dealing mechanisms are exploited because
it constitutes a loophole by influential people in passing their agenda,” stressing that
“seriousness and follow-up are what achieve the greatest benefit in Stop the bleeding of money in Iraq.
Since the announcement of raising the value of the Iraqi dinar against the dollar by the Central Bank, local markets have witnessed trading at a rate other than the official price of the dollar, with a difference that sometimes reached 30 points,
which necessitated the government and the Central Bank to intervene with measures to limit this phenomenon, but to no avail so far, as...
The dollar exchange rate remained high to more than 150 thousand dinars for every 100 dollars in the markets and exchange offices of Baghdad and the provinces.
"RV UPDATE" BY SANDY INGRAM, 20 JAN
Sandy Ingram
So far the conflicts in the Middle East have not affected the Iraqi dinar exchange rate. Iraq continues to increase its GDP and create more streams of income outside of the oil industry. These are the recommendations of the IMF to create economic stability.
There are 4 major reasons Kuwait, Iraq's next-door neighbor has the strongest currency in the world...Kuwait dinar is $3.36... 1. Major exporter of oil. Kuwait is estimated to hold 10% of the world's oil reserves. The tiny country has a population of 4.3 million people vs Iraq who has approximately 43 million people and a lot more oil than Kuwait. 2. Kuwait has an excellent reinvestment of oil revenue. Kuwait uses its oil revenue to build infrastructure and develop microeconomic sectors to increase its GDP.
What will it take for the Iraqi dinar to strengthen against the US dollar?
Imagine a country as a business. The Gross Domestic Product (GDP) is essentially its annual report showcasing the value of all goods and services produced.
A high GDP indicates a booming economy...The currency rate on the other hand is a bit like a company's share price. It's the global market's way of saying how much it thinks that...country is worth.
The stronger the currency, the more confidence the world has in the country's economic stability and growth potential. How does a GDP affect a country's currency rate?
Simply, a higher GDP signals a stronger, productive economy. This attracts foreign investors, who need to buy the country's currency to invest. This surge in demand for the currency increases its value, or 'rate'...A rise in Iraq's GDP implies a healthier economy and a potential increase in the dinars value.
https://dinarevaluation.blogspot.com/2024/01/rv-update-by-sandy-ingram-7-jan.html
What would it take for the Iraqi dinar to strengthen against the US dollar? The answer lies in economic development and stability. The Development road project...aims to boost Iraq's GDP by improving infrastructure, fostering foreign investment and stimulating economic growth... With the right steps and sustained growth the dinar's narrative can only get stronger.
The Iraqi dinar is not on the Forex market, yet. The Iraqi dinar is an exotic currency, as is the Vietnam dong... Currencies are traded in pairs on the Forex Market. The 3 main types... majors, minors and exotics...The more liquid an asset the easier and more efficient it is to turn it back into cash. Major currency pairs have the highest trading volume... Exotic currencies...are not traded that often. There is little technical analysis or data available to support trading decisions for exotic currencies.
https://dinarevaluation.blogspot.com/2024/01/rv-update-by-sandy-ingram-6-jan.html
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