Friday, February 23, 2024
Prime Minister: The government has placed the issue of economic and banking reform among its most important priorities, 23 FEB
Prime Minister: The government has placed the issue of economic and banking reform among its most important priorities
2/22/2024 Baghdad
Prime Minister Muhammad Shiaa Al-Sudani confirmed, on Thursday, that the Iraqi government has placed economic and banking reform among its most important priorities, indicating its endeavor to welcome work in this field.
The Prime Minister’s media office said in a statement, seen by Al-Iqtisad News, that “Al-Sudani received, this afternoon, Thursday, the regional president of Visa, in Central and Eastern Europe, the Middle East and Africa, Andrew Toure and his accompanying delegation.”
The Prime Minister stressed, according to the statement, that “the government has placed the issue of economic and banking reform among its most important priorities, and it seeks and welcomes cooperation in this field,” pointing to the approval of the electronic payment system in the Council of Ministers, praising the company’s cooperation in expanding electronic payment technology and digital transformation, Whether through training workers in Iraq or by contributing to education for the electronic payment process.”
For his part, the regional president of Visa expressed “the desire to continue cooperation with the Central Bank of Iraq and all Iraqi banking sector institutions,” noting that “Visa’s interest in supporting the Iraqi government’s plans towards electronic payment and economic and banking reform, by offering advanced solutions and technologies.” To the market, as well as its readiness to bring expertise, in addition to employing more Iraqis in its office in Baghdad, with the aim of reaching 500,000 acceptance points from points of sale for electronic payment in Iraq. LINK
"RV UPDATE" BY MARKZ, 23 FEB
MARKZ
"ANALYSIS OF IRAQ NEWS: CBI CANCELING CURRENCY AUCTIONS" BY MNT GOAT, 23 FEB
MNT GOAT
So, just today another article came out from the CBI telling us about yet more steps in the RV/Reinstatement process that are about to be implemented. The news could not get any better, aside from having the reinstatement itself. WOW! WOW! WOW!
I want to fully explain all of it in detail to you and why I feel so excited today and what we should look forward to soon. In this recent article the CBI is telling us once again the plan to end the currency auctions which also means the U.S. Treasury electronic platform, installed last January 2023. Do you remember? So even though we have been hearing bad news about the inability of the CBI to control the parallel rate, something has changed for the better. Here is the quote from the article –
“The Central Bank of Iraq is heading to cancel the electronic platform and the currency auction soon”.
We all know that soon means many things to the Iraqis. Speedy Gonzales does not work in Iraq… lol.. lol.. lol.. But also remember that the CBI told us in another past article that March is targeted for this effort to occur. March is just a week away.
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Banks and the Iraqi Central Bank: We face challenges in electronic collection, 23 feb
Banks and the Iraqi Central Bank: We face challenges in electronic collection
Shafaq News/ The Iraqi Private Banks Association, under the auspices of the Central Bank of Iraq, held a workshop on Thursday to enhance electronic government collection.
Director of the Operations and Settlements Department at the Central Bank, Zaid Hamid, told Shafaq News Agency, “Government collection is very important, and the decisions of the Council of Ministers and the direct follow-up of the Prime Minister will contribute to society’s shift from relying on cash to electronic dealing.”
He pointed out that “the Central Bank provided the infrastructure and systems necessary for the success of the electronic payment process,” explaining that “the percentage began to rise gradually through the spread of electronic culture in society.”
For his part, Deputy Executive Director of the Iraqi Private Banks Association, Ahmed Al-Hashemi, told Shafaq News Agency, “The workshop briefed all government institutions on how to activate the electronic collection project, the challenges that departments face in the transformation process, and finding quick solutions regarding this matter.”
He pointed out, “Initiating the issue of collection in a number of ministries and state departments, including the Interior, Oil, Passports, and Gas Stations, and this program can be implemented in all state institutions.”
Al-Hashemi continued, “The state departments are committed to the directives of Prime Minister Muhammad Shiaa Al-Sudani to activate electronic payment tools for government collection,” adding, “We have some challenges that we face in the process of transitioning to electronic payment.”
The Deputy Executive Director of the Iraqi Private Banks Association stressed, “Ensuring the implementation of the electronic collection program in a correct manner to preserve the state’s funds,” noting that “this project preserves funds.”
shafaq.com