Article: " Al-Sudani is making an upcoming visit to Washington"
Quote "The two sides discussed the files that will be raised during the Prime Minister’s upcoming visit to Washington, and the cooperation mechanism within the strategic framework agreement between Iraq and the United States, and the committees formed in this regard,”
From Cash to Cards: Workers’ struggle, electronic payment prospects, and Iraq’s shift to a cashless future
In Iraq, the push towards electronic installment frameworks has experienced opposition from numerous specialists who dread the effect on their livelihoods.
As the Public authority expects to progressively get rid of money exchanges and carry out current computerization, concerns emerge among residents, particularly those functioning in corner stores.
The Iraqi Service of Oil’s Items Dissemination Organization has set the finish of next Spring as the last date for cash exchanges at government and confidential fuel stations. The main preliminary occurred for the current week at the Muthanna government station.
In a proclamation, the Organization’s head supervisor, Hussein Talib, cleared up for Shafaq News Office that “organizations have associated fuel gadgets to Retail location (POS) terminals (equipment frameworks for handling card installments at brick and mortar stores,) permitting residents to enter fuel amounts and make installments without the requirement for human mediation.”
The bad dream of joblessness
Fuel station laborer Mohamed Ali, 33, accepts that the electronic installment gadget set close to him is the principal justification behind a decrease in the tips he gets, and he might try and lose his employment as residents progressively use Visa cards to buy fuel.
Ali, who has been working at a corner store in Baghdad for a considerable length of time, told our Organization, “I invest a large portion of my energy, from sunrise to sunset, remaining close to this bureau to serve the people who need to refuel. They generally give me a few hints for each top off, yet presently the tips are falling because of electronic installment frameworks.”
Ali views electronic installment frameworks as compromising his occupation, “The circumstance doesn’t look great, particularly for those working at corner stores. Proprietors are discussing the chance of lessening the quantity of laborers, which will prompt expanded joblessness, given the absence of recently added team members and restricted open positions in different areas.”
Benefits of electronic installment
Electronic installment, a framework for settling exchanges without cash, enjoys various benefits. Quite possibly of the main advantage in Iraq is taking out defilement, extortion, and direct pay off in government foundations. It likewise works with simplicity of exchanges and increments cash stores in banks and monetary establishments.
Nonetheless, the progress to this all around the world rehearsed framework in Iraq isn’t without fake exercises that could happen both by traders during residents’ exchanges and through the burden of extra expenses under the guise of current derivation charges, particularly as the cultural culture in regards to electronic installment is feeble.
Subsequently, economy specialists focused on the need to teach the local area about utilizing electronic installment and working with the launch of ledgers for residents to get electronic cards without a hitch and without obstructions.
In this unique situation, oil master Govand Sherwani states, “The electronic card installment and charging framework addresses a cutting edge way to deal with monetary exchanges, portrayed by speed and exactness. It decreases dependence on cash liquidity, which is normally defenseless to harm and requires remuneration.”
Sherwani adds, “Card exchanges decrease reliance on money, whether paper or money, in this way diminishing misfortunes and saving extra assets for the state. The installment framework gives a solid method for managing monetary exchanges as opposed to conveying a lot of money in the wallet, which might be inclined to misfortune or burglary.”
In any case, the difficulties blocking the execution of this framework in Iraq might be, as per Sherwani, “the absence of transformation by standard residents, particularly those with restricted schooling or independently employed people, as well as the expenses forced on each buy or deal utilizing these cards.”
He calls for “keeping the commission low to boost residents to take on the cards without block, as card reception is a primer step towards electronic banking without the need to visit the bank and manage paper monetary standards, whether for withdrawals or stores.”
“Becoming acclimated to these cards will be a preliminary step for residents who are not familiar with visiting banks to open records, manage business exchanges, and even get pay rates, as referenced in the shrewd card and key card, electronically moving compensations to any point or office for the key card anyplace in Iraq.”
That’s what sherwani noticed “representatives are acclimated with this framework, however non-workers, for example, independently employed and brokers, may view this as new. Notwithstanding, with time, they will understand the advantages of electronic installment.”
On the destiny of laborers at corner stores, Individual from the Iraqi Parliament’s Oil and Gas Board, Appointee Kazem Jaru Al-Maghsoub, states that “in most Government and confidential service stations, the specialist takes an extra sum for himself (tips). Thusly, electronic installment will stop this.”
“Placing cash in the MasterCard will move the assets from the resident’s wallet to the state’s equilibrium. Subsequently, electronic installment has many advantages and will diminish debasement.”
As to eventual fate of laborers at the stations, that’s what he guarantees “they will keep working and won’t be impacted. Maybe their numbers in the outreach group might diminish because of the accessibility of installment gadgets that play out their assignments, and the excess will be disseminated to the Oil Item Appropriation Organization, so the installment gadgets won’t cause joblessness. Nonetheless, laborers in confidential stations might be impacted because of the accessibility of gadgets that play out their jobs, lessening their numbers.”
Then again, Delegate Director of the Association of Gas Filling and Administrations Offices, Abbas Mahioub, brings up that “most residents don’t have a Visa card, and in my work, there is an issue in the gas-selling process. The gas specialist who meanders inside urban communities to offer gas to residents finds that a great many people don’t have electronic installment cards.”
Mahioub adds to “Albeit the Visa card is accessible, it has a commission while charging and pulling out, which is a misfortune for the cardholder. Regardless of the framework’s many advantages, these commissions might prompt cost increments to cover these charges.”
Giving POS gadgets out in the open spots
In spite of the orders of the Iraqi Government to execute the electronic installment framework in state organizations, the confidential area, business focuses, markets, and other diversion offices, most business sectors and fuel stations need POS gadgets.
It’s actually significant that the National Bank of Iraq’s Board settled on December 13 last year to lay out the “Public Organization for Electronic Installment Frameworks” across the country.
As per the National Bank, this step comes in lined up with the fast development in electronic monetary administrations and items and the rising number of clients, lining up with the Taxpayer supported initiative’s to help and embrace progressed electronic installment frameworks.
Furthermore, the Iraqi Banks Affiliation uncovered, on December 12, a development in financial balances, bank cards, and electronic installment gadgets following the huge help given by State head Mustafa Al-Kadhimi and the National Bank of Iraq to the financial area. This help remembered actuating electronic installment for government and confidential organizations and transforming systems for supporting unfamiliar exchange.
The Board’s director, Ali Tariq, expressed in a public statement that financial balances developed by 14%, arriving at 10.02 million toward the finish of September 2023, contrasted with around 8.79 million records toward the finish of 2022, which shows the production of more than 1.2 million records in nine months or less.
Iraq’s shift from money to electronic installments presents the two difficulties and open doors. Laborers like Mohamed Ali face vulnerabilities, yet the expected advantages of lessening debasement and it are influential for further develop proficiency.
Hence, the outcome of this monetary development lies in embracing innovation while defending the labor force’s prosperity, finding some kind of harmony among progress and compassion.
Pimpy
Community Comment "...Nothing is going to change until Trump is back in office period..." Funny how people really feel if Trump gets in office then it's going to happen for sure, which it might be a possibility but we thought that last time. Nothing happened. But keep your fingers crossed, we're going to find out very soon.
Community Comment: "Thanks for the let down once more that Iraq will never RV." I never said it would never RV. Never. In fact I'm the one that said it's going to go up in increments.
Question: "There have been some references...regarding some Iraqi banks in the US, have you heard about any of thee banks on US soil?" Here you go: You have the Iraq National Bank that's in New York. Rasheed Bank that's in New York. North Bank that's Dearborn Michigan, The Bank of Baghdad is in New York City, TBI Bank which is in Washington DC. These are the Iraqi banks that are currently in the US...
Jeff
In March the UN will be submitting their official, 'We're done', 'we're ending our mission in Iraq' report to Iraq...After Iraq has revalued is when it gets submitted and turned over to the Iraq government...
What was the number on thing in the month of January Iraq kept stating in all the news articles?
How they achieved critical stability. In order for Iraq, the number one thing they have to do is achieve overall stability, to be eligible to revalue. Article quote "For Iraq to further continue on the path of stability and progress, an enabling environment will prove essential"
She's stating Iraq is on a path of stability and progress and continuing in that direction will prove essential. Meaning allowing them to revalue the currency and get back on the world stage.
https://dinarevaluation.blogspot.com/2024/02/rv-update-by-jeff-22-feb_0724660821.html
Prime Minister Mohammed Shia Al-Sudani confirmed today, Friday, during the ceremony of the opening of the North Refinery in Baiji, that this refinery will return to be a personal witness to the will of the Iraqi people.
Al-Sudani said in the text of his speech during the opening: “We stand with respect and respect for the martyrs and wounded who defended this land and liberated the refinery from ISIS gangs.”
Al-Sudani added: “We visited this refinery in May 2023, to see its reality and stand on the recovered equipment and machinery, which came at the initiative of citizen Baran Ahmed Younis and with the cooperation of the Kurdistan Regional Government of Iraq,” noting that “Iraq with its production of more than 4 million barrels per day is still importing oil derivatives, a policy that has been in place for decades.”
He pointed out that “with this achievement, we are close to securing the full needs of the country of derivatives, no later than the middle of next year,” pointing out that “billions of dollars will be saved and monitored for other service and economic aspects by stopping the import of oil derivatives, and this is the real reform.”
Al-Sudani continued: “The will and determination of the champions in the North Refineries Company, and the supporting national companies, achieved this national achievement in 7 months, and it is assumed that the time limit may take 3-4 years.”
He continued: “The government has put the oil and gas sector at the top of its priorities, according to programs and plans studied on the importance of investing this wealth, in order to achieve the best returns,” stressing that “projects are implemented for the first time, such as the investment of associated gas, and today international companies, and the national effort are working in more than one site and a field, to end the burning of gas within a period of 3-5 years.”
Al-Sudani added: “We are preparing the plan for investment projects inside and outside Iraq in a new policy that we adopt by investing oil in the petrochemical and transformational industries; to get the greatest return.”
“The Baiji refinery returns to be a personal witness to the will, determination and determination of the Iraqi people,” he concluded.
EXCERPTS FROM MARKZ MZ: A couple of group leaders are sounding off and saying they expect things by Thanksgiving and that we will have an e...