A parliamentary committee decides to host officials from the Iraqi Central Bank to discuss the loan and interest mechanism
The Central Bank of Iraq’s proposal and the loan and interest mechanism to finance projects and loans would be followed up on by bank officials, according to a Thursday announcement made by the Parliamentary Finance Committee.
Mustafa Al-Karaawi, a committee member, stated: “The Parliamentary Finance Committee closely monitors the Central Bank’s initiative and the mechanism for issuing bank loans to finance housing loans, medium and small projects, and employee advances.”
“The Parliamentary Finance Committee will host officials from the Central Bank and general managers of banks in the near future to discuss loan mechanisms, interest rates, and repayment terms, provided that interest rates are declining,” he continued.
"CFTC Approves Proposed Amendments to Regulations Regarding Real-Time Public Reporting and Swap Data Recordkeeping and Reporting Requirements"
This new data collection is expected to harmonize International Data swap transactions that takes place on the Forex Market. It begins on January 1st, 2024 .
It is designed to create accurate and efficient reporting of the data being transferred back and forth between cross border International trading.
The UPI is expected to adopt and use this new reporting rule on January 29th, 2024. The Unified Payments Interface is the foreign currency mechanism that India is going to use next year in International trade between countries.
Iraq, Vietnam, and Indonesia are three of several countries that will utilize this UPI interface.
It will allow several Banks across the world to exchange on the Forex Market under one digital mechanism.
Shafaq News / The Ministry of Oil – Oil Distributions Distribution Company announced, Thursday, the direct supply of vehicles with “super, improved” fuel in accordance with electronic payment cards POS in all governorates, as of tomorrow, Friday, March 22, 2024.
This was announced by the Director General of the Oil Products Distribution Company, Hussein Taleb, and said in a statement today, that the process of supplying vehicles with gasoline with two types (enhanced and super) in Baghdad and all governorates will be by electronic payment, indicating that this application will include in the next stages all oil products.
The Iraqi government seeks to activate the electronic payment service, adopt modern automation systems and end cash dealing.
Accordingly, the Oil Products Distribution Company, affiliated to the Iraqi Ministry of Oil, has set the end of March a deadline for cash handling at government and private fuel filling stations.
On (last January 7, the Prime Minister, Mohammed Shiaa Al-Sudani, directed to spare citizens additional financial burdens as a result of commissions, during a meeting dedicated to following up the financial and economic transformation to electronic payment, points of sale and financial trading with electronic cards (POS).
According to a statement issued by his media office, the Sudanese confirmed that the goal is to facilitate dealing and facilitate payment in all fields, while ensuring the highest levels of security.
Most markets and filling stations lack POS devices despite the directions of the Council of Ministers to implement the electronic payment system in state institutions, the private sector, commercial centers, shops, markets and other entertainment facilities.
Citizens still lack the provision of POS machines and claims from the central bank, banks and electronic payment companies to supply the POS and make them accessible to the citizen to use with electronic cards for shopping and payment instead of cash.
The Central Bank of Iraq announced at the beginning of last June the entry into force of the Council of Ministers Resolution No. (23044) for the year 2023, which is to increase the number of electronic payment devices (POS) in government institutions and the private sector to promote the culture of payment and electronic collection, and to reduce the use of paper money in collection and commercial transactions.
It is noteworthy that the Board of Directors of the Central Bank of Iraq decided on December 13 to establish the “National Company for Electronic Payment Systems” throughout the country, indicating that the company represents a qualitative development in the structure of the country’s financial infrastructure.
According to the statement of the Central Bank of Iraq, this step coincides with the rapid growth in electronic financial services and products and the high number of users in line with the framework of the government program to support and adopt advanced electronic payment systems.
AFTER HOSTING THE GOVERNOR. PARLIAMENTARY FINANCE: WE LOOK FORWARD TO RAISING THE VALUE OF THE DINAR
Baghdad/Iraq Observer
The parliamentary finance committee on Thursday expressed its aspiration to coordinate with the Central Bank to increase the value of the dinar and control the market.
A statement said that “the Finance Committee met under the chairmanship of Atwan Al-Atwani and in the presence of its members with the Governor of the Central Bank Ali Al-Alaq, to discuss monetary policy and the banking system in the country and ways to increase the value of the Iraqi dinar.”
At the beginning of the hosting, which was held at the headquarters of the committee, the chairman of the committee stressed “the importance of following up the economic file and monetary policy, based on the supervisory side, and finding appropriate solutions to the obstacles facing the work of the Central Bank.”
The Finance Committee expressed “its aspiration to coordinate with the Central Bank in order to increase the value of the Iraqi dinar, control the market in order to alleviate the burdens of citizens, and address the deficit.”
For his part, the Governor of the Central Bank reviewed “the economic and monetary aspect, pointing to “the development of basic rules in order to monitor the process of remittances and analyze monetary operations, praising “the role played by the Finance Committee in following up the financial and economic movement of the country.”
The committee discussed with the Governor of the Central Bank the approved international standards, future plans to improve the reality of banks, the possibility of expanding relations with international banks, drawing the structure of banks, and moving towards the electronic payment process, in addition to the possibility of amending the Central Bank Law.
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