Sunday, August 11, 2024
"THESE ARE THE THINGS THAT ARE NEEDED FOR THE REFORM SUCCESS" BY FRANK26, 11 AUGUST
KTFA
FRANK26: "THESE ARE THE THINGS THAT ARE NEEDED FOR THE REFORM SUCCESS"......F26
Central Bank of Iraq announces growth of electronic payment from 800 billion to 2 trillion dinars
8/10/2024
The Governor of the Central Bank of Iraq announced, on Saturday, a record increase in electronic payment operations from 800 billion to 2 trillion dinars in one year, noting that government payments reached 912 billion dinars during July 2024.
This came during his participation in a specialized workshop on accelerating the transition towards electronic payment, organized by the "Osool" Foundation for Economic Development and Sustainable Development, followed by Shafaq News Agency.
Al-Alaq said during his speech at the workshop that the Central Bank of Iraq works alongside the government program and the Prime Minister’s direction to support electronic payment, and we are proud of what we have achieved so far, indicating that in 2023, the amounts processed through the national switchboard witnessed a significant increase, reflecting the development of the infrastructure and the expansion in the use of electronic payment channels and the impact of the campaign launched by the Prime Minister to activate electronic payment operations in general, and in the government sector in particular.
He added that these upward trends continued to develop in 2024, as the amounts processed in the national switchboard systems reached more than 2 trillion Iraqi dinars in July alone, compared to 800 billion dinars in the same month in 2023, and became 1 trillion dinars in January 2024, and government payments witnessed an additional increase, reaching 912 billion Iraqi dinars last July compared to 287 million dinars in the same month in 2023.
Al-Alaq pointed out that payments at fuel stations in Baghdad alone increased significantly, recording more than 44 billion dinars in July of this year, compared to 183 million dinars in July 2023, and 4.5 billion dinars in December 2023.
Al-Alaq revealed a huge increase in the number of POS points of sale to reach more than 50,000 points of sale this year, compared to approximately 11,000 POS points at the beginning of 2023, and thousands of them in government institutions after they were zero before the launch of the campaign in June 2023.
Al-Alaq expressed his hope that government institutions would adopt the establishment of specialized units in electronic payment technologies to work on following up and developing this important aspect.
LATEST FROM TRUTH WARRIORS, 11 AUGUST
TRUTH WARRIORS
🇺🇸💥🇺🇸. Iraq’s new International airport is 78% completed! 💥💥💥It will be the hub for the Middle East! 💥💥💥. Airlines and companies are invited to open shop there. 🇺🇸💥🇺🇸👇👇
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Iraq 💥
The governor of the Central Bank of Iraq has submitted his resignation to the prime minister, a lawmaker said.
Central Bank Governor Ali Allaq has reached retirement age and has submitted his resignation to Prime Minister Mohammed Shia Sudani, Soran Omar, a member of the Iraqi parliament’s Economic Committee, told Rudaw on Tuesday.
https://search4dinar.wordpress.com/2024/08/06/the-governor-of-the-central-bank-of-iraq-resigns/
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Iraq's External and Internal Debts: Details and Figures from the Prime Minister's Financial Advisor. 11 AUGUST
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the size of Iraq's internal and external debts.
Saleh said, in a statement to the media followed by "Al-Eqtisad News", that "Iraq is no longer, in terms of its balance of external debt, one of the countries with high debts, as the external debts due during the current decade do not exceed, in all cases, 9 billion dollars, and the general budget provides sufficient annual allocations to service all debts, which means paying installments and interest, according to the nature of the debt, which is what is called debt amortization."
He added, "Accordingly, Iraq has not recorded any default in paying its external debt obligations over the past twenty years, as payment mechanisms are carried out in accordance with strict financial and banking rules that are highly coordinated between the Ministry of Finance and the Central Bank of Iraq, which has shown sustainable stability in creditworthiness indicators with international rating agencies, since the adoption of the first credit rating for Iraq in 2016 until the present time."
Saleh continued, "As for the internal debt, which amounts to nearly 78 trillion dinars or about 60 billion dollars, it is a debt existing within the government financial and banking system (exclusively) at a rate of 96%, and most of that debt was issued with debt instruments represented by government bonds of various terms and treasury transfers with a term of one year, and all of them carry an interest rate not exceeding 3% annually (with the exception of the recent issues of achievement bonds or others, in which the interest rate rises between 6.5 and 8.5% annually."
He pointed out that "mechanisms were adopted to pay interest or repay debt installments from the annual allocations allocated in the federal general budget. It is noted that the monetary authority, by deducting those internal government debts specifically, was able to liquidate them or convert them into cash by discounting them at the Central Bank of Iraq and through secondary market operations and within the scope of monetary policy activities that target growth in money supply, regulate economic liquidity and address the manifestations of economic recession during the past ten years."
He added, "The Central Bank's holdings of internal public debt instruments (specifically), whether bonds or treasury transfers, are estimated at about 45% of the total internal debt."
Saleh pointed out that "the growth of the domestic debt in particular during the last decade came as a result of two dual crises, the first: the financial-security crisis between 2014 and 2017 resulting from the drop in oil prices to less than half of their expected or indicated levels in the general budget law, accompanied by the increase in the expenses of the war on ISIS terrorism, which continued until Iraq was completely liberated from the clutches of terrorism."
He continued, "The other crisis is the financial-health crisis that worsened in early 2020 and until 2021, which witnessed a sharp deterioration in global oil prices and reached less than half of their expected price rates as well, accompanied by the health crisis (the Corona pandemic) and the closure of the global economy, which caused a deterioration in budget revenues, whether oil or non-oil."
He added, "Since the annual public budgets depend in their revenues on the revenues of exported oil, the revenues of which were exposed to a sharp decline during the two aforementioned dual crises, there was no suitable financial refuge for the financial authority except to borrow from the domestic banking market."
He stressed that "despite the above, all of Iraq's internal and external public debts do not exceed $70 billion today, and their ratio to the gross domestic product is about 30%, while the global standard ratio indicating the ability to bear the debt reaches 60% according to European Union standards."
He concluded his speech by saying, "Therefore, there is effective cooperation today between the financial and monetary authorities, to draw a roadmap for extinguishing the internal debt in addition to the external one, and in accordance with the financial strengthening policy aimed at reducing the balance of public debt and reducing the annual deficit in the annual budgets, and in accordance with the standard ratios adopted globally in determining the debt-bearing capacity." link
All I have to say is REALLY? BY MNT GOAT, 11 AUGUST
MNT GOAT
AL-ALAQ: THE FINANCIAL SITUATION IN IRAQ IS GOING ACCORDING TO PLAN
The Governor of the Central Bank, Ali Al-Alaq, confirmed the stability of the financial situation in Iraq, and revealed new mechanisms to facilitate foreign trade, including a new mechanism for small traders’ transfers. He also pointed to the importance of the upcoming meeting in New York to resolve the problem of sanctioned banks, stressing the existence of a government move to strengthen the banking sector.
He then went on to talk about the Financial situation in Iraq, foreign trade, other international currencies, inflation, an the upcoming meeting in New York, lifting restrictions on banks and the Housing Initiative. crossorigin="anonymous">
You can read the full article it the Articles Section of today’s Newsletter. I encourage everyone to read it as it is very informative.
(All I have to say is REALLY?)