Association of Banks: More than 600 government institutions adopt electronic payment , 10 OCT

 Association of Banks: More than 600 government institutions adopt electronic payment

10/8/2024  Baghdad

The Association of Private Banks confirmed, on Tuesday, that the number of government institutions relying on electronic payment has increased to 600.

The Executive Director of the Private Banks Association, Ali Tariq, said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "the government decisions obligating government institutions and many private institutions to provide an electronic payment window - which began to be implemented in March 2023 - have brought about a tangible change in the use of this system in Iraq."

He added, "The infrastructure was ready with the support of the Central Bank of Iraq, with prior instructions and great cooperation between banks and electronic payment companies."

He pointed out that "government support has contributed to accelerating the spread of electronic payment, as we have witnessed during the past year and a half a significant increase in the number of cards issued, reaching 20 million cards, including 2 million cards issued during the last year. The number of electronic payment devices has also increased to more than 30 thousand devices, and it is expected that this number will double by the beginning of next year."

Tarek explained that “the number of government institutions that have adopted the electronic payment system has exceeded 600 institutions, after it was only about 50 institutions, which led to a significant increase in the volume of trading,” noting that “this system has many benefits for citizens, projects and the government, as it provides security, speed and low costs compared to transferring money and its exposure to damage, theft or counterfeiting.”

He stressed that "the next phase will witness a greater expansion in the use of electronic cards and an increase in electronic payment operations, with the primary goal of providing an easy and inexpensive service to the Iraqi citizen, whether in government or private institutions."  LINK

RV UPDATE INSIGHTS BY BREITLING, 10 OCT

 Breitling 

 Right now I don't have confidence in Iraq's economy because what's at stake, what's going on.  Even if they build a minor version of what they want to do [Development Road Project], it's not going to be as big as what they need it to be.  

They needed to pick the right side [East or the West], they didn't. 

 The indicators that they didn't pick    the right side is that Hezbollah and Hamas were going to build their headquarters in Iraq...

It doesn't look like they're going to be part of our markets. 

 They're making bad bad moves right now.  For the first time.  Hezbollah is a shell of what they used to be so we'll see how things work out.

BRUCE CC HIGHLIGHTS TODAY @DINARREVALUATION

EXIM Bank approves $297m for Energy Project in Iraq, 10 OCT

 By John Lee.

The Export-Import Bank of the United States (EXIM) has approved a $297 million final commitment in support of an energy efficiency project in Iraq.

The project will increase the availability and reliability of electricity in Iraq by generating power through waste heat.

Florida-based Stellar Energy Americas, Inc. will provide engineering, procurement, construction and other services in support of this project.

This transaction is estimated to support 600 U.S. jobs across more than half a dozen states.

(Source: EXIM)

THE $1320 IQD WILL BECOME INTERNALLY FOR THE IRAQI CITIZENS $1.32 USD BY FRANK26, 10 OCT

 Frank26

  A lot of people unfortunately are considering this a lop...

You really think they're going to take a pair of scissors and go click, click, click [cutting off zeros from the physical notes]? 

 What is this...it's got holes in it?  You just cut it all up...

No, if they did that it's called a lop...So where does it come off of? 

 A [physical note] is called a currency. You're not going to take it off the bill...Iraq's exchange rate is .00076981 .

  You take the decimal point and you move it over to the right three spaces because that's three zeros and this becomes $0.76 .

 Got it?  This is purchasing power when you change the exchange rate by lifting 3 zeros.

 What is the exchange rate right now in Iraq?

  1320 .  When they change the exchange rate that will become internally for the Iraqi citizens 1.320

PIMPY: Iraqi Dinar update for 10/08/24 - Budget time. is new rate coming

Governor of the Central Bank: The national strategy for bank lending aims to stimulate and stimulate the economy, 10 OCT

Economy News _ Baghdad

The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alak, chaired the first meeting of the Supreme Executive Committee of the National Strategy for Bank Lending in Iraq, which was formed under Diwani Order No. 51 of 2024, in the presence of undersecretaries of ministries, organizations and concerned authorities.

A statement from the bureau of the bank received by “Economy News” stated that during the meeting, the importance of the role of the banking sector and government and private institutions were discussed and their role in implementing this strategy and implementing the main axes and sub-goals of the national strategy for bank lending was discussed.

The governor stressed that the national strategy for bank lending aims to revitalize and stimulate the Iraqi economy as well as achieve growth in all fields, to which this strategy will contribute through the establishment and expansion of small, medium and large enterprises, stressing the importance of the cooperation of the relevant authorities in the success of this task, which is a priority at the national level in providing job opportunities for young people and investing their energies and capabilities in a way that achieves economic growth in economic sectors.

It is noteworthy that the Central Bank of Iraq launched on May 25, 2024, the National Strategy for Bank Lending in Iraq for the years 2024-2029, in the presence of a number of officials and representatives of diplomatic missions and international organizations, and the axes of what is stated in the strategy and the mechanisms of action on it were determined according to its competence.

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Added 2024/10/08 – 2:34 PM

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