Al-Araji And US Assistant Secretary Of State Affirm Support For Calm Efforts In The Region
National Security Advisor Qasim Al-Araji and US Assistant Secretary of State for Iraq and Iran Victoria Taylor affirmed today, Sunday, support for efforts to calm the region and enhance its stability.
The media office of the National Security Adviser said in a statement received by the Iraqi News Agency (INA): “National Security Adviser Qasim Al-Araji met today in Doha with the US Assistant Secretary of State for Iraq and Iran Affairs, Victoria Taylor, on the sidelines of the Doha Forum held in the State of Qatar from December 7-8.”
He added, "During the meeting, the latest developments in the region were reviewed, and support for calming efforts in the region was emphasized, in addition to discussing the continuation of cooperation between Iraq and the United States of America in the field of combating terrorism and enhancing stability in the region and the world."
This landmark policy marks more than just regulatory progress; it signifies a realignment of Iraq's financial infrastructure with global standards.
Aimed at reducing the country's overreliance on cash, this move fosters greater financial inclusion and economic transparency, hinting at a future of resilience and innovation within Iraq's financial sector.
Beyond Compliance: A Shift Towards Better Financial Inclusion
The Central Bank of Iraq (CBI) has set a clear direction: digital payments are now an essential part of Iraq's economic future. With funding from the United States Agency for International Development (USAID) in Iraq, and support from the United Nations Development Programme (UNDP) Iraq, this regulation is a catalyst for ensuring that digital transactions are accessible not only to urban business hubs but also across diverse sectors, bridging public and private financial landscapes.
Iraq's transition to digital payments will unlock a range of economic benefits, including streamlined operations, enhanced data visibility, and improved financial security.
"The collected amount from the digital payment reaches (7.6 Trillion Iraqi Dinars), after it was (2.6 Trillion Iraqi Dinar) in January, 2023"- Mohammed Shia' Al-Sudani, Prime Minister of Iraq
Currently, Iraq's cash-dependent economy presents significant challenges for financial circulation and transparency. The new Digital Payment Regulation disrupts this status quo, incentivizing businesses to adopt tools like POS systems, e-wallets, and online gateways. As the nation embraces this evolution, UNDP Iraq continues to support the government in developing a legal framework aligned with Sustainable Development Goals (SDGs) and international best practices.
"Iraq now possesses advanced infrastructure capable of accommodating electronic payment tools and financial services. We will soon transition to digital banks, where smartphones will drive various banking operations. This shift will facilitate financial accessibility of services for citizens, reduce opportunities for corruption and fraud, and provide crucial data at the national level regarding the nature of transactions, their content, oversight, and compliance achieved through this comprehensive system." Ali Al-Alaq, Governor of Central Bank of Iraq
UNDP's Strategic Role in Laying the Foundation
UNDP's contribution extends beyond technical support to a strategic partnership designed to foster Iraq's digital financial ecosystem. By working closely with the CBI, UNDP provided the technical expertise needed to craft policies that enable the shift to a digitally driven economy while safeguarding inclusivity and sustainability. This partnership highlights how collaborative, forward-thinking strategies can drive lasting structural change in emerging markets.
"This regulation is more than a technical leap forward; it is a foundational shift towards economic resilience, inclusion, and transparency in Iraq. By modernizing the financial system, we are opening pathways for every Iraqi to engage fully in the economy and contribute to a stable and innovative future." Auke Lootsma, UNDP Iraq Resident Representative.
"USAID is proud to support Iraq's journey towards digital finance as part of our commitment to fostering sustainable development and economic opportunity. This regulation reflects Iraq's determination to build an economy that's inclusive, resilient, and aligned with the needs of its people. We are honored to be a part of this transformative chapter in Iraq's financial history," said Erin Mone-Marquez, USAID/Iraq's Acting Mission Director.
In the presence of His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alak, the Center for Banking Studies at the Central Bank of Iraq announced its training plan to be implemented during 2025.
The Director General of the Center for Banking Studies, Dr. Mustafa Munir, said that the center will provide accredited courses and tests specialized in the fields of the financial and banking sector,
providing workers in this vital sector with accredited international certificates and practices, as well as providing consultations and sober scientific studies in the financial and banking fields of the Iraqi banking system.
The attendees expressed their interventions on the plan and reinforced its details, in light of the observations and suggestions expressed by each of them at the level of the approved specialized certificates and the axis of workshops and training courses,
which reflect the actual training needs of banking institutions and non-banking financial institutions, to raise the level of efficiency of the performance of the work in the banking system, towards achieving the goals of sustainable development in implementation of the government program with the required qualitative achievement.
The deliberative meeting concluded with the comments and proposals that would reflect positively on the effectiveness of the training plan to be launched in 2025, and prepare it in its final form, taking into account the flexibility of the plan and its ability to absorb the developments and keep pace with developments.
Central Bank of Iraq
Media Office
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Parliamentary Finance Committee considers reconsidering the price of a barrel of oil in the 2025 budget
12/5/2024
Information / Special ..
Member of the State Support Bloc, MP Mohammed Al-Ziyadi, revealed on Thursday that the Parliamentary Finance Committee is studying the possibility of reconsidering the price of a barrel of oil and the exchange rate of the dollar in next year’s budget, despite the government sending an amendment to the federal budget.
Al-Ziyadi said in a statement to the Al-Maalouma Agency, “The amendments made by Al-Sudani’s government in next year’s budget, which were sent to Parliament, will affect making important changes to the 2025 budget schedules.”
He added, "Prime Minister Mohammed Shia al-Sudani, during his discussion yesterday under the dome of Parliament, addressed the issue of amending the budget by the government," revealing that "the Parliamentary Finance Committee is studying the reconsideration of calculating the price of a barrel of oil and the dollar exchange rate with the government.”
It is noteworthy that the House of Representatives hosted yesterday Prime Minister Mohammed Shia Al-Sudani and his deputies, the Minister of Planning, the Minister of Foreign Affairs, and the Minister of Interior, where the amendments to the budget for next year 2025 were discussed
