Iraq Economic News and Points to Ponder Tuesday 3-19-2024
Tlm724 Administrator Bondlady’s Corner
Weak Infrastructure Hinders The Spread Of Electronic Payment In Iraq
March 18, 2024 Last updated: March 18, 2024 Al-Independent/- Iraq faces great challenges in disseminating electronic payment services despite the availability of the necessary technologies for that.
This is due to the absence of the necessary infrastructure in many departments and institutions, in addition to the weak culture of electronic dealing among a wide segment of citizens.
Experts’ criticisms:
Economist Manaf Al-Sayegh criticized the absence of infrastructure for electronic payment services in many departments and institutions.
Al-Sayegh stressed the importance of converting all financial operations to a banking system based on electronic payment for ease of use and improving the quality of the system.
Al-Sayegh pointed out that most institutions and companies currently deal with the electronic payment system, but the lack of it in many departments and stations hinders its spread.
Imad Al-Mohammadawi, who is interested in economic affairs, called for the necessity of spreading the culture of electronic payment among segments of society.
Al-Mohammadawi stressed the importance of encouraging, supporting and facilitating electronic dealings to attract more customers.
Government efforts:
Deputy Governor of the Central Bank, Ammar Khalaf, explained that “the digital financial transformation began with the localization of employee salaries and the opening of bank accounts aimed at using electronic payment in daily transactions.”
Khalaf pointed out that some ministries responded to the directives of the Central Bank and the government, such as the Ministry of Oil, the Passports Directorate, and the General Traffic Directorate.
Challenges:
Lack of necessary infrastructure in many departments and institutions.
Weak culture of electronic dealing among a wide segment of citizens.
suggested solutions:
Creating the necessary infrastructure for electronic payment services in all departments and institutions.
Spreading the culture of electronic dealing among segments of society through awareness campaigns.
Encouraging, supporting and facilitating the use of electronic payment services.
Electronic payment services still face major challenges in Iraq, but government efforts are based on disseminating these services and improving the culture of dealing with them among citizens. https://mustaqila.com/ضعف-البنى-التحتية-يعيق-انتشار-الدفع-ال/
Economists: Citizens Still Prefer Cash Transactions Over Electronic Transactions
Economical 03/18/2024 Baghdad: Shukran Al-Fatlawi Economic affairs specialists criticized the lack of infrastructure for electronic payment services in many departments and institutions, and confirmed that most citizens still prefer cash transactions over electronic transactions.
Economist Manaf Al-Sayegh told Al-Sabah:
Electronic payment is a globally recognized technology that can be used without the need to carry paper money or coins, as the world today no longer needs paper payment or the use of coins, so
we find it approved through the use mechanism. A credit card that enables its holder to pay anywhere. He added that the
need arises today for all financial operations to be transformed according to a banking system that adopts the principles of automation and dealing with electronic payment (MasterCard) or (Credit Card), as it facilitates banking operations and transfers and gives an element of speed in financial performance, pointing out that there is a value that is sometimes imperceptible.
But the quality of the system in financial transactions between customers and the lack of difficulty, whether at the level of individuals or companies, give these advantages value for dealing according to the automation system.
Al-Sayegh pointed out that most institutions and companies currently deal according to the electronic payment system, and even malls and stores with limited capital deal according to this system for the purpose of financial facilities and raising performance, adding that
there are some obstacles, including the lack of infrastructure in many departments and stations for this service, stressing.
There is a need to prepare these systems by the Ministry of Finance and the Central Bank, as the country was late in introducing this service, which has been used in most countries for decades, especially the card service through mobile phones.
He noted the necessity of disseminating payment points (POS) in their modern form to obtain the best service in multiple places, and obligating all departments, institutions, and shops to use them to benefit everyone.
He stressed that dealing with electronic payment enables controlling transfers and not taking the currency anywhere without the knowledge of the state, so it can be used as a security element to prevent currency leakage.
In turn, Imad Al-Mohammadawi, who is interested in economic affairs, called during his speech to “Al-Sabah” for the necessity of spreading the culture of electronic payment among the segments of society, pointing out that most citizens prefer cash transactions over electronic transactions because they have become accustomed to this method, believing that it is better.
Al-Muhammadawi pointed out the necessity of encouraging, supporting and facilitating dealing according to this new mechanism for citizens with the aim of attracting many customers according to this method, which is considered universal and one of the approved methods in all aspects of life, because of the safety it brings in not carrying lumps of cash in daily transactions.
It is noteworthy that the Deputy Governor of the Central Bank, Ammar Khalaf, explained in the first Iraqi Digital Economy Forum that
“the digital financial transformation began with the localization of employees’ salaries and the opening of bank accounts, the primary purpose of which was the use of electronic payment in daily transactions, whether inside or outside the country,” and he pointed out that
“some The ministries responded quickly to the directives of the Central Bank and the government, especially the Ministry of Oil by making collections at gas stations and others done electronically, as well as the Passports Directorate, which required that payment be electronic, in addition to the General Traffic Directorate and other ministries. https://alsabaah.iq/93643-.html
Experts: Activating The Industrial And Agricultural Sectors Stops 80% Of Imports
Economical 03/19/2024 Baghdad: Hussein Thaghb Al-Tamimi
Specialists and experts in economic affairs believe that fully activating the industrial and agricultural sectors could stop 80 percent of imports, while they stressed that stabilizing prices in local markets requires cooperation between the concerned parties.
Head of the Baghdad Chamber of Commerce, Firas Rasool Al-Hamdani, said: The chamber’s committees are working to follow up on prices in local markets to find out the reasons for the high prices of food in the markets.
He revealed the existence of reasons for raising prices that are beyond control, which we can put in the category of external reasons. The Chamber’s committees are also studying problems in the markets and their impact on price stability.
It is noteworthy that the external reasons are represented by the increase in prices from the source of imported materials at certain times of the year, including coinciding with the advent of the holy month of Ramadan.
As for the internal reasons, they are represented by the confusion occurring at the ports and the entry of food supplies, in addition to the delay in financial transfers.
Economic affairs specialist Ahmed Maklaf said:
The rise in food prices is clear this year, and here we can diagnose the reasons, most notably the accumulation of goods imported from abroad in Iraqi ports, which has confused the customs clearance scene, due to the difficulty of financial transfer and the failure of remittances to reach the source of imported materials.
He pointed out the importance of having a money transfer system that the importing merchant interacts with and knows its requirements to avoid such matters, which have become a challenge to importing goods.
He stressed that regulating the commercial reality is extremely important, as the
Iraqi market depends to a large extent on imports from international and regional markets to cover the increasing demand for foodstuffs, and this matter must be realized by the relevant authorities.
As for the specialist in commercial affairs, Omar Al-Sudani, he stressed that a
market the size of Iraq and growing is in dire need of organizing its commercial reality and rising to the world in performance, as the
commercial process must be organized in all its stages from the source, transportation, and ports all the way to the final destination, in addition
to ensuring that the import amounts are paid in accordance with Legal conditions at official exchange rates. Al-Sudani explained that the
local market requires the cooperation of all concerned parties and the
presence of flexible work mechanisms that achieve high smoothness in the arrival of goods, away from all forms of complexity, which is usually one of the causes of routine.
He pointed out the necessity of regulating the reality of financial transfers in a way that does not confuse the commercial scene, which suffers greatly from this matter, as the ball is thrown in the court of the financial sector, which causes confusion in the entry of goods into the local market.
As for Baghdad Economic Forum member Jassem Al-Aradi, he said:
The Iraqi market’s dependence on global markets to cover the Iraqi family’s requirements is something that needs to be stopped, as the country can dispense with most foreign imports if the country’s own efforts are relied upon. He stated that activating the agricultural and industrial sectors eliminates the need for importing 80% from outside the country,
especially since the elements for the success of the two sectors are available in Iraq on a large scale and can be employed in a way that raises Iraq’s productive capabilities to levels that cover the country’s need for some crops and industries.
He stressed the necessity of raising the country’s administrative capabilities in a way that makes the productive sectors more effective and contributes to covering the country’s needs.
