Bondlady’s Corner Iraqi News Highlights Friday Afternoon 11 August 2023

Iraqi News Highlights Friday Afternoon 8-11-23

Tlm724 Administrator Bondlady’s Corner

Al-Rafidain: These Are The Departments That Started Activating The Electronic Taxation System

Economy News – Baghdad  Today, Friday, Al-Rafidain Bank announced the departments that started activating electronic collection and switching to electronic transactions.

And the bank said in a statement, “In accordance with government directives in implementing the electronic payment system, using POS devices in ministries and state institutions and the private sector, and collecting invoice amounts and fees from beneficiaries electronically using bank cards, and to enable those wishing to pay with cards, Al-Rafidain Bank announces the departments that have begun activating the collection.” Electronic transactions and the transition to electronic transactions and the collection of funds through modern electronic systems.

The statement added, “The departments that worked with this procedure are: (Departments of the Ministry of Interior – Directorate of the Police Martyrs Fund – Directorate of Passport Affairs / Baghdad – Office of the Ministry) (Departments of the Ministry of Education – General Directorate of Financial Affairs – General Directorate of Educational Training and Development – Directorate of Public Education And domestic and foreign – Directorate of Curricula) (General Directorate of Industrial Development – Karbala Health Department / Center of the Department – Diwan of the Shiite Endowment – Petroleum Products Authority – Construction and Housing).

The statement stressed that “the activation of collection is continuous and its frequency is increasing in many departments of the state, and this service comes in accordance with the government program in promoting the culture of electronic payment and reducing the use of paper money in commercial payment and collection operations, as points of sale and various electronic payment methods will be used to facilitate the collection of amounts electronically in effective ways.” It is reliable and flexible, in addition to contributing to adopting modern technological methods, simplifying procedures, and improving the level of services provided within a safe and transparent environment, as well as keeping pace with the development of the electronic payment system.”

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Oil Prices Fell After US Data 

Economy | 11/08/2023  Baghdad – Mawazine News  Oil prices fell today, Friday, but “Brent” crude is still above $ 86 a barrel, and this came after data showed that annual inflation accelerated in the United States, for the first time in more than a year.

And by 09:28 Moscow time, US West Texas Intermediate crude futures fell by 0.13%, to $82.71 a barrel.

While Brent crude futures fell by 0.17% to $86.25 a barrel, according to Bloomberg agency data.

Upon settlement yesterday, Brent contracts fell to $86.40 a barrel, and US crude fell to $82.82 a barrel.

And yesterday, data issued by the US Bureau of Labor Statistics revealed that the annual inflation rate in the United States rose during last July to 3.2% from 3% in June 2023.

Al-Rafidain Bank Is Discussing With The Finance And Government Banks The Draft Internal Regulations

Economy 8-08-2023, Baghdad – conscious  Tuesday, the Rafidain Bank announced the discussion of the draft internal regulations for government banks.

The media office of the bank stated, in a statement received by the Iraqi News Agency (INA), that

“the Director General of the Rafidain Bank, the agency, Maher Hussein Rashid, chaired a meeting in the general administration of the bank that included the Director General of the Legal Department in the Ministry of Finance, Muhammad Hamza Mustafa, and representatives of government banks, in the presence of assistants and a number of Managers of departments and employees of Al-Rafidain Bank.

He added that “the meeting discussed the draft internal regulations for government banks and their compatibility with the development of the banking reality in the country.”  And he continued,

“The Director General reviewed the model of the internal system of government banks, studied it, and made proposals and observations on the draft system that was completed and in accordance with government laws, specifically the Ministry of Finance, the Central Bank of Iraq, and corporate law, taking into account the governance guide,” pointing out that

“the draft internal regulations for government banks It is an important start at the level of introducing advanced technological and digital updates, in line with the global systems of the banking sector.–.html

Prime Minister: The Unified Treasury Account Will Be An Added Contribution To Anti-Corruption Measures

 Politics 08-9-2023, Baghdad – conscious  Today, Wednesday, Prime Minister Muhammad Shia’a Al-Sudani affirmed that the unified treasury account will be an added contribution to anti-corruption measures.

The media office of the Prime Minister stated, in a statement received by the Iraqi News Agency (INA), that “Prime Minister Muhammad Shia’a al-Sudani chaired today, Wednesday, a meeting to follow up on the completion of the unified treasury account and electronic payment procedures at POS points of sale.”  The statement added,

“During the meeting, they reviewed the progress made in completing the unified treasury account, and the subsequent positive indicators that are reflected in the national financial and banking system.”

Al-Sudani stressed, according to the statement, that “these steps come within the government’s efforts to implement financial and banking reforms, and the unified treasury account will be an added contribution to anti-corruption measures and limiting the ability of corrupt people to exploit loopholes.”

And he directed, “to make an amendment to the electronic payment system No. 3 of 2014, as well as the adoption of the electronic receipt document as a substitute for the paper receipt,

as part of a series of procedures towards employing and approving electronic payment at POS points of sale in an expanded manner, in the public and private sectors.”–.html

For The First Time In Iraq.. A Bank Launches The “Visa Direct” Real-Time Payment Service

Economy      First Bank of Iraq     Visa Direct     Money transfer  2023-08-09  Shafaq News/ The first “digital” bank in Iraq announced the launch of the “Visa Direct” service, in cooperation with “Visa”, the world leader in digital payments.

In a statement received by Shafaq News agency, the bank stated that “Visa Direct” is a real-time payment service from one side to another, which will enable Iraqi customers to enjoy real-time transfers for the first time in the country.

He pointed out that “Visa Direct” is a payment service provided by “Visa” that allows real-time payments to be sent directly to the recipient’s valid debit or credit card, using the 16-digit “Visa” card number.

“We are proud to provide this pioneering service to our customers in Iraq, and we believe that this will contribute to improving responsible access to financial services in the Iraqi market,” said the founder of First Iraq Bank, Kawa Junaid, according to the statement.  He added,

“By integrating financial and technological innovation with Visa’s global architecture, the First Bank of Iraq will contribute to supporting Iraq’s greater integration in global markets.”  He continued,

“The First Bank of Iraq is proud of its advanced technologies in the field of combating money laundering and combating the financing of terrorism (AML/CFT), and its operations and staff specialized in this field.”

And he indicated that “First Bank of Iraq seeks to ensure exceptional efforts in the Iraqi market,” adding, “We are committed to the highest standards (AML/CFT) and compliance with laws and regulations.

We have integrated technologies and efforts at work to take advantage of advanced compliance solutions, including  monitoring real-time transactions, and verification of digital identity and address linking, and setting limits for transactions and deposits.”

While the Director of the “Visa” Group in the Middle East, Mario Makary, explained that “Visa is looking forward to providing first-class international money movement solutions in the Iraqi market.

By using the capabilities of Visa Direct for international dealings, customers of the First Bank of Iraq will be able to access their money, move it, use it and communicate with more than three billion cards globally, while maintaining accessibility and security.

He added, “We strongly believe that this cooperation will create better user experiences by facilitating the process of accessing, moving and using the funds of First Bank of Iraq customers through a secure digital banking platform.”

According to the statement, the advantages of the “Visa Direct” money transfer service include  speed in settlements, ease of use of phone banking, security and reliability of the global “Visa Direct” system, availability of the “Visa Direct” system globally, and lower costs for transferring money from one person to another.اقتصـاد/ل-ول-مرة-في-العراق-مصرف-يطلق-خدمة-الدفع-ال-ني-فيزا-دايركت

The Central Bank Issues Strict Directives To Exchange Companies (Document)

Economy 2023-08-09 Source:Alsumaria News 5,047 views  The Central Bank of Iraq issued four strict directives to exchange companies regarding selling dollars on the electronic platform.

The bank said, according to a document seen by Alsumaria News, “The Central Bank of Iraq seeks to consolidate the activities of exchange companies and protect them from risks on the one hand and work to diversify their services on the other hand, and the reasons for this are to consolidate compliance and promote sound practices, in accordance with relevant laws and international standards and practices.”

And based on the supervisory and supervisory role of this bank, and for the purpose of controlling cash sales of dollars to travelers through the electronic platform, we urge your companies to adhere to the following:

Document below:البنك-المركزي-يصدر-توجيهات-صارمة-لشركات-الصرافة-وث

Financial Experts Call For The Adoption Of The Slogan {Our Dinar}

Economical 2023/08/08  Baghdad: Hussein Thaghb  Specialists in the financial affairs believe that the return of the exchange of the dollar to its normal rates requires the adoption of the slogan “Our Dinar”, calling at the same time that the efforts of government institutions, the private sector and the media join forces to support dealing in dinars exclusively, and to leave dollar transactions.

Financial affairs expert Suha Al-Kafa’i confirmed to “Al-Sabah” that  “the stability of exchange rates in the local market requires participatory solutions between the citizen and the merchant, as the

reality of transactions needs to be converted into the Iraqi dinar instead of the dollar for all transactions without exception, and this will reduce the demand for the dollar, as

The trader in dinars goes to the bank to obtain dollars for the purpose of importing at a price of 1320 dinars for one dollar, and from here it is possible to reduce the demand for dollars in the parallel market.

Al-Kafaei stressed that “the private sector has flexibility in providing solutions that help achieve stability in exchange rates,” noting that “the matter requires achieving integration and cooperation between the private sector and the central bank.” Iraqi.”

And she said, “The citizen is required to refrain from buying any commodity in dollars, and here he must go to buy goods from a similar merchant who sells in dinars, and thus contribute to reducing the demand for dollars, as this mechanism leads to all merchants directing to deal in dinars, and contributes to the non-rise in prices, as The merchant will go to the bank to obtain the dollar at a price of 1320 dinars against one dollar, to cover his imports through the approved mechanism.

And she stressed that “in this way, the two most important elements will abandon dealing in dollars, the citizen who has many and varied transactions, as the country’s population exceeds 40 million people, and the merchants who represent a wide segment that leads the economy whose imports represent 95% of the local market’s need, and when dealings tend to To the dinar, we tend to achieve stability in exchange rates, provided that we refrain from buying any need in dollars.”

And she warned of “the importance of the Ministry of Commerce raising the slogan of dealing in dinars, and escalating cases of education through seminars, conferences and the media, so that

dealings are in dinars exclusively, in support of the government’s measures to achieve stability in the exchange rates of the dollar against the dinar and at the official rate, and

there can be an active role for the development department.” The private sector and the Department of Import and Export in the Ministry of Commerce, from here a campaign must be launched to deal in dinars exclusively.

And she emphasized, “The inevitability of concerted efforts by the ministries, along with the media, to move towards dealing in dinars and

make dealing in dollars between the merchant and the bank exclusively for the purposes of financial imports,” noting that

“the business family realizes that dealing at the official rates of the exchange rate is more beneficial and profitable.”  Al-Kafaei pointed out that

“this mechanism will reduce dealings in the parallel market, which offers dollars at higher prices than the official price of 1,320 dinars against the dollar.” the one”.

In turn, the specialist in economic affairs, Silwan Al-Nuri, stressed that “it is imperative that we turn to dealing in local dinars inside the country, and that

mechanisms be agreed upon between the private sector that offers goods and services and the Central Bank of Iraq be adopted, and that

all challenges that prevent the merchant from going to the banking system to obtain dollars to cover its foreign imports.

He pointed out that “Iraq has a large volume of dealings with various countries of the world, and

there are challenges in dealing that need a serious pause to address them through continuous meetings that bring together the concerned parties, to create a dealing policy that regulates the reality of the local market, and maintains its stability, and the dinar is for internal transactions, and the dollar is for dealings.” foreign affairs and from its official sources, and not to go to the parallel market to obtain dollars.

He stressed that “limiting transactions in dinars represents an important step that raises the value of the dinar and takes the market to a stage of stability.”

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