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To Develop Digital Payments Systems … The Central Bank And Mastercard Sign A Strategic Partnership

Economie| 10:15 – 19/04/2021  Baghdad – Mawazine News  The Central Bank of Iraq announced, on Monday, the signing of a partnership agreement with the “MasterCard” company, to digitize the payment systems in the country, in a step aimed at enhancing financial inclusion, advancing social and economic development, reducing the risks of the shadow economy, and accelerating progress towards a society. No cash.

“The partnership aims primarily to build an effective, reliable and secure payment system, as it will start with the education sector and then expand to other sectors,” the Central Bank said in a statement that Mawazine News received.

The bank added, “This will not only limit the use of cash, enhance digital payments and increase government revenues, but also overcome the large operational and administrative deficiencies in the education sector by reducing the excessive use of manual operations.”

“The work done by MasterCard in Iraq over the past few years has left a noticeable impact on the financial services sector in the country, and has greatly enhanced levels of financial inclusion,” said the Director-General of the Payments Department at the Central Bank.

She added that we at the Central Bank of Iraq, “are fully aware of the vital role that the digital economy plays at this stage, in particular enabling the formal economy to grow through a new payment system that is transparent, simple and effective,” noting “looking forward to working with MasterCard to advance the process of digital transformation in Iraq.” Starting with the education sector. ”

For his part, the regional president of MasterCard in the Middle East and Africa, Khaled Al-Jabali, affirmed that “the establishment of a digital payment system is very important because it encourages economic development and contributes to reducing the use of cash and the shadow economy as well.”

He added that “our work with the Central Bank of Iraq focuses on improving the efficiency of the economy as a whole, starting with educational institutions, by giving students, families and merchants a safer, easier and more comfortable way to pay.”

“This is only the beginning,” Al-Jabali said. “We are looking forward to expanding into other sectors at a later stage, in the context of our work to promote an integrated payment system and achieve financial inclusion in Iraq.”

It is worth noting that the population of Iraq, of 40 million people, depends on cash payments on a large scale, as these payments are used in 99.8% of personal consumption spending transactions that amounted to $ 122 billion in 2019. But that does not reduce the great opportunities available. For the digital transformation, the country has a large smartphone penetration rate of 70%, and 22% of the population falls within the category of tech-savvy youth between the ages of 15 and 24.

In addition, most students’ parents and parents have limited options for payment methods, as the majority of students use cash for all their payments.

In light of the fact that parents or students do not have bank accounts, or do not use online payment services, it is very important to work to encourage a change in the way school fees are paid, which will positively affect the payments system and the economy as a whole.

The partnership between MasterCard and the Central Bank of Iraq is an important shift that allows the development of an integrated digital payment system that covers the basic pillars of the economy in Iraq, including the use of public policies and systems to curb the shadow economy, the comprehensive modernization of the payments system, and the digitalization of key value chains.

These measures include government revenue and payments, consumer spending, as well as business purchases and salary payments. Ended 29 / p4     https://www.mawazin.net/Details.aspx?jimare=150217

A Strategic Partnership Between Mastercard And The Central Bank Of Iraq To Develop Payment Systems

Economy   Monday 19 April 2021 | 12:29 a.m.| Views: 777   MasterCard has signed a partnership agreement with the Central Bank of Iraq to digitize the payment systems in the country, in a move aimed at enhancing financial inclusion, advancing social and economic development, reducing the risks of the shadow economy, and accelerating progress towards a cashless society.

The partnership aims primarily to build an efficient, reliable and secure payment system, which will start with the education sector and then expand to other sectors. Not only will this reduce the use of cash, enhance digital payments and increase government revenues, but also overcome significant operational and administrative deficiencies in the education sector by reducing the excessive use of manual processes.

It is noteworthy that the population of Iraq, of 40 million, depends on cash payments on a large scale, as these payments are used in 99.8% of personal consumption spending transactions that amounted to $ 122 billion in 2019. However, this does not reduce the great opportunities available for digital transformation, as the country has a large smartphone penetration rate of up to 70%, and 22% of the population falls within the category of tech-savvy youth between the ages of 15 and 24.

In addition, most students’ parents and guardians have limited options for payment methods, as the majority of students use cash for all their payments. In light of the fact that parents or students do not have bank accounts, or do not use online payment services, it is very important to work to encourage a change in the way school fees are paid, which will positively affect the payments system and the economy as a whole. Commenting on the partnership, Mrs. Doha Abdel-Karim Mohamed said; Director General of the Payments Department at the Central Bank of Iraq: The work that MasterCard has done in Iraq over the past few years has left a noticeable impact on the country’s financial services sector and greatly enhanced levels of financial inclusion.

We, at the Central Bank of Iraq, are fully aware of the vital role the digital economy plays at this stage, especially enabling the formal economy to grow through a new payment system that is transparent, simple and effective. We also look forward to working with MasterCard to advance the digital transformation process in Iraq, starting with the education sector. ”Khaled Al-Jabali, Regional President of MasterCard in the Middle East and Africa, said:“ Establishing a digital payments system is very important because it encourages economic development and contributes to Reducing the use of cash and the shadow economy as well.

Our work with the Central Bank of Iraq focuses on improving the efficiency of the economy as a whole, starting with educational institutions, by giving students, parents and merchants a safer, easier and more comfortable way to pay. The partnership between MasterCard and the Central Bank of Iraq is an important shift that allows the development of an integrated digital payment system that covers the basic pillars of the economy in Iraq, including the use of public policies and systems to curb the shadow economy, the comprehensive modernization of the payments system, and the digitalization of key value chains.

These measures include government revenue and payments, consumer spending, as well as business purchases and salary payments. The partnership between MasterCard and the Central Bank of Iraq is an important shift that allows the development of an integrated digital payment system that covers the basic pillars of the economy in Iraq, including the use of public policies and systems to curb the shadow economy, the comprehensive modernization of the payments system, and the digitalization of key value chains.

These measures include government revenue and payments, consumer spending, as well as business purchases and salary payments.   https://aynaliraqnews.com/index.php?aa=news&id22=146459

Billions Of Tons … A “Treasure” In Anbar Awaits Investment

Economy   Monday 19 April 2021 | 10:26 a.m.| Views: 55  The official Al-Sabah newspaper reported, on Monday (April 19, 2021), that the seismic teams of the Ministry of Oil continue to explore five sites in Anbar Governorate to explore the quantities of liquid gas in them, which are estimated at 25 trillion .

Aziz Khalaf Al-Tarmouz, Anbar Governor’s Advisor for Energy Affairs, said, “The investment of the province’s oil and gas reserves is a major shift in enhancing the resources of Anbar and the country and eliminating the great waste of this important wealth .”

He added that “the quantities in the whole governorate, especially in the five regions, are estimated at billions of tons of gas,” noting that “the crutch field alone contains five trillions of liquid gas substance, while other areas contain the same amount .”

He continued, “The Ministry of Oil had previously sent its reconnaissance teams to prepare sites and install caravans for workers,” explaining that, “in order to connect our governorate to the network of oil pipelines throughout Iraq, the Ministry of Oil approved a project to extend a pipeline to transport liquid gas from the Abu Ghraib pipeline node towards Ramadi with a length of 120 km.” “.

https://aynaliraqnews.com/index.php?aa=news&id22=146470

Today, Monday, Representative Alia Nassif Confirmed That The House Of Representatives Will Vote On The Dismissal Of Finance Minister Ali Allawi If The Decision To Impose Taxes And Deduct From The Salaries Of Employees Is Implemented .

Political      Nassif said in a statement, “Parliament represents the authority of the Iraqi people, and Parliament has previously removed the tax deductions paragraph from employee salaries from the financial budget, and we will not allow any party to circumvent the budget law .”

Nassif indicated that: “The government does not have the right to impose these taxes on employees’ salaries in any way, otherwise Parliament will object and challenge these measures, and we will also vote to dismiss the Minister of Finance on the same day that the deductions are applied .”

And she continued, “While we assure all employees and retirees that their salaries will not be subject to tax withholding, we call on the Minister of Finance to maximize state resources by controlling border outlets that evaporate most of their revenues, and by eliminating financial corruption and limiting the waste of public money, instead of Pursuing the salaries of a simple employee . ”

https://aynaliraqnews.com/index.php?aa=news&id22=146476

In Today’s Auction … The Central Bank’s Hard Currency Sales Are Up

Economie| 12:12 – 19/04/2021   BAGHDAD – Mawazine News   The Central Bank of Iraq sales of hard currency recorded, on Monday, a significant increase of 6.41, compared to the figures recorded yesterday.

The daily bulletin of the Central Bank’s foreign currency sale and purchase auction today stated that “the bank’s sales of dollars rose by 6.41 percent, to reach 209 million 454 thousand 659 dollars, covered by the Iraqi Central Bank at a basic exchange rate of 1460 dinars per dollar.”

The bulletin stated that “the purchases amounting to 187 million and 274 thousand 659 dollars, went to strengthen the assets abroad in the form of transfers and appropriations, while the banks bought 22 million and 180 thousand dollars in cash.”

She added, “31 banks have met requests to enhance assets abroad, 16 banks to meet cash requests, 20 participating exchange companies, and 226 companies out of the number of participating mediation companies.”

The central bank’s sales of hard currency yesterday reached 196 million and 842 thousand dollars. Ended 29 / p4    https://www.mawazin.net/Details.aspx?jimare=150229

The Opening Of The Headquarters Of The Iraqi Company To Guarantee Deposits

Time: 04/19/2021 12:56:35 Read: 2,041 times   {Economist: Al-Furat News} The governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, inaugurated, on Monday, the headquarters of the new Iraqi company to guarantee deposits.

“The company will contribute to restoring confidence in the private banks operating in Iraq,” the governor said in a statement that Al Furat News received, stressing that “the Central Bank will pay attention to this company asit is one of the pillars of the banking business.”

He explained that “the public and private banking sector actively participated in establishing this company to become one of the leading institutions in the banking business and supporting it.”

It is noteworthy that “the Iraqi Deposit Insurance Corporation provides a cover to guarantee public deposits with Iraqi banks licensed by the Central Bank of Iraq inside Iraq, especially small depositors.”   LINK

To Restore Confidence In Private Banks … Opening the headquarters of the Iraqi Deposit Insurance Company

Economie| 01:03 – 19/04/2021   BAGHDAD – Mawazine News,  Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, opened the new headquarters of the Iraqi Company for Deposit Insurance on Monday.

“The company will contribute to restoring confidence in the private banks operating in Iraq,” the Central Bank Governor said, in a statement received by Mawazine News, that “the central bank will pay attention to this company as it is one of the pillars of the banking business.”

It is frighteningly clear that “the public and private banking sector actively participated in establishing this company to become one of the pioneering institutions in the banking business and supporting it.”

It is noteworthy that the Iraqi Deposit Insurance Company provides a cover to guarantee public deposits with Iraqi banks licensed by the Central Bank of Iraq, inside Iraq, especially small depositors. Ended 29 /

https://www.mawazin.net/Details.aspx?jimare=150235

Learn About The Trading Indicators Of The Iraq Stock Exchange For Today, Monday

Economie| 02:26 – 19/04/2021   BAGHDAD – Mawazine News  The Central Bank of Iraq announced the trading indicators of the Iraq Stock Exchange for this day, Monday.

“The number of listed companies reached 103, and the number of traded companies 35.”

The bank stated that:1. The number of traded shares reached (4,622,189,623) shares.

  1. The value of shares (16,160,668,201) dinars.
  2. The ISX60 price index closed in today’s session at (596.25) points, up by (0.14%) than its previous session’s close of (595.40) points.
  3. Trading in shares of (35) companies out of (103) companies listed in the market.
  4. The number of companies suspended by a decision of the Securities Commission for non-compliance with the instructions for financial disclosure is 19 companies.
  5. The number of shares purchased from non-Iraqi investors in the market reached (106) million shares, at a value of (245) million dinars, through the implementation of (60) deals on shares of (6) companies.
  6. The number of shares sold by non-Iraqi investors in the market reached (36) million shares, at a value of (63) million dinars, through the implementation of (28) deals on shares of (7) companies.
  7. Executing a counter-order intended on the shares of the Baghdad Soft Drinks Company, with a number of shares (3) billion shares and a value of (15) billion dinars. Ended 29 / p4

https://www.mawazin.net/Details.aspx?jimare=150245

Al-Kaabi Meets With The Governors And The Ministers Of Finance And Planning .. This Is What Was Discussed?

Political| 11:38 – 19/04/2021    BAGHDAD – Mawazine News  , the First Deputy Speaker of Parliament, Hassan Karim Al-Kaabi, chaired, on Monday, a meeting that brought together the governors and the ministers of finance and planning, to discuss the implementation of the budget provisions.

The media office of the Deputy Speaker of Parliament said in a brief statement that Mawazine News received a copy of, that “Al-Kaabi chaired an important meeting with the governors and the ministers of finance and planning to discuss the implementation of the 2021 budget,” adding that “the meeting touched on the most important financial and planning problems facing the provinces.” Ended 29 / p4

https://www.mawazin.net/Details.aspx?jimare=150226

Among Them Are Current And Former Ministers … Parliamentary Integrity: There Is A New Approach Against Corruption Heads

Political| 12:53 – 19/04/2021 BAGHDAD – Mawazine News The Parliamentary Integrity Committee revealed, today, Monday, an expected approach to combat and reduce corruption in the country, while it indicated the involvement of ministers with large files.

A member of the Parliamentary Integrity Committee, Karim Abu Souda, said in press statements followed by Mawazine News, that “fighting corruption and retrieving money stolen by the corrupt needs money,” indicating that “there is a trend to wage a revolution against corruption and fight it seriously in all institutions.”

Abu Souda added, “Parliamentary integrity has large files that will affect a number of ministers in the previous government, in addition to ministers in the Al-Kazemi government.”

He pointed out that “the file of corruption is large and needs coordination between the committees and the competent bodies and the application of law against everyone who stole public money.” Ended

https://www.mawazin.net/Details.aspx?jimare=150234

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