BondLady’s Corner Late Monday PM 10-25-21

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Digital Transformation In The Central Bank And The Banking Sector

Economic and banking advisor Samir Al-Nusairi   Articles  Samir Al-Nusairi*   With determination and high confidence in the ability of the Iraqi financial and technical cadres to overcome the challenges of the technical gap that Iraq suffered due to the repercussions of the siege, wars and instability during the information revolution period.

The Central Bank, banks and specialized technical companies were able to overcome the challenges that stand in the way of the digital transformation of the banking sector and stand in the right direction in the darkest economic and security conditions that our country has experienced during the past years and draw a sound road map to catch up with the technical developments in the countries of the world.

The observer of the situation in Iraq during the years (2016-2021) notes the extent of belief in the Iraqi capabilities and competencies to bring about change and bridge the technical gap between us and the developed world. This is evident in the important achievements that have been achieved, as follows:

1 – The methodology adopted by the Central Bank and implemented by banks and electronic payment companies always focuses on working under a sound legislative, regulatory and legal umbrella, as well as strengthening the concepts of governance and global standards with regard to information technology and financial technologies.

2‐ Issuance of the electronic money payment system No. 3 of 2014 and the establishment of the National Payments Council, governance controls and institutional management of information and communications technology, and legal regulations and instructions that regulate the work of banks and electronic payment service providers.

3- The central bank plays a pivotal role in establishing advanced infrastructure, pursuing the latest global technologies, and developing the bank’s financial and banking systems, payment systems, and advanced communication networks according to the latest technologies.

4‐ The central bank, banks, and electronic payment companies own advanced payment systems as well as retail payment structures, and the national exchange was one of its most important parts. Up to 12 million credit cards were issued and approximately 1,300 ATMs were distributed and more than 5,000 points of sale.

5- Granting work licenses to many electronic payment service providers (card issuers, collectors, mobile payment companies’ operations, bill presenters and payment gateways through various channels).

6- Extensive interest in implementing the first objective of the first strategy of the Bank (2019-2020) and second (2021-2023),which is to achieve monetary and financial stability and enhance digital transformation in the banking sector through a sound financial system with interest in achieving financial inclusion and reducing risks, as well as adopting a localization project Employee salaries, which increased from 11% to 23%, and expected to achieve the target percentage in 2023.

It is clear from the above achievements that the Central Bank, the banking sector and electronic payment companies have overcome the challenges of the technical gap due to the blockade, occupation and terrorism, and it is moving today at a steady pace to achieve digital transformation in the comprehensive financial and banking sector towards achieving financial stability and moving from the cash society to the cashless society, which is also one of the objectives of the curriculum The reformist government in the white paper for the transition towards a digital economy.

Future plans for digital transformation

1- Enhancing research and development activities for the manufacture of new banking products that are spread across governorates, districts, districts, and small cities.

2- Improving the performance of banks through new inputs based on modern technologies, as well as the development of patterns and policies that adopt modern banking techniques that the countries of the developed world preceded us to.

3- Capacity building and qualification of digital transformation leaders and human resources in the field of modern banking sciences, technology and innovation with the aim of achieving sustainable development goals.

4- Develop plans and programs that aim to transform society into a society that deals with criticism, into a non-cash society and into an information society, so that plans and strategies for economic and social development are produced while working to achieve sustainable development goals.

5- Preparing national policies and strategies consistent with the plans of the monetary authority in management, supervision and control, and in coordination with information and communication technology.

* Economic and banking consultant

Views 259 Date Added 10/25/2021

Work: E-Commerce At The Forefront Of New Professions

Monday 25 October 2021  165  Baghdad: Batoul Al-Hasani   The Ministry of Labor and Social Affairs has ranked the e-shopping profession at the forefront of the professions required in the Iraqi labor market and will include it in training programs and soft loans for small projects.

The Director-General of the Department of Labor and Training in the Ministry, Raed Jabbar Bahed, told Al-Sabah: “The ministry is working to renew and develop training curricula to suit the needs of the Iraqi labor market,” noting that “electronic marketing is one of the most important professions, especially at the present time due to the passage of the country.” During the last period of the Corona pandemic, and days have proven that this profession is required in the Iraqi labor market.

He added, “The profession or skill of electronic shopping is new to the Iraqi professions approved in the training programs of the ministry, but it has expanded among the youth groups of job seekers and graduates who launched their own projects based on their own efforts made available to them by social media workers through the presentation process. and demand for their products, as well as the products they want to market.”

He added, “It is possible for them to be included in soft loans for small projects in order to develop their work and support them.”

And the Director of Labor and Training indicated that “the province of Baghdad is at the fore in this profession among all age groups and of both sexes, and there may be projects related to electronic shopping shared by a group of young people,” noting that “specialized courses will be organized in this new field by the Ministry of Labor in order to reduce unemployment and real benefit from technological development.

Bahed pointed out that “all groups are covered by the training programs in the training centers and for the various professions required in the Iraqi labor market,” explaining that “the training centers of the ministry continue to organize courses in Baghdad and the provinces and for various specializations.”   LINK

Anbar Reveals 225 Different Investment Opportunities

Monday 25 October 2021  92  Baghdad: Haider Falih Al-Rubaie

The Deputy Chairman of the Anbar Investment Commission, Abdul Latif Hammad Al-Halbousi, revealed that the investment opportunities in the province have reached 225 different opportunities, stressing the progress of many local and foreign companies to work in these projects.

This comes at a time when economists stress the need to work hard to attract more international investment companies to work in Iraq, and seek to conclude bilateral partnerships between the public and private sectors to invest in various fields.   domains.

Different Sectors

Al-Halbousi said, “The Anbar Investment Commission operates under the amended Public Investment Law No. 13 of 2006, which includes various sectors, residential, commercial, service, tourism and industrial, and within financial limits of no less than 250 thousand dollars and not more than 250 million dollars.

Al-Halbousi explained, “According to the investment law, many local, foreign and Arab companies have applied to work and invest in the governorate, and the number of investment opportunities of all kinds has reached 225, and there are many requests in the process of being completed, and in various sectors.


The deputy head of the Anbar Investment Commission pointed out that the governorate, in general, is a fertile ground for all kinds of investments, due to the availability of all the ingredients, noting that the local government is in the process of preparing an investment map according to a five-year plan, aimed at improving the investment reality in the governorate.

Attract Investment

In turn, the researcher in economic affairs, Bassam Raad, believes that {despite the advantages of the amended Investment Law No. {13} of 2006 and the good efforts made by the National Investment Commission, Iraq failed to attract large investments commensurate with the size and type of opportunities that exist. and sectors.

He attributed this to “a set of administrative and legislative obstacles, foremost of which is bureaucracy and red tape in procedures and completion of transactions, lack of expertise and specialized technical staff, and weakness and accuracy of data and information.”

In order to overcome this stifling economic crisis and the subsequent rise in unemployment among young people to high levels of about 23%, Raad urged the need to “transition from state capitalism to a free market economy and create an appropriate investment environment by reviewing many laws that You need to amend and give the National Investment Commission more powers and work to encourage foreign direct investment,”

stressing that “foreign direct investment can contribute to expanding the operational base of projects, as well as contributing to solving the problem of unemployment, as well as its contribution to the transfer and settlement of modern technology, and identifying On the advanced methods used in management, organization, communication and marketing, which leads to the acquisition of national workers with higher skills and greater experience.   LINK

Oil Prices Rise, Brent Exceeds $ 86 A Barrel

Economie| 08:47 – 10/25/2021  Follow-up – Mawazine News:  Oil prices jumped, on Monday, to continue their gains, to reach their highest levels in several years, as global supplies remained scarce amid strong demand for fuel in the United States and elsewhere in the world.  Brent crude futures rose 71 cents, or 0.8%, to $86.24 a barrel.  US West Texas Intermediate crude futures also rose 77 cents, or 1.0 percent, to $84.53 a barrel.

After more than a year of lower demand for fuel, consumption of gasoline and distillates is back in line with five-year averages in the United States, the world’s largest consumer of fuel. Ended 29/A 4

Oil Minister: Iraq Seeks To Invest 2.6 Billion Cubic Feet Per Day Of Gas By 2026

Oil Minister Ihsan Abdul-Jabbar. “Internet”  Energy   Economy News – Baghdad  Oil Minister Ihsan Abdul-Jabbar affirmed, on Monday, that Iraq supports all initiatives aimed at protecting the environment and reducing its polluting effects.

A statement by the ministry, seen by “Al-Iqtisad News”, stated that “Abdul-Jabbar, during his participation in the Forum of the Green Saudi Initiative, whose work was launched in the capital, Riyadh, last Saturday, with the participation of ministers and leaders of countries in the region and the world, affirmed Iraq’s support for all initiatives aimed at protecting the environment and reducing its polluting effects.”

And work to strengthen cooperation and unify efforts in order to properly deal with the challenges of climate change, through the implementation of joint environmental commitments with neighboring countries and the world.

According to the statement, Abdul-Jabbar said, “Iraq, with the support, care and follow-up of Prime Minister Mustafa Al-Kazemi, has taken practical steps to move seriously towards bringing clean energy, reducing emissions and pollutants, and setting plans to achieve our goals in optimal investment projects for associated gas and renewable energy projects.” “.

He pointed out that “Iraq succeeded in investing (53%) of the total associated gas, with an increase of 5% over the quantities invested two years ago.”

He stressed that “the Ministry of Oil has set scheduled plans to invest additional quantities of gas amounting to 2.6 billion cubic feet per day by 2026, and the ministry is continuing to implement its contracts with sober international companies to achieve our goals and plans within this framework.”

The Minister of Oil added, “The Saudi initiative is one of the important strategic initiatives in the region and the world, to meet the challenges and repercussions facing the climate and energy, and that Iraq supports the Green Middle East initiative, and that the green transition is not far from hydrogen, as the latter provides long-term opportunities for growth Diversify the economy, and the production of green hydrogen will diversify the economy of many Arab countries by taking advantage of the high solar energy resources in the region, and the production of blue hydrogen using low-value raw materials, such as heavy oils, may provide better future economic returns.

The Chairman of the Ministerial Council for Energy stressed that “Iraq, within the directions of the government and the Ministry of Oil, is conducting a study of multiple economic models for investing associated gas using GTL or GTP technologies through mobile generators with medium capacities or hydrogen conversion, and we are working on studying these important offers by the competent authorities.

He pointed out that “the Energy Ministerial Council has set its ten-year plan for energy transformation to reach 33% clean energy in 2030, and that Resolution No. 67 of 2021 set the features of the plan to produce 12,000 megawatts of solar photovoltaic energy, which began with EPC implementation contracts and IPP investment contracts with leading companies in the field of energy.” Energy such as (Total, Aquapower, Masdar, PowerGina) and others.

The Minister of Oil indicated that “Iraq is today one of the largest producers in the global energy market, as it is the second largest oil producing country in OPEC, at a rate of 4.150 four million and one hundred and fifty thousand barrels per day for the month of October, with the production of associated natural gas at a rate of 2.85 billion standard cubic feet per day.

Regarding Iraq’s role in protecting the climate, Ismail explained that “the Presidency of the Republic approved joining the Paris Climate Agreement at the beginning of this year, and at the same time, the Iraqi government confirmed its accession to the World Bank 2030 initiative to zero the burning of associated gas,”

noting that “the Ministry of Oil began contracting on Implementation of the joint sea water project CSSP, which includes the provision of 5 million barrels of water, which can be increased from sea water for injection purposes, which means providing the same amount of fresh water for human and agricultural purposes, based on the government’s keenness to sustain natural wealth and resources.


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