Introduction of prominent features on the new banknotes
Prime Minister: Iraq is moving confidently towards reform and developing regional and international relations
Iraqi Prime Minister Mohammed Shia al-Sudani stressed today, Tuesday, that Iraq has a great uniqueness in dealing with issues of survival, noting that “the Iraqi is one of the most proud and self-confident personalities, and cannot be subject to anyone, whoever he may be,” indicating that “portraying our country as subordinate to any country is inconsistent with the historical character of Iraq.”
Al-Sudani also discussed Iraq’s international relations, stressing that “the relationship between Iraq and the United Kingdom has a special character,” noting that “today we are facing a new phase in our relationship with the United Kingdom.”
He also explained that Baghdad is working to “build a stable institutional relationship with Washington,” stressing that the United States “remains a major partner for Iraq.”
Regarding regional relations, he stressed that “Riyadh is a key partner in Iraq’s economic equation,” noting that “the electrical connection with Saudi Arabia is not just a technical project, but rather a step towards achieving long-term economic integration.”
He added that Iraq plays a pivotal role as an “effective mediator” between various regional parties, as Baghdad has become “a center for calm dialogue that aims to bridge the gap between the parties.”
Al-Sudani explained that Iraq is moving confidently towards institutional reform, as the government is working to “integrate the armed factions within the legal and institutional frameworks,” noting the government’s commitment to a policy of openness and true partnership, while emphasizing the determination to build “a new Iraq based on its Arab cultural heritage.”
Electronic payment reduces the cost of paper currency and supports economic transparency
Researcher and specialist in financial and banking Mustafa Hantoush confirmed today, Tuesday, that electronic payment reduces the costs of paper currency and supports economic transparency.
Hantoush said in a statement to Al-Maalouma Agency, “There are major developments in the electronic payment sector in Iraq,” noting that “the government has formed a special committee in cooperation with the Central Bank to support this system.”
He pointed out that “the value of electronic payment in Iraq witnessed a huge leap, as it did not exceed 300 billion dinars during the years 2020-2021, but today it has reached 10 trillion dinars,” indicating that “this development was accompanied by a significant expansion in the use of financial technology within state departments, as the number of government departments that rely on this system increased from only 8 departments to more than 600 departments.”
He added, “The number of point-of-sale (POS) devices has witnessed remarkable growth, jumping from 8,000 devices to more than 40,000 devices, reflecting the rapid expansion in the infrastructure needed to implement electronic payment systems.”
He explained that “electronic payment exempts the state from the high cost of printing paper currency, in addition to providing solutions to the cash liquidity crisis. It also enables the government to accurately read the market, monitor profitable sectors, and determine the locations of money flow, which contributes to strengthening the national economy.”
He pointed out that “the government has succeeded in marketing the culture of electronic payment, but it still needs to exert more efforts to enhance public awareness about the importance of this system and increase reliance on it.”