Iraqi News Highlights Wednesday Afternoon 6-7-23
Tlm724 Administrator Bondlady’s Corner
The Central Bank Denies Depriving Banks And Companies From Participating In The External Transfer Platform
Economy News – Baghdad The Central Bank denied, on Wednesday, reports that a group of licensed banks and electronic payment companies were denied participation in the external transfer platform.
The Central Bank also denied, in a statement issued today, “rumors about banning or stopping electronic payment cards issued by private banks or electronic payment companies.”
The bank stressed, “This news is untrue, as its main goal is to manipulate the exchange rate by speculators in foreign currency.”
And the bank held “full responsibility for the parties and pages that circulate such fake news,” continuing that it “reserves its legal right to take measures to deter the promoters of such fake news in all media.”
He called on the Central Bank to “see the official website of this bank (www.cbi.iq) and the confirmed news it publishes that refute these allegations.”
Views 15 06/07/2023 – https://economy-news.net/content.php?id=34626
The Central Bank denies rumors about stopping electronic payment cards issued by private banks
Economy | 05:26 – 07/06/2023 The Central Bank of Iraq denies depriving a group of licensed banks and electronic payment companies from participating in the external transfer platform667INA(1), 05:24 PM
Sales Of The Central Bank Of Iraq Exceed 230 Million Dollars In Today’s Auction
Economy News _ Baghdad Central Bank sales at auction today, Wednesday, amounted to more than 230 million dollars.
A bank statement, seen by “Al-Iqtisad News”, stated that “the central bank sold today, during its auction for the sale and purchase of US dollars, 234 million and 268 dollars, which the bank covered at a basic exchange rate of 1305 dinars per dollar for documentary credits and international settlements for electronic cards, and at a price of 1310 dinars per dollar for transfers.” Foreign affairs at a price of 1310 dinars per dollar in cash.
He added that most of the dollar sales went to enhance balances abroad in the form of (remittances, credits) at 196,180,268 dollars, while the rest of 37,820,000 dollars went in the form of cash sales.
He pointed out that the banks that bought cash dollars amounted to 17 banks, while the number of banks that responded to requests to strengthen balances abroad reached 22 banks, while the total number of exchange and mediation companies participating in the auction was 125 companies.
Views 142 06/07/2023 – https://economy-news.net/content.php?id=34622
High Dollar Prices In Baghdad
Market Economy News _ Baghdad Today, Wednesday, the exchange rates of the US dollar rose against the Iraqi dinar, on the main stock exchange in the capital, Baghdad.
The central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded, this morning, an exchange rate of 147,950 dinars for every 100 US dollars, while the prices recorded yesterday morning, Tuesday, were 147,800 dinars.
The buying and selling prices also increased in exchange shops in the local markets in Baghdad, where the selling price reached 149,000 dinars, while the purchase price reached 147,000 dinars for every 100 dollars. Views 169 06/07/2023 – https://economy-news.net/content.php?id=34620
The Use Of POS Devices, Start-Up And Future Prospects
Articles Sameer Al-Nusairi The digital transformation in the banking sector using electronic payment techniques in financial and commercial transactions is one of the most prominent developments led by the Central Bank and implemented by banks.
With what was stated in the government program to develop banking work and proceed with plans for financial inclusion and digitization of banking transactions in a manner that meets international standards and specifications in force at the international level.
While we support the decision of the Council of Ministers in this regard and stress the need for strict adherence to the authorities in charge of implementing the decision in accordance with the procedures and mechanisms specified in the paragraphs of the decision,
we must, on this occasion, clarify the efforts made and are being made by the Central Bank since its launch of the technical revolution for digital transformation in the banking sector since 2016 in implementation For the objectives of its first and second strategies and until the present time in achieving banking reform and development and with determination and high confidence in the ability of the Iraqi financial and technical cadres working in the Central Bank to overcome the challenges of the technical gap in the information systems that Iraq suffered from due to the repercussions of the blockade, wars, terrorism and instability during the period of the information revolution.
Where the Central Bank was able to overcome the challenges of digital transformation and development in banking technologies, establish infrastructure in banks, and lead an advanced system of payments at the level of the state’s financial system.
It is certainly an important national effort for the employees of the Central Bank and banks, and this comes because of the procedures and developments that the Central Bank has taken, and to stand in the right direction in the darkest economic conditions that our country suffered from, and to draw a sound road map to catch up with technical developments in the countries of the world.
The Central Bank and the banking sector believe that the decision of the Council of Ministers is moving in a direction and steps consistent with the strategy of the Central Bank in digitizing and developing daily financial, banking and commercial transactions with the latest developments, developments and standards in the developed countries of the world in this field, and on 1/6/2023 some ministries began contracting with payment companies
On the other hand, technical discussions with specialists in the Central Bank and electronic payment companies in the private sector are continuing with the aim of securing the foundations, standards and technical infrastructure and the availability of the necessary number of POS devices, including covers the required need.
Great educational, media and advertising efforts are being made to spread banking awareness among citizens of the importance and positive aspects of electronic payment at the individual and community level, because the banking culture of citizens using this modern technical means to move from cash payment to payment in this manner is very weak, in addition to the poor knowledge and ways of stimulating the owners of malls or shops. And services, entities and areas that can use this type of daily financial and banking transactions.
As well as the urgent need to develop communication services and facilitate the use of Internet services, therefore, governmental support is required for the process of expanding the use of electronic cards and points of sale by obliging the ministries to cooperate with the Central Bank of Iraq.
Business completion and facilitation of all routine procedures also requires providing incentives to service providers and providing banking facilities such as exempting them from taxes, especially since they waived their commissions for a period of 6 months. 200 views 06/07/2023 – https://economy-news.net/content.php?id=34619
Iraq And Switzerland Are Discussing Building Partnerships To Promote Sustainable Development In The Financial, Economic And Investment Sectors
Wednesday 07, June 2023 13:07 | Economical Number of readings: 338 Baghdad / NINA / – The Minister of Finance, Taif Sami Muhammad, expressed the Iraqi government’s welcome to the Swiss government’s steps towards consolidating joint bilateral relations in all fields, especially with regard to financial and economic files.
A statement by the ministry stated, “The Minister of Finance received, today, Wednesday, the Swiss Ambassador to Iraq, Emilia Georgieva, and her accompanying delegation. During the meeting, they reviewed the most prominent issues and files of common concern, and ways to strengthen bilateral relations by building partnerships to promote sustainable development in the financial, economic and investment sectors.”
The statement added, “The minister renewed the Iraqi government’s desire to improve relations with Switzerland, and benefit from its advanced expertise in various fields, especially related to benefiting from the abundant investment opportunities in Iraq, and strengthening banking cooperation between the two sides.”
For her part, Ambassador Georgieva expressed “her country’s readiness to consolidate economic and financial relations with Iraq, especially in the fields of industry, trade exchange, banking cooperation, and support for reform plans for the Iraqi economy.”/ End
Oil Prices Declined Globally, With Brent Nearing $76 A Barrel
Economy | 08:26 – 07/06/2023 Baghdad – Mawazine News Oil prices fell today, Wednesday, due to slowing global economic growth, which increased fears of lack of demand, but fears of shrinking global supply after Saudi Arabia’s pledge to deepen production cuts limited the loss significantly.
Brent crude futures fell 35 cents, or 0.46%, to $75.94 a barrel at 04:15 GMT.
US West Texas Intermediate crude futures fell 29 cents, or 0.4%, to $71.45 a barrel.
Both benchmarks fell about 1% on Tuesday, paring some of Monday’s gains that were prompted by a surprise pledge over the weekend by top crude exporter Saudi Arabia to cut output by 1 million barrels per day to 9 million bpd in July.
Some energy analysts believe that the divergent economic outlook and discouraging indicators in the United States and China have overshadowed the news of Saudi production cuts, which investors are now reluctant to take a major position.
The voluntary cut, Saudi Arabia’s biggest in years, comes on top of a broader agreement by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia to limit supplies until 2024 as the group, known collectively as OPEC+, seeks to consolidate the decline.