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Tishwash: The central bank reduces the technology gap and achieves digital transformation

With high insistence and confidence in the ability of the Iraqi financial and technical cadres working in the Central Bank to reduce the challenges of the technical gap in information systems that Iraq has suffered due to the repercussions of the blockade, wars, terrorism and instability during the information revolution.

The central bank was able to address 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.

And this major technical effort of the Central Bank was evaluated last month when the Director General of Payments at the Six Central Bank was honored, Duha Abdul Karim, among the 12 innovators worldwide, by the United States Secretary of State for her role in implementing the Central Bank’s plan and her distinguished effort in establishing A nationwide credit card infrastructure that facilitates digital payroll payments. 

These payments establish a path that can be audited, and it is certainly an important national effort for the employees of the Central Bank and the banks, and this comes due to the measures and developments undertaken by the Central Bank and to stand in the right direction in the darkest economic conditions that our country has suffered from and to draw a sound roadmap to catch up with technological developments in the countries of the world.

An observer of the situation in Iraq will notice the extent of faith in the Iraqi capabilities and competencies in bringing about change and reducing the technical gap between us and the developed world, and this is evidenced by the important achievements that have been achieved, as follows: –

The methodology adopted by the Central Bank always focuses on working under a sound legislative, regulatory and legal umbrella, as well as strengthening the concepts of governance and international standards in relation to information technology and financial technologies.

The central bank plays a pivotal role in establishing advanced infrastructure and pursuing the latest international technologies, developing the bank’s financial and banking systems, payments systems and advanced communications networks according to the latest technologies.

3- The central bank’s possession of advanced payment systems as well as retail payment structures, and the national repository was one of its most important parts.

47 Granting business licenses to many electronic payment service providers (card issuers and collectors, processing the operations of mobile payment companies, billers and payment gateways through various channels).

  1. Wide interest in implementing the first objective of the Bank’s strategy for the years (2016-2020).

6‐ Achieving financial stability through a sound financial system, with an interest in achieving financial inclusion and reducing risks, as well as adopting a project to localize employees’ salaries.

It is evident from the above achievements that the Central Bank has been able to reduce the challenges of the technical gap, and it is proceeding today at a steady pace to achieve a digital transformation in the financial sector towards achieving financial stability and moving from a cash society to a cash society, which is one of the goals of economic and financial reform in the White Paper.

* An economic and banking advisor   link

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Tishwash:  The Central Bank reveals the reason for the decline in dollar prices in the market for the official pricing .. and resolves the controversy over the fate of the pricing

The Central Bank of Iraq announced that its total foreign currency reserves amounted to nearly $ 56 billion, stressing that it would maintain the stability of exchange rates in the markets through the use of its various monetary tools.

An official source at the Central Bank of Iraq said in an interview with the official newspaper, that “foreign reserves are still within the limits of sufficiency,” and that “total foreign reserves decreased by approximately 20% during 2020,” and he also indicated that “gold holdings are approximately $ 5,703 million An American, and there are no plans to increase investment in gold in light of the continuing impact of the crisis. ”He explained that“ the Chinese yuan currency is one of the currencies invested in foreign reserves.

The source stated, “The Central Bank of Iraq maintains the stability of exchange rates in the markets by exploiting its various monetary tools, the most important of which is the foreign currency sale window that aims to finance imports of goods and services, in accordance with the provisions of the Iraqi Central Bank Law No. 56 of 2004 in Article 28 / b (simple, unconditional buying and selling of foreign currency), in a manner that maintains acceptable rates of inflation.

The source attributed the reason for the decline in the price of the dollar in the markets, especially last month, from the price specified in the bank, by saying: “The exchange rate of the US dollar in the local markets retreated from the approved official selling price after the price change by the bank at the end of December of the year 2020, due to the fact that the change in the exchange rate initially formed a shock to the local market, which required an adjustment period to work out the settlements that took place between each of the merchants (wholesalers, retailers, singles) and the settlements of wholesalers with banks, as imports decreased to severe levels, and thus a decrease Demand for foreign currency. link

Tishwash:  Parliamentary preferences by voting on the budget by majority system next Thursday

Member of Parliament, Zaitoun Al-Dulaimi, suggested that the draft budget law be included on the agenda of next Thursday’s session, indicating that the agreement with the region will not reach a consensus and the vote will take place with a majority system.

Al-Dulaimi said in a statement to / the information /, that “the dispute between the region and the center did not reach any agreement for a moment, especially since the region’s representatives repeatedly tried to link the Federal Court’s law to the budget law. Enacted annually ”.

She favored “the inclusion of the budget law on the agenda of Thursday instead of tomorrow, Wednesday, with the majority system,” indicating that “the vote on the Federal Court Law will vote on the amendment due to the failure to achieve a two-thirds quorum to vote on new legislation for the court law.”

And a member of the Parliamentary Finance Committee, Muhammad al-Shabki, confirmed in a previous statement to “the information”, that Parliament will pass the budget with the exception of the disputed articles between Baghdad and Erbil , pointing out that passing the budget needs more than one session in Parliament.  link

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Tishwash:  Today, Tuesday, oil prices are declining due to an increase in US inventories

Oil prices witnessed, on Tuesday, a decline, with increasing concerns about the increase in stocks in the United States, and the threat of countries, including Germany and France, to stop vaccinations against the Corona virus.

Brent crude fell 58 cents, or 0.8 percent, to $ 68.30 a barrel, after falling 0.5 percent on Monday.
US crude fell 61 cents, or 0.9 percent, to reach $ 64.78 a barrel, after falling 0.3 percent in the previous session.

Germany, France and Italy are planning to suspend injections of AstraZeneca plc for COVID-19 after reports of potentially dangerous side effects, although the World Health Organization has said there is no confirmed link to the vaccine.

These moves deepen concerns about the slow pace of vaccination in the region, which could delay any economic recovery from the epidemic in one of the hardest-hit areas.

In the US, inventories are also rising due to the “big freeze” last month that halted refining operations that have taken time to return fully.

In the week ending March 5, US crude oil inventories rose by 12.8 million barrels, against analysts’ expectations for a rise of less than 1 million barrels.  link

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GoldPeg9:   The selfless Irish!

The Irish never hesitate to come to the aid of their fellow man (fellow air passengers, in this case)!

Shortly after take-off on an outbound, evening Aer Lingus flight from Dublin to Boston, the lead flight attendant nervously made the following painful announcement in her lovely Irish brogue: “Ladies and gentlemen, I’m so very sorry, but it appears that there has been a terrible mix-up by our catering service. I don’t know how this has happened, but we have 103 passengers on board, and unfortunately, we received only 40 dinner meals. I truly apologize for this mistake and inconvenience.”

When the muttering of the passengers had died down, she continued, “Anyone who is kind enough to give up their meal so that someone else can eat, will receive free and unlimited drinks for the duration of our 10 hour flight.”

Her next announcement came about 2 hours later: “If anyone is hungry, we still have 40 dinners available.”

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