Central: We aim to complete all financial transactions electronically


09/1/2018 12:00 am

After the completion of the infrastructure of payment system retail
Baghdad / Hussein Thagb
The Central Bank of Iraq for the coming period to make all financial transactions through the banking system and electronic systems developed by the Central Bank in the field of payments, which contribute to make the monetary mass an active player in the process of sustainable development
Director of Payments Department in the Central Bank of Iraq, said: “The central bank’s goal for the next phase is to complete all financial operations in the country for the public and private sectors through the banking sector.” She pointed out that “these operations are not through the deployment of equipment allocated in All places or issuing special cards and are pulling money through, but the integration of electronic collaboration is when the transactions in the public and private sectors as a whole through electronic cards so that this step will be complementary to the process of localization of salaries and become financial operations are Abraljhaz banking. dealing Ba Cash

She pointed out that the introduction of the private sector owner to a large block of cash to electronic transactions requires special products dealing with their trade and their needs for cash and be more flexible than dealing with cash, and here requires the introduction in the official channels of electronic transactions away from the complexity. To make all private sector institutions within the settlement of salaries, pointing out that this requires cooperation by public institutions such as taxes and departments of the
Ministry of Commerce. Infrastructure

“In view of the evolution of the Iraqi payment system, the launch of the salary settlement project, the remarkable progress in increasing the number of bank accounts and the completion of the retail payment infrastructure, which is one of the cornerstones of the improvement of the working environment, the aim is to attract deposits and manage remittances by banks On all levels (personal and commercial) and that all parties within the system and maintain the cycle of cash through the banking system and away from the circulation of cash “She drew Abdul Karim that”The opportunity for individuals of interest and crafts to register their entities from shops, shops, markets and workshops in the Registrar of Companies or any competent authority under the condition of the tax number and bank account are impossible if not accompanied by decisions to encourage, motivate and facilitate the formal procedures of registration to prevent manipulation and corruption at the same time Through cooperation between all parties, whether regulatory, security and municipal to be all these entities have a number / commercial record and a tax number and a bank account. ”

Electronic wallet
director of a specialized companies weigh – Tamimi said: ” The Partnership is working to provide e – wallet services through its network, and can co – pay bills, transfer money, buy electronic cards and more services,” pointing out that the deposit operations and withdrawals made through thousands of centers “The citizen can register in the electronic wallet with high speed, so that he can register in the temporary portfolio by logging into a specific application, where it is valid Live this wallet only sixty days. And can register in the wallet Aldaimip by going to the nearest authorized agent and submit the required documents and the identity of the Civil Status card housing. ” Culture deal

He pointed out that the main objective of the localization of salaries is to spread the culture of dealing with the banking system, and that the salaries of employees guaranteed, because the banks dealt with by the Central Bank can be described as Almsrinp, “pointing out that” the central bank is the guarantor of salaries of employees, ”
He pointed out that” salaries not withdrawn by employees (savings) increase the liquidity of banks and may be used as development loans and thus become the salaries of state employees a tributary of economic growth. “

http://www.alsabaah.iq/ArticleShow.aspx?ID=150668

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Float currency


Author: Mohamed Sherif Abu Maysam

09/1/2018 12:00 am

The talk about the flotation of the Iraqi dinar may be too early for a set of economic, financial and political standards that prevent
flotation.
As the method of floating in the management of monetary policy, necessarily need to market elements are formed in accordance with regular relations and based on real sectors contribute a large part of the gross domestic product in a legal atmosphere that establishes an economy led by a private sector free of the dependency of the state with adequate performance and flexibility of the
productive apparatus .
This is not true of the current economic landscape, as well as the ability of the Iraqi economy as a “rent-dependent economy” that relies on 85 percent of the budget revenues on oil. It maintains a safe cash reserve in the central bank’s coffers through monetary exchanges between the central treasury and the central bank.
Which makes this reserve in spite of the daily auction sales of the dollar within the limits able to control the price of the dinar on the basis of the reserve equation with the amount of
cash out.
Floating is a tool for managing monetary policy in a market economy. The exchange rate is left to the market mechanism determined by the forces of supply and demand in the money market. Central banks’ policies differ from the floating of their currencies according to the economic data determined by the levels of GDP, balance of payments and trade balance.
Usually depends on the so-called “floating float” policy in countries whose economies suffer from crises, whose exports are less than their imports, leaving the exchange rate to be determined according to supply and demand with the intervention of the central bank whenever the need to modify this price against the rest of the currencies, The most important of which is the gap between supply and demand and developments in price markets
Parallel drainage.
The developed capitalist states rely economically on the so-called “free float” method as producing countries with higher rates of exports than their import rates. Their budget revenues consist of total tax collection, service fees and customs. The exchange rate is left to change freely according to market forces, supply and demand, In this case, the intervention of central banks is limited to influencing the pace of exchange rate change, not limiting it
.
However, the Iraqi situation is completely different here from the two models above, because the Iraqi economy is exceptionally prosperous and still suffers from structural imbalances. The real sectors and the sectors that support them do not contribute more than 8% of the GDP.

http://www.alsabaah.iq/ArticleShow.aspx?ID=150669

 

Iraq agrees with a US company to invest gas from one of Basra’s fields

– 1/8/2018 9:56:00 AM2 Number of readings

 

Khandan –

The Iraqi oil minister announced an agreement with US company Orin to invest gas associated with oil operations in the field of Ben Omar province of Basra.

Oil Minister Jabbar al-Allaibi said in a statement that “the efforts of the ministry in the optimal investment of gas wealth has resulted in a preliminary agreement to invest gas in the field of Ben Omar in the province of Basra.”

He added Allaibi, “It is hoped to sign the memorandum of understanding in the coming days between the investor company and Basra Oil Company.”

It is noteworthy that the field of the Ben Omar River is one of the most promising fields in southern Iraq where it is developed by the national effort, and its production of crude oil more than 40 thousand barrels per day and 25 million cubic feet a day of raw gas.

http://www.xendan.org/ar/detailnews.aspx?jimare=15575&babet=80&relat=8030

 

The CBI joins the AAOIFI body

 

The Central Bank of Iraq joined the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
The Director of the Information Office of the Central Bank of Iraq, Acer Jabbar in a press statement, “The Central Bank of Iraq has been a member of the Accounting and Auditing Organization of Islamic Financial Institutions (AAOIFI),” noting that “the bank became a member of this together with a group of banks and Islamic financial institutions and the authorities Control and banking on banks, money markets, insurance and finance in a group of countries and within the category of “regulatory and whistle-blower”.
The Jabbar that “the Central Bank of Iraq membership in the Ayyubi enjoys all the rights and duties in the body to serve the professional and technical relations that reflect positively on the work of Islamic banking in Iraq.”

http://en.economiciraq.com/2018/01/08/the-cbi-joins-the-aaoifi-body/

Kuwaiti official unveils details of Iraq reconstruction conference

 

Editorial Date: 2018/1/8 19:00 • 47 times scheduled
(KUNA) – Kuwaiti Deputy Foreign Minister Khaled Al-Jarallah said on Monday that the Kuwait International Conference for the Reconstruction of Iraq will be held from February 12 to 14, stressing that “Kuwait’s support for Iraq has not stopped and will not stop.”
Al-Jarallah said during a press conference held in Kuwait on the occasion of the announcement of the conference on reconstruction of Iraq that “the security and stability of Iraq from the security and stability of Kuwait and logic, and Kuwait has won its humanitarian, moral, Arab and Islamic role to support and support Iraq.”
He pointed out that “the State of Kuwait has begun preparations for the conference, since the Amir announced his intention to host it, has been contacted with Iraqi brothers and the World Bank, and began to clear picture in this conference.”
“The conference includes development dimensions, the participation of the private sector in the reconstruction of Iraq, and the World Bank will participate as a major contributor to the conference to provide the required guarantees for the private sector,” the Kuwaiti official said. “The World Bank needs guarantees for investment and participation in the development of Iraq. “He said.
He pointed out that “the first day of the conference will be dedicated to civil society organizations; while the second day will be dedicated to the private sector, and the third to announce the contributions of countries.”
In turn, the Secretary-General of the Iraqi Council of Ministers, Mehdi Alalak, that “the conference will not be traditionally, will be announced investment opportunities, which will be a main pillar, and will be preparing investment plans and reports on the extent of damage, according to specialized field studies.
“A report will be published on the 13th of this month on the amount of destruction and the amounts needed for the reconstruction of Iraq on the official website of the conference,” Al-Aalak said.
He pointed out that “the conference will discuss the issue of securing humanitarian operations in the liberated areas of the preacher,” stressing “his confidence in the success of Kuwait to organize the conference,” pointing out that “the amount needed by Iraq for reconstruction at least 100 billion dollars, to support the affected housing sector Significantly, and also the oil and telecommunications sectors and basic industries and services. ”

 http://alforatnews.com/modules/news/article.php?storyid=157450

EU policy declares new strategy for Iraq

EU announces new strategy for Iraq
 Twilight News    
 2 hours ago

European Union High Representative for Foreign and Security Affairs Federica Mugherini and the European Commission on Monday approved proposals for a new EU strategy for Iraq.
The European Commission said in a statement that the proposals outline current and future long-term support from the EU to Iraq, taking into account the priorities of the Iraqi government.
“Iraq is at a crossroads in its history after the regional defeat and it is now important to work quickly and rebuild the country with the participation of all components of Iraqi society and the promotion of fundamental rights and the rule of law,” the statement quoted Mugherini as saying.
“It requires international support, and we are ready to continue to support the Iraqi people and their government in the face of these challenges,” she said.
“The European Union has been at the forefront of providing emergency assistance to the Iraqi people since the beginning of the crisis,” said European Commissioner for Humanitarian Aid and Crisis Management Christos Stilianides, who has visited Iraq several times to assess EU aid projects on the ground. Many people are still displaced by the conflict. ”
“While Iraq is taking steps towards a more stable future, the EU remains committed to being a key partner in long-term reconstruction, stabilization and sustainable development,” EU Commissioner for International Cooperation and Development Neven Mimika said.
The strategy focuses on providing sustained EU assistance to the Iraqi people and facilitating the stability of liberated areas, as three million displaced Iraqis are still unable to return to their homes.
The strategy also takes into account the long-term rehabilitation, reconstruction and reconciliation efforts that Iraq needs to pursue in order to consolidate peace and build a democratic, unified country in which all citizens can fully enjoy their rights.
The strategy also supports Iraq’s good relations with all its neighbors

http://www.shafaaq.com/ar/Ar_NewsReader/b71e70fa-df79-4b15-a65c-2da1a43f5de9

Barzani: We will provide Baghdad with all facilities on the issue of paying employees salaries

 

Political

Since 2018-01-08 at 14:03 (Baghdad time)

Erbil Mawazine News

The head of the Kurdistan Regional Government, Nizrvan Barzani, on Monday, to provide all facilities to the Government of Baghdad on the issue of payment of salaries of employees, pointing out that the federal government owed the farmers of the region 700 billion dinars.

Barzani said during a press conference held today, attended by the correspondent / Mawazin News /, “We discussed at the government meeting the issue of oil export and what was stated in the Deloitte report,” stressing that “we will provide all facilities if the Iraqi government is serious about the issue of paying employees’ salaries.”

He added, “We have taken important steps related to transparency in the issue of oil exports to the region,” stressing his rejection of “the decision of the Iraqi parliament to stop the work of a Kurdish company in Kirkuk oil field, and not the right to issue a decision to stop the work of companies.”

Barzani said that “the formation of a commission of inquiry to create Tuzkhurmatu is an encouraging decision, but we hope that the work of the Commission what is expected.”

He pointed out that “Baghdad is a city for the peasants of the region by 700 billion dinars,” stressing “the readiness of the region to cooperate with Baghdad if it wants to know the size of its exports.”

 

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