The Kurdistan Regional Government announced today, Tuesday (October 31, 2023), that the federal government will send a new financial payment to the region to pay the salaries of its employees.
Government spokesman Peshwa Hawrami said in a press statement, “If there are no other reasons, 700 billion dinars will be sent to the Kurdistan region this week.”
Yesterday, Monday, the Ministry of Finance and Economy of the Kurdistan Regional Government announced the start of procedures for depositing the amount of 700 billion dinars into the Kurdistan Region’s financial account.
The Kurdistan government decided to send a delegation to Baghdad in the middle of this week in order to settle the amount of the cash loan that it agreed with the federal government to send to pay employees’ salaries.
It is noteworthy that, according to the agreements, Baghdad is scheduled to disburse two payments of 700 billion dinars during the remainder of this year, while the employees of the Kurdistan region have not yet received their salaries for the months of August, September, and October.
{local: Euphrates News} The head of the National Retirement Authority, Maher Hussein Rashid, announced on Tuesday evening, the date of launching an increase of 100,000 dinars for retirees.
“The launch of the salaries of retirees tomorrow, Wednesday, with an increase of 100,000 dinars approved by the Council of Ministers,” Rashid said in a televised statement.
He stressed “the Authority’s insistence on disbursing salaries at the beginning of the month.”
“Every heir of the retirees is worth 100,000 dinars regardless of the number of heirs of the deceased retiree,” Rashid said.
He pointed out that “the increase of 100 thousand dinars was according to a study we started last April, which took into account the inflation rate in the country and was based on the Ministry of Planning that the amount of inflation is 3.7 percent,” noting that “the increase includes from his pension one million dinars and the purpose of the increase is to raise the oppressed from the heirs of the deceased retiree.”
“We have more than 3 million retirees,” Rashid explained, noting that “some state institutions did not do the retirement division in them and the retirement transactions were delayed for months.”
He pointed out that “the change of the retirement age caused great damage to the retirement body,” noting that “the age from 55 to 63 years is the years of experience of the employee and the law to reduce the retirement age emptied state institutions of great experiences and affected the public job and the referral of 3 newborns for retirement at once caused great damage to the retirement fund.”
“We tend to have the retirement age at 63 years and not lower,” Rashid continued, calling on “the parliament to increase the allocations of the pension authority.”
It is noteworthy that the Council of Ministers approved on the 24th of this month and in the field of improving living standards from various segments and supporting vulnerable groups, granting the retiree or his heirs an amount to improve living of 100 thousand per month, from whose total pension and allowances do not exceed one million dinars per month.”
{local: Euphrates News} The Council of Ministers approved in its forty-fourth regular session, held today, Tuesday, a package of executive procedures related to the electronic payment system and electronic points of sale (POS), which was adopted by the government within its ministerial platform in the axis of economic and financial reforms, and obliging all government agencies to do so, and the procedures included the following:
First: 1- Implementing the requirements and generalities issued by the Central Bank of Iraq, the General Secretariat of the Council of Ministers and the relevant authorities, which contributes to the speedy completion of the application of electronic payment systems, including electronic points of sale (POS) and other accounts for the owners, in accordance with the law. 2- The use of electronic payment tools by procurement committees and implementation committees are a secretariat, provided that all payment processes are, after (6) months from the date of issuance of this decision. 3- Depositing bonuses, incentives, annual profits and overtime wages granted to employees and those in charge of public service, by at least (20%) of them in their bank accounts, provided that they are used for electronic payment exclusively and may not be withdrawn in cash. 4- Adopting financial and accounting information systems for the financial aspects of expenses and revenues, which contribute to the ease of using electronic payment methods and electronic collection.
Second: The Central Bank of Iraq shall take all measures to support the application of electronic payment systems, including electronic points of sale (POS) in accordance with the law, including the following: 1- Coordination with the relevant authorities to exercise an effective role in supporting projects of electronic payment systems, drawing a national strategy for payments and overcoming obstacles facing the work of the beneficiaries of these systems. 2- Inventing all services provided and their types, amounts and fees collected from citizens, in addition to the number of transactions for each of the services provided, and setting a commission pricing policy for electronic payment services for amounts collected for the benefit of government institutions, according to the letter of the General Secretariat of the Council of Ministers on September 14, 2023. 3- Organizing workshops, including banks, electronic payment companies, the Federation of Chambers of Commerce, unions and related parties, to present their ideas and proposals in the field of providing incentives and facilities that can be adopted in the success of the project and submitted to decision makers. 4- Completing the evaluation of electronic payment companies according to the criteria set for this purpose, and determining the position on their license according to the results of the evaluation. 5- Expedite the completion of the study of applications submitted by new companies, which wish to enter the market and provide the service according to the established standards, in order to ensure the attraction of discreet companies in this field and strengthen the principle of competition, in order to achieve the provision of the best services at the lowest prices to citizens. 6- Completing the procedures for determining the tariff related to electronic payments, due to the nature of the business and the amounts collected for the public and private sectors, no later than December 15, 2023.
Third: The Central Bank of Iraq obliges all banks to take all measures to support the application of electronic payment systems, including electronic points of sale (POS), including the following: 1- Simplifying the procedures for opening bank accounts for citizens, business owners and professions, while studying the possibility of account opening and card issuance commissions (free or at nominal prices), and cooperating with all banks; to grant short or medium credit facilities to the owners of these interests, to ensure the benefit of the existence of their accounts and motivate them to use electronic payment. 2- Approving the service of banking offices in addition to branches, and moving in the field to universities, institutes, shopping centers, commercial centers and others, for the purpose of encouraging the opening of bank accounts to customers and providing them with electronic cards (free of charge or at nominal prices). 3- Studying the possibility of including deposits derived from electronic operations, which exceed a certain amount and remain in the account for a period of time, as savings deposits, under which certain benefits or benefits are granted. 4- Requiring banks and electronic payment companies to provide an electronic application (free) on the mobile phone, which allows customers to pay by phone, inquire about their balances and financial transactions, and prepare reports on paid invoices related to electronic payment systems, including electronic points of sale (POS). 5- Taking appropriate measures regarding monopoly contracts concluded with electronic payment companies, in order to ensure compliance with the Competition Law and Prevention of Monopoly No. 14 of 2010. 6- Intensifying media awareness campaigns for citizens, on the benefits of electronic payment systems and how to use them, including electronic points of sale (POS) in coordination between banks and electronic payment companies. 7- Requiring electronic payment companies to provide a customer service center around the clock, to facilitate payment operations and address the immediate problems that have occurred in electronic payment.
Fourth: The Ministry of Communications and the Media and Communications Authority, each according to its competence, shall provide the Internet at reasonable prices for all commercial sites, in order to ensure support for e-commerce and the synchronization of data and commercial transactions at the required speed.
Fifth: Require private educational institutions, universities, private colleges, fuel processing stations, centers and shops of all kinds, restaurants, pharmacies, private medical clinics, stores, all wholesale and single marketing outlets, and professionals and others that require payment for their benefit within the limits of the Baghdad Municipality, provincial centers and districts throughout all parts of Iraq, to have a minimum amount of cash receipts through the electronic point of sale system (POS) after being determined by the concerned sectoral authorities, and presenting them to the Ministerial Council of the Economy, as a condition for renewing work permits or licenses to practice the profession.
Sixth: The relevant government agencies must oblige all owners of commercial activities to register their entities in the Commercial Register, and to register the owners of professions with the competent sectoral authorities, with the requirement to open a bank account as one of the registration requirements or license the practice of the profession.
Seventh: The Ministry of Labor and Social Affairs / Department of Retirement and Social Security for Workers, obliges companies to pay the social security amounts of their employees through electronic payment systems.
Eighth: Government agencies should impose additional wages not exceeding (5%) of the values of goods and services in cash transactions, compared to their counterparts completed through electronic payment systems, in order to encourage citizens; to use electronic payment systems instead of cash payment.
Ninth: This decision shall be implemented as of December 1, 2023.
Shafaq News/ The Kurdistan Regional Government decided, today, Tuesday, to start dealing in the Iraqi dinar at all border crossings and airports, starting from the beginning of next month.
The Director General of Customs in the Kurdistan Region, Samal Abdul Rahman, said, “In accordance with a decision issued by the Kurdistan Regional Government, all transactions at border crossings and airports will be in Iraqi dinars, starting from the beginning of next month.”
Abdul Rahman added that the regional government had previously used the dinar instead of the dollar at some crossings with neighboring countries, adding that there are still some crossings that will be converted to the dinar tomorrow.
The Kurdistan Region Council of Ministers had issued Resolution No. 227 circulated on 9/20/2023 and published on 10/16/2023, which stated: “Based on the provisions of Article (8) of the Kurdistan Region Council of Ministers Law, No. 3 of 1992, it was decided to collect fees.” Customs duties and customs taxes at border gates and customs points are in Iraqi dinars only.
The Iraqi government issued a series of recommendations and decisions aimed at encouraging all sectors to move to electronic payment and reduce cash dealing.
Among the decisions are the payment of employee bonuses and incentives through bank accounts, as well as the collection of government transaction fees, in addition to studying the possibility of granting depositors interest on the amounts that remain in their accounts for a certain period.
The directives stipulate additional fees not exceeding (5%) of the values of goods and services through cash transactions, compared to those collected through electronic payment systems.
According to the government statement, a major campaign with serious features will be launched to oblige all sectors of the country to move to electronic payment, including simple commercial professions.
{Politics: Euphrates News} The leader of the Kurdistan Democratic Party, Wafaa Mohammed Karim, announced the date of sending Baghdad 700 billion dinars to the Kurdistan Regional Government
Karim {for Efrat News} said that “the region is expected to receive tomorrow, Tuesday, the loan 700 billion dinars from the prior agreement between the center and the region for the last three months of the year.”
He added, “The region is waiting for the launch of the second meal of loans,” noting “a delay by the Federal Minister of Finance despite the prior approval of the Prime Minister.”
“All loans are deducted from the region’s share in the budget, and the amount of money received by the region from Baghdad at the end of the year is determined,” Karim said.
The Ministry of Finance and Economy in the Kurdistan region said that after the completion of the procedures, Baghdad “will send 700 billion dinars to bank accounts in the region through the Rashid Bank, Rafidain and the Commercial Bank of Iraq.
This comes as a government delegation headed by Minister of Finance and Economy Awat Sheikh Janab is preparing to visit Baghdad and discuss the issue of salaries of KRG employees with Iraqi government officials.
{economic: Al-Furat News} The Parliamentary Finance Committee explained, on Monday, that the budget decisions and political agreements are witnessing a great delay on the part of the Kurdistan region
Ali Mones, a member of the parliamentary finance committee, told {Euphrat News}: “With regard to the delay in the launch of financial amounts for the Kurdistan region, because the file of money between the governments of the center and the region is often after the approval of the budget a dispute over the financing of the region’s salaries by the central government.”
He added: “There are obligations under the budget decisions and political agreements, as some of these commitments are performed by the regional government towards the central government in terms of oil export dues and the fulfillment of those commitments, which is witnessing a great delay on the part of the region.”
The economic advisor, Ziad Al-Hashemi, confirmed on Sunday that the weakness of the central bank in defending exchange rates will lead to increased risks to financial stability and the Iraqi economy.
Al-Hashemi told “ Jarida ”, “Commercial markets and the business sector suffer greatly from instability and a weak ability to adapt to rising exchange rates.”
He added, “The Central Bank, for its part, has not yet been able to carry out a (successful intervention) that works to correct exchange rates and stabilize markets.”
He explained, “This indicates that the Iraqi Central Bank has reached the point of being unable to defend the targeted official exchange rates, and this weakness will naturally lead to increased risks to financial stability and the Iraqi economy.”
Baghdad – Mawazine News Rafidain Bank announced today, Saturday, the launch of an electronic booking form to sell dollars to travelers. The bank said in a statement received by Mawazine News/a copy of it, that “the requests of travelers were first received through the electronic reservation form for the sale of dollars to the traveler by accessing the website.” He called on the bank, who want to register, to “give the correct data, fill out the fields accurately, make sure the information is correct and not neglect any field.” Ended
{Politics: Euphrates News} The expert on Iraqi-American affairs and relations, Kato Saadallah, revealed the files that must be clarified in the bag of Prime Minister Mohammed Shia Al-Sudani in his visit to Washington.
Saadallah said to the program {Free Speech} broadcast by the Euphrates satellite channel this evening that: “The Sudanese visit to Washington must bring in his bag the achievements to prove to the American ally how he will deal with him in terms of oil, economy, the dollar, the banking system, bank and others.”
He added that “the Sudanese sent Washington to solve the dollar problem and made great efforts; but the dollar problem is more internal than external and in the hands of those who control prices.” “Al-Sudani supports American and regional support and America is pressing the region to avoid mass chaos,” Saadallah continued.
He pointed out that “investment companies refrain from entering Iraq because of the bad banking system and the United States has demanded an internationally recognized banking system to invest their companies in the country.”
Saadallah pointed out that “the evaluation of any government is carried out in a period of 3-6 months and all political forces agree to support the current prime minister, and Iraq is affected by the events of the region and makes the task of the Sudanese difficult.”
He added, “The imbalance is not in the prime minister but in the forces that claim to support the Sudanese and provoke crises to disrupt his work.”
Saadallah concluded by saying, “There are still forces that control Iraq and its internal policy and we do not have the freedom to choose the decision 100%; but if the political forces strongly support the Prime Minister, they will implement all decisions.”
Prime Minister Mohammed Shiaa al-Sudani received an official invitation from US President Joe Biden to visit the White House, after months of ongoing debate inside Iraq, about Washington postponing the visit, which has been “much delayed” since Sudani took office last October.
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