Tuesday Morning “Tidbits From TNT” 12-3-2024
TNT:
Tishwash: CBL to print 30 billion dinars in order to withdraw old banknotes
The Central Bank of Libya (CBL) has announced signing contracts to print 30 billion dinars to replace the old currency, saying the old banknotes will be withdrawn "smoothly" at a later-set date.
This came during a meeting held by the Governor of the Central Bank, Naji Issa, to review the plan of the Central Bank of Libya to solve the problem of cash shortages.
During the meeting, it was agreed to raise the ceilings for immediate payment at the level of individuals and merchants to 20,000 dinars for a single transfer for individuals, and 100,000 for a single purchase transaction.
The Central Bank also revealed in the statement the launching of a new service for transfers between companies with a ceiling of one million dinars for a single transfer.
According to the statement, Issa ordered the directors of the departments concerned with the Central Bank of Libya, the liquidity team, and banks suffering from a liquidity shortage, to manage according to the plan approved by the Board of Directors to solve this problem gradually and radically starting from January 2025.
The Governor also stressed the need to improve and develop the infrastructure of banks in order to achieve the expansion of electronic payment services according to the prepared plan. link
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Tishwash: Securities Commission: Iraq Stock Exchange Leads Arab Stock Markets
The Securities Commission announced, today, Monday, the rise in the Iraq Stock Exchange index, while indicating that it topped the Arab financial markets in October 2024.
The Authority said in a statement received by the Iraqi News Agency (INA): "The Arab Monetary Fund mentioned in its monthly report for October 2024 the distinguished performance of Arab financial markets, as the Iraq Stock Exchange topped the list of best performing markets during the month, recording a growth of 12.39%, ahead of the rest of the markets in the region."
According to the report, the Damascus Stock Exchange came in second place with a growth of 6.99%, while the Dubai and Amman stock exchanges witnessed an improvement of 1.94% and 1.35%, respectively, while the Muscat, Bahrain and Kuwait stock exchanges recorded slight increases of less than 1%.
According to the statement, the Chairman of the Authority, Faisal Al-Haimus, confirmed that "this distinguished performance of the Iraq Stock Exchange reflects the positive developments in the local economic environment and the regulatory reforms implemented by the Authority to enhance the attractiveness of investment in the Iraqi financial market," noting that "we will continue to work to provide a stable and transparent investment environment that enhances confidence among investors and contributes to supporting the national economy."
Al-Haimas stressed that "this achievement is an additional incentive to continue efforts aimed at developing the Iraqi financial market and enhancing its role as an engine of economic growth in Iraq."ink
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Tishwsh: Ways you never thought of.. Judges reveal methods of smuggling hard currency
Several judges and legal experts spoke about the latest methods of smuggling dollars out of the country, pointing out that currency smugglers have developed their means and methods of smuggling money.
They explained in statements covered by (Al-Masry - Monday) that one of the latest methods that have been presented, in practical reality, is smuggling currency through prepaid electronic payment cards, where the accused agrees with ordinary citizens to issue payment cards in their names in exchange for small amounts that he gives them, then he fills the cards, carries them and takes them out of the country through airports and then withdraws the amounts in cash through ATMs in the countries to which he travels.
They continued, currency smugglers collect a large number of Key Cards and Visa Cards after filling them with national currencies and traveling with them outside Iraq. link
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Tishwash: Visa Launches Tap to Phone Technology in Iraq
In cooperation with the Moroccan Electronic Monetary Association
Visa, a global leader in digital payments, has launched “Tap to Phone” technology in partnership with the Maghreb Electronic Money Association (S2M) to empower small and medium-sized businesses in Iraq with solutions to accept digital payments at a low cost.
The Maghreb Electronic Money Association’s Mobile Tap solution, which uses Visa’s Tap to Phone technology, enables merchants using Near Field Communication (NFC)-enabled Android devices to accept contactless payments simply by downloading a dedicated app. The collaboration aims to revolutionize the payments landscape by enabling merchants to seamlessly accept payments using their smartphones without the need for additional hardware investment.
“We are delighted to partner with the Maghreb Electronic Money Association to launch Tap to Phone in Iraq. This strategic collaboration is in line with our commitment to enhance financial inclusion for small businesses by providing digital payments capabilities at a lower cost,” said Leila Serhan , Vice Chairman and Regional Head of Corporate Business Leadership for North Africa, Levant and Pakistan at Visa.
This innovative solution enables retail outlets to develop and improve the payment experience for consumers. Service staff at store fronts can support consumers to make payments easily without having to stand in queues at the cashier, which means a better customer experience.”
Mobile Tap provides SMEs with the option to accept digital payments at a lower cost, paving the way for greater participation in the digital economy. This innovative approach eliminates the need for traditional POS terminals and can help facilitate a better consumer experience in payments. The solution provides merchants and customers with greater convenience and flexibility during transactions.
The Mobile Tap service empowerment reflects S2M ’s unwavering commitment to empowering merchants through innovative software and technology, significantly enhancing the commerce experience for all. “This strategic alliance presents a great opportunity to elevate the level of digital payment solutions available and promote financial inclusion across Iraq, ensuring that all consumers and merchants can participate and thrive. Over the past decade, we have witnessed the incredible potential for innovation and growth within the Iraqi market, and we are committed to supporting its dynamic payments ecosystem,” said Mohamed Amarti Rifi, S2M Executive Vice President.
As a network that works for everyone, everywhere, Visa’s mission is to advance digital commerce for the benefit of consumers, businesses and economies across Iraq. This strategic collaboration aligns with Visa’s goal of enabling more payment acceptance points using cutting-edge technologies such as Tap to Phone to support small businesses with digital payments capabilities at a lower cost. link
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Mot: .. Not Something You See Every Day!!!!
"Dad gassing up in Eureka Roadhouse, Alaska. Only in Alaska." -- Briana Brumley
Mot: Losing car in parking lot
