Government Communication To {Al-Sabah}: Electronic Payment Contributes To Strengthening The  Economy
 
Economical 12/03/2024  Baghdad: Hussein Thaghab  According to confirmation by the government outreach team, and amid continued support from Prime Minister Muhammad Shiaa Al-Sudani.
 
Economic benefits
 
According to the head of the government communication team, Ammar Moneim, to “Al-Sabah,”   
“Government support for electronic payment comes from Prime Minister Muhammad Shiaa Al-Sudani’s belief in the economic benefits it brings to the national economy, reviving it and pushing it forward.”  Menem stated that "the local market must adopt advanced financial transactions that make the money paths clear, transparent and secure.

This approach has great benefits for the national economy and generates revenues."
 
Government decisions
 
As for the Executive Director of the Association of Private Banks, Ali Tariq, he told “Al-Sabah”:
 
“The development that Iraq witnessed in the field of electronic payment comes thanks to the government’s understanding of the reality of electronic payment in financial performance, as  
government decisions had a great and influential impact in expanding the circle of its adoption.”

 He pointed out that  "today there are about 800 government institutions that adopt electronic payment, as government instructions obligated it to be adopted with zero fees." He pointed out that
 
Financial movements
 
"electronic payment works to achieve results that serve the national economy, as it
 
     reduces the rates of financial corruption and
     avoids transactions in counterfeit currencies, in addition to
     documenting financial transactions and
     making them safer."
 
Confident steps
 
In turn, Ahmed Adel, director of the national awareness campaign to spread the culture of electronic payment, “Asfarlak,” said:
 
“The campaign is continuing with confident steps and on the ground to reach the largest segment within Iraqi society and inform them of the importance of electronic payment, as we work to organize direct events within human gatherings.”  He pointed out that
 
"there are challenges facing the campaign and its movement, but cooperation with the concerned authorities enabled the campaign management to overcome them and it became possible to be present in public places and reach all segments of society."
 

Financial transformation
 
As for the expert and economic consultant, Alaa Fahd, he said:  “The culture of electronic payment in Iraq is newly widespread as a result of the progress in global financial systems and the need for financial development of the engines of digital financial transformation.
 
This transformation requires changing the culture and belief of society, especially the simple popular classes who fear any measure.” “My money is far from cash.” He pointed out that "this requires awareness-raising media campaigns that promote this culture and market it to everyone, including the (Israfilak) campaign,
 
which was launched at the beginning of the digital transformation in Egypt, and recently was launched in Iraq within the first national campaign forum to spread culture," indicating that  the campaign explains "the importance of financial transformation." "electronic".  Fahd continued:
 
Financial security
 
“There is a gradual change in the culture of electronic payment with the government’s approach to this transformation, providing all facilities and confronting all challenges in order to spread the culture and believe in it from the point of view of benefit, as
 
it is (Isreflak) in terms of
 
     financial security,
     eliminating corruption,
     shortening time and efforts,
     ease of downloading, and
     getting rid of counterfeiting.” "And
 
this requires redoubling efforts to achieve full success."    https://alsabaah.iq/106629-.html   

The Central Bank Completes The Exam To Grant The Certified Branch Manager Certificate
 
December 02, 2024   The Center for Banking Studies, one of the formations of the Central Bank of Iraq, has completed an international examination, the first of its kind, to obtain the Certified Branch Manager (CBM) certificate from the Professional Development Institute (PDI), which is affiliated with the Institute of Accountants and Accounting Assistants (IAB).
 
64 branch managers from government and private banks participated as an initial stage to grant them this certificate after they completed a qualification course that would help them pass the exam.
 
This certificate is considered one of the professional certificates that supports the banking sector and enhances the efficiency of branch managers and develops their skills.

The Director General of the Studies Center said:
 
This qualifying course, followed by the exam, will
 
     help participants develop the basic concepts and principles of banking branch management and
 
prepare them to be equipped with the basic skills that branch managers must have through developing administrative, behavioral and professional skills,
 
     skills for dealing with customers, and
 
     understanding and developing sales skills.
 
     Banking and resolving problems with customers according to best practices, as well as
 
     building an effective complaints system.
 
It is worth noting that such international examinations give importance to the Iraqi banking sector and prepare it to keep pace with modernity and rely on the professional certificates of its staff.
 
The Center for Banking Studies also seeks to provide professional certificates in addition to this certificate to develop the banking and financial sector in Iraq within its training plans.
    
    Central Bank of Iraq      Media office      December 1, 2024   https://cbi.iq/news/view/2725   

It Does Not Remain “Just Attractive”... Iraq Wants To Invest Its Money “In Projects Abroad”
  2024-12-02 | 1,199 views  Alsumaria News-Economy  Today, Monday, a member of the Iraqi Parliament, Representative Ibtisam Al-Hilali, revealed  Iraqi plans to activate foreign investments, meaning that  Iraq will invest its surplus funds in projects abroad.

Al-Hilali said in an interview with Al-Sumaria News,  “Thanks to the good diplomatic relations established by the Sudanese government of Muhammad Shiaa with neighboring countries and the world,
economic relations have also improved,” noting that “there re large internal and external investments.”

She explained that  "internal investments serve the country by improving the environmental situation and infrastructure," indicating that "foreign investments have a financial and economic return for Iraq."

She confirmed that "we had a meeting with the French embassy to activate foreign investments," indicating that  "Iraq is a financially capable country that can invest its money in foreign investments to benefit the public benefit of Iraq and neighboring countries."
 
Questions have often been raised about the reason for Iraq investing its money in various sectors, including foreign sports sectors as well as technology, like other countries, which could lead to diverse financial returns with the lack of non-oil revenues in Iraq compared to oil revenues.     
https://www.alsumaria.tv/news/economy/508197/لا-يبقى-جاذبًا-فقط-العراق-يريد-استثمار-أمواله-بمشاريع-في-الخارج   

Central Bank Of Iraq Sells Over $285 Million In Currency Auction
02/12/2024  Mawazine News – Economy  The Central Bank of Iraq's dollar sales, on Monday, recorded more than $285 million during the currency auction.

The bank explained that the total sales amounted to $285 million, 603 thousand and 220, and were covered at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, and at the same rate for foreign transfers, while the cash exchange rate amounted to 1305 dinars per dollar.

Sales focused on strengthening balances abroad in the form of transfers and credits, which amounted to $280 million, 503 thousand and 220, which constitutes 98% of total sales, while cash sales amounted to only five million and 100 thousand dollars.

The bank indicated that one bank bought the dollar in cash, while 13 banks met requests to strengthen balances abroad, with the participation of 8 exchange companies in the auction. https://www.mawazin.net/Details.aspx?jimare=257098

Iraq Stock Exchange Index To Lead Arab Stock Markets In October 2024

Economy  | 02/12/2024  Mawazine News – Baghdad  The Arab Monetary Fund announced 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, a copy of which was received by Mawazine News, "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. The Muscat, Bahrain and Kuwait stock exchanges also recorded slight increases of less than 1%."

In this context, the Chairman of the Securities Commission, Faisal Al-Haimus, stated: "This distinguished performance of the Iraq Stock Exchange reflects the positive developments in the local economic environment and the regulatory reforms implemented by the Commission to enhance the attractiveness of investment in the Iraqi financial market.

We will continue to work to provide a stable and transparent investment environment that enhances investor confidence 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.

https://www.mawazin.net/Details.aspx?jimare=257114

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