Iraq Economic News and Points to Ponder Wednesday Afternoon 12-14-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank Decides To Establish The National Company For Electronic Payment Systems In Iraq

 December 13, 2023  The Board of Directors of the Central Bank of Iraq decided to establish the “National Company for Electronic Payment Systems in Iraq,” indicating that the company represents a qualitative development in the structure of the country’s financial infrastructure.

He stated that   the new company will assume responsibility for developing, operating and managing the national electronic payment and clearing systems with high efficiency and adding new elements to serve the electronic payment environment.

He added that  the role of the Central Bank of Iraq will revolve around organizing and supervising these systems, and that

implementation will begin and the legal, executive and operational framework for the company will be established with the participation of all interested parties, in accordance with the Bank Law and the applicable legislative frameworks.

It is noteworthy that this step coincides with the rapid growth in electronic financial services and products and the increase in the number of users in accordance with the framework of the government program to support and adopt advanced electronic payment systems.   

Central Bank of Iraq   information Office   13 - December – 2023   https://cbi.iq/news/view/2485

The Governor Of The Central Bank Visits The Branch Of The International Development Bank In Dubai

 December 13, 2023  His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Ismail, visited the branch of the International Development Bank in Dubai.

 After congratulating the bank and its management, he informed him of the progress of the procedures taken in the branch, providing full support to the bank branch, appreciating its role in strengthening economic relations between Iraq and the United Arab Emirates.   

 Central Bank of Iraq   information Office  December 13, 2023   https://cbi.iq/news/view/2484

The Governor Of The Central Bank Meets With The Chairman Of The First Abu Dhabi Bank Group

 December 13, 2023       The Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, met in Dubai with the Chairman of the First Abu Dhabi Bank Group, Ms. Hana Al Rostamani, and

during the meeting it was agreed to launch financial transfer operations between the two countries and to finance trade and imports between Iraq and the United Arab Emirates in the UAE dirham currency through the First Abu Dhabi Bank.

Transfer operations in the UAE dirham began today, Wednesday, December 13, and the first phase of this agreement will be with five Iraqi banks, which will be gradually increased.

This step comes within the framework of enabling Iraqi banks to establish relationships with reputable international banks, and it aims to reduce dependence on the electronic platform. For financial transfers and working in accordance with normal international practices adopted in enhancing Iraqi bank balances for the purposes of financing trade.

 The First Abu Dhabi Bank offered to contribute to financing clean energy projects in Iraq.  It is noteworthy that First Abu Dhabi Bank is one of the largest and strongest financial institutions in the world, with a credit rating of AA-, and its total assets amount to about 300 billion US dollars.   

Central Bank of Iraq     information Office     13 - December – 2023   https://cbi.iq/news/view/2483

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Provoking Points To Ponder From Inspirational Movie Quotes

6. You should love and take care of yourself because after all, it’s your own life.

    You can’t live your life for other people. You’ve got to do what’s right for you, even if it hurts some people you love. - from The Notebook

7. Everyone has a choice. You can choose your own path in life.

    We are who we choose to be. - Green Goblin, from Spider-Man

8. You deserve what you want when you’re trying your best to fight for it, no one can take that right from you.

    Don’t let anyone ever make you feel like you don’t deserve what you want. - Heath Ledger, from 10 Things I Hate About You

9. There’s no perfect time for anything, do it now or you’ll regret later.

    I don’t regret the things I’ve done, but those I did not do. - from Empire Records

10. You don’t need to hide yourself because you’re afraid of what others think of you. You have the choice to live your own life.

    It is not our abilities that show what we truly are… it is our choices. - Dumbledore, from Harry Potter and the Chamber of Secrets

Continued ……….  More to come in next news post