Iraqi Economic News & Points to Ponder Late Tuesday Eve 9-12-23
Iraqi Economic News & Points to Ponder Late Tuesday Eve 9-12-23
Tlm724 Administrator Bondlady’s Corner
Visa Company To Al-Iqtisad News: We Have Licensed More Than 20 Entities To Export Visa Cards Inside Iraq
Dialogues Economy News – Baghdad Director General of Visa for the Arab Levant, Mario Macari, revealed that more than 20 entities have been licensed to issue Visa cards by banks and electronic payment companies in order to meet the needs of the market.
Al-Makari said in his speech to “Al-Iqtisad News” that the Iraqi market is one of the very promising markets, and we at Visa consider it one of the important markets for us, and we are working with all institutions, such as the Central Bank, the government, and banks, to build a very strong, safe and fast electronic payment network, including Benefit to the national economy.
He stressed that electronic payment in Iraq is growing annually, especially since 20% of the Iraqi people have bank accounts and benefit from the services. Visa has granted a license to more than 20 banks and electronic payment companies, and we have partnerships with banks and companies licensed by the Central Bank in order to develop payment. Electronic in Iraq.
Al-Makari praised the government's steps in activating electronic payment tools within government institutions and Iraqi society, but they require a period of time for their spread, especially since Iraq is witnessing a growth in the number of cards and merchants' use of electronic payment devices.
He added that electronic payment greatly serves the merchant, avoiding the risks of counterfeiting currency, theft, transferring money, and increasing sales. He can also measure the volume of his business through the revenues generated through electronic payment, indicating that trust between the citizen and the banking sector is increasing day after day.
Al-Makari pointed out that Visa has close cooperation with the Iraqi government, and we have successive meetings with the Prime Minister’s Office, to activate electronic payment, and electronic payment eliminates money laundering operations, because it knows its sources.
He stated that the citizen does not bear any cost in using electronic payment tools, but rather it is a small cost to the merchant, in exchange for the services he obtains, through technical support, and it is small compared to the quality of the services.
He noted that Visa has many partnerships with some companies, such as the Miswak application, as its sales through electronic payment were 1%, and when we worked on the partnership, it increased to 11%, of which 10% was Visa’s share, and this is a very large growth, so we are looking forward to making partnerships. With local and international merchants within the Iraqi market, we are currently working on partnerships with the Careem, Twitters and Meta applications.
He continued that Iraq is witnessing the spread of electronic payment tools through electronic wallets, and most cards are prepaid, but we are witnessing an increase in cards linked to a bank account, indicating that Visa has launched more than 50 products within the Iraqi market.
Al-Makari concluded his speech by saying that Visa is currently working on developing the electronic payment network within the Iraqi market through the use of QR and making the mobile phone a payment and collection point at the same time, and this is considered an optimal investment in technology. Views 85 09/12/2023 -https://economy-news.net/content.php?id=36301
Al-Sudani: The Central Banks Of Iran And Iraq Are Working To Establish A Mechanism To Regulate Trade
The Iraqi Prime Minister said in an interview on Monday that the central banks of Iran and Iraq are working to establish a mechanism to regulate trade and eliminate the parallel market.
Iraqi Prime Minister Muhammad Shiaa Al-Sudani said on Monday that business in Iraq has now become reliable and real. Speaking to reporters, he said: The central banks in Iran and Iraq are working to establish a mechanism to regulate trade and eliminate the parallel market.
The Prime Minister of Iraq referred to the water crisis in this country, and said: “Today we are facing a global water crisis, and Iraq and the region are facing it because of climate change.” He added: “This summer was the most difficult season in the history of the Iraqi government, and water resources decreased to this extent for the first time.”
Of course, the Iraqi Prime Minister said that the Iranian side had made a major discharge in the Karun River.
Al-Sudani referred to the recent movements of American forces in Iraq and Syria, and said that these movements were a process of replacing one brigade with another brigade from the forces present in Syria.
He added that any movement in the Iraqi bases that include American military advisors will be made with the approval of the Iraqi government.
The Iraqi Prime Minister stressed that the movement of any military force in this country will not take place without notifying the central government.
Al-Sudani also referred to the country’s fight against the terrorist organization ISIS, and said that we obtained important information about the whereabouts of ISIS leaders in Iraq and targeted these places.
He added that his country’s strategy is to target ISIS, and we will not wait for attacks by this group anywhere.
In this interview, the Iraqi Prime Minister confirmed that Iraq does not need foreign military forces and announced this clearly. Al-Sudani added that Iraq is part of the international efforts to combat the terrorist organization ISIS. https://economy-news.net/content.php?id=36299
“Black Gold Mafias” In Iraq...Holes That Generate Billions Of Dollars In The Pockets Of Influential Parties - Urgent
Today, Sunday (September 10, 2023), oil affairs specialist Ghanem Hassan revealed the truth about the existence of crude oil “mafias” in Iraq.
Hassan told "Baghdad Today", "Crude oil mafias exist in the country, especially the southern governorates, and they are basically arms of powerful parties that steal oil by bypassing the main pipelines, but they are not able to drill any well and steal crude oil because the well-drilling mechanism is complex and requires huge resources." It can only be provided through the Ministry of Oil and international investment companies.”
He added, "The theft of oil takes place in the remote areas through which crude oil pipelines pass and is monitored from time to time," pointing out that "the Ministry of Interior dismantled, months ago, the largest network in the history of Iraq for stealing and smuggling oil in which senior officers were involved," noting that “The network revealed many secrets.”
He continued: "There are wells in northern Iraq being drilled by specialized companies, and oil is being smuggled away from the Iraqi Marketing Company (SOMO), and there are important parties involved in this act and they are monitored and known by those concerned."
He pointed out that "Iraq's problem is smuggling, which represents a huge waste of the country's wealth, as it is sold for up to 40% less than its real price, and the money goes into the pockets of corrupt people, mafias, and the economic arms of certain parties."
Black Gold Mafia
Observers indicate that due to the weakness of government oversight and the difference in fuel prices between the provinces of the region compared to other provinces and neighboring countries, oil smuggling operations are carried out by creating holes in the main transport pipelines by connecting high-pressure pipes to withdraw and smuggle the oil .
Prime Minister Muhammad Shiaa Al-Sudani announced on November 2, 2022, “the dismantling of the largest oil smuggling network in Basra Governorate, at a time when the National Security Service revealed the involvement of senior officers and employees, directors in the Energy Police and a number of associates in Basra Governorate, and the confiscation of 49 tanks.” With wheels prepared for smuggling, 93 dens and 496 tanks violating controls were found, in addition to the closure of 11 stations violating controls as well, while the smuggled quantities were estimated at 75 million barrels per month.
By calculating the minimum return on sales from the smuggling network. If the value of one barrel is estimated at $50, the revenues generated from selling 75 million barrels would be approximately four billion dollars per month.
The revelation of the dismantling of a number of oil derivatives smuggling networks opens the door to the file of the “black gold mafia,” which has spread in the country under the auspices of a number of senior officials and police commanders, causing severe damage to the Iraqi economy and negatively impacting the livelihood of citizens LINK
To end the dispute between the region and Baghdad. Parliament intends to legislate the oil and gas law in its current session, 11 SEPT
Time : 2023/09/10 13:09:44 {Political: Euphrates News} Member of the House of Representatives Zainab Al-Khazraji confirmed the determination of the House of Representatives to approve the oil and gas law during the current session to end all differences between Baghdad and the region.
Al-Khazraji said in a statement drawn by {Euphrates News}, that "the adoption of the oil and gas law will end all the differences that exist between Baghdad and the region, which have been pending for years."
She added, "Among the important laws that the House of Representatives intends to approve is the oil and gas law, which has been suspended since 2005," indicating that "its approval will contribute to preserving the fair distribution of wealth throughout Iraq. LINK
Parliamentary Finance Reduces The Importance Of The Rise In Dollar Exchange Rates: It Does Not Harm The Markets
2023-09-11 02:47 Parliamentary Finance reduces the importance of the rise in dollar exchange rates: it does not harm the marketsShafaq News/ The Finance Committee in the Iraqi Parliament considered, on Monday, the fluctuation and rise in the exchange rates of the US dollar as “not affecting the local markets,” while revealing plans to reduce the need for the dollar on the black market.
Committee member Moin Al-Kadhimi told Shafaq News Agency that the Iraqi government provides the market’s needs for imported goods, living benefits, and travelers’ needs for dollars through the currency sale window at the official prices (1,320 dinars) by 80%.
Al-Kadhimi stated that the reasons for the rise are the merchants’ need for 20% of the general needs of the Iraqi market to import goods from countries that are not permitted to be dealt with in dollars, and this is the most prominent reason for the rise in the price of the dollar.
Al-Kadhimi stressed that the government is making continuous efforts and plans to reduce the need for the dollar in black markets, maintain the stability of exchange rates, and secure all basic needs for the dollar.
Al-Kadhimi promised that the rise and fluctuation of the current dollar exchange rates does not affect the Iraqi market, stressing that the trading of goods takes place in a smooth manner. shafaq.com
Al-Sudani: The Decision To Raise The Dollar Exchange Rate In The Previous Government Was Not Well Thought Out And Its Impact Was Negative On The Citizen
Monday 11, September 2023 22:01 | Economical Number of readings: 201 Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani confirmed that the decision to raise the dollar exchange rate in the previous government was not considered and its impact was negative on the citizen. He said in an interview with a number of Iraqi satellite channels that the dollar is linked to many sectors and cannot be dismantled.
He added that the banking and financial sector He has not witnessed any reform process since 2003, and he explained that Iraq's trade is now reliable and real.
He continued that the Iraqi and Iranian central banks are working on a mechanism to regulate trade and break the back of the parallel market.
He explained that the tobacco trade has zero revenues despite it being the strongest trade.
He continued: We have real reforms for the financial sector, and the teams are working on that.
He said that the banks that were banned from dealing in dollars were supposed to be punished by the Central Bank
He added: There is an American understanding of all the measures taken regarding reforms from Iraq./End https://ninanews.com/Website/News/Details?key=1077006
Al-Halbousi Opens Fire On The Central Bank: Money Smuggling Chaos!
On Monday, economic expert Omar Al-Halbousi revealed a significant problem that has arisen since the United States introduced Iraq to the external transfer platform. He emphasized that the complexity and delay in sending remittances is not due to the platform itself, but rather due to influential individuals and speculators who are manipulating the financial and banking sector. These individuals have dangerous influence in the central bank, causing further complications.
In an exclusive statement to “Jarida”, Al-Halbousi expressed that after the US decision to introduce Iraq to the external transfer platform in order to monitor and limit unauthorized transfers, a significant problem arose due to the complicated procedures implemented by the Central Bank and banks, which led to delays in sending transfers.
Citizens and merchants were unhappy with a delay and complicated procedures caused by the Central Bank’s failure to monitor and hold violators accountable. The Central Bank could have prevented these issues by better utilizing its authority. This was stated by an individual who added that these complaints were received.
Al-Halbousi stated that the complexity and delay serve the purpose of perpetuating chaos in remittances, in order to maintain the black transfer process under this chaos.
The economic expert explained that despite the presence of the platform, illegal transfers still occur and are redirected towards their intended destination.
During an interview, he disclosed that the Central Bank not only turned a blind eye to the disorder and illegal transactions but also colluded with banks to sustain the smuggling process and create obstacles for ordinary citizens. This is done in order to exploit the situation by channeling money to specific parties.
Al-Halbousi explained that the complexity of the issue would persist as it is advantageous for certain parties to maintain it in this manner. They do this to be able to push through their own agendas and to use the excuse of complications and delays. Although this is often attributed to the platform, it is not the platform’s fault.
At the conclusion of his speech, the economic expert blamed “influential people and speculators” for manipulating the financial and banking sector, delaying and complicating the sending of remittances.
https://jaredaiq.net/News/5597
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