Iraqi News Monday Afternoon 8-8-22
Iraqi News Monday Afternoon 8-8-22
Tlm724 Administrator Bondlady’s Corner
The Central Bank Issues Instructions Regarding Financial Transfer Between Cards
August 08, 2022 The Central Bank of Iraq issued a directive to banks and electronic payment service providers to approve the financial transfer ceiling between bank cards (P2P) that does not exceed (500) thousand dinars per transfer, provided that the total amount of transfers does not exceed (2) million dinars per month, or its equivalent in US dollars. .. To view, click here https://cbi.iq/static/uploads/up/file-165995336647671.pdf
The Central Bank Raises The Maximum Limit For Virtual Electronic Cards
August 08, 2022 The Central Bank of Iraq would like to inform banks and electronic payment service providers to amend the upper limit for the ceiling of virtual electronic payment cards to 950 thousand dinars or its equivalent in US dollars, after it was 750 thousand dinars... To view, click here https://cbi.iq/static/uploads/up/file-165995336647671.pdf https://cbi.iq/news/view/2056
Integrity Discloses Its Procedures Regarding The Contract Between Al-Rafidain And Ishtar Gate Company
Monday, August 8 2022 2:05 PM Baghdad / National News Center Today, Monday, the Integrity Commission disclosed the existence of an investigative case that it filed on June 3 before the judge specialized in integrity issues regarding the contract concluded for the issuance of electronic payment cards between Rafidain Bank and the company (Ishtar Gateway) for electronic payment.
The Commission’s Investigation Department confirmed, in a statement received by the National News Center, linking the case received by a member of the House of Representatives - the Parliamentary Integrity Committee, with one of the cases it had previously investigated. for their participation in the matter of violations in the contract concluded between the bank and the company.”
The department added that it "requested to take a statement from the legal representative of Rafidain Bank and the recommendations of the administrative investigation composed in the Ministry of Finance and the minutes of the technical committee emanating from the recommendations of the administrative investigation," pointing out that
"the authority addressed the Rafidain Bank to provide it with the administrative investigation and the presence of their legal representative, but the answer was not received." She added,
"The report of the Federal Financial Supervisory Board, in turn, indicated that there was a violation represented by the Central Bank granting a license to the company that led to the passing of the contract, despite the issuance of the Central Bank's decisions to stop promoting the requests of electronic payment companies."
While the authority completed its investigative and audit procedures that led to the referral of the case to the Rusafa Investigation Court, which is specialized in looking into integrity issues, pending the issuance of the appropriate judicial decision, according to the statement.
The department warned that “the authority urges all state ministries and institutions to expedite providing it with the minutes of the administrative investigation upon request, along with the testimonies of legal representatives, indicating that most of the cases that are delayed in deciding are due to the delay in providing them with this after the abolition of the system of general inspectors.”
The media and social networking sites had circulated a document of the judiciary obligating the Rafidain Bank to pay (600) million dollars to the Ishtar Gateway Company for systems and electronic payment services for money; Following the bank's termination of one of the contracts concluded with the company. https://nnciraq.com/146066/
Al-Sumaidaie Talks About The Struggle Of “Palm, Key Card And Ishtar Gate”: Electronic Payment Is Stealing The State
Monday, August 8, 2022 2:32 PM Baghdad / National News Center Politician Ibrahim Al-Sumaidaie confirmed, today, Monday, that the struggle of the three giants, the palm tree, the ironing card, and the Ishtar Gate, which tried to enter the market, is stealing the state, the citizen and the employee and financing corruption, sedition and mercenaries.
Al-Sumaidaie said in a comment, followed by the National News Center, that “the real power and investment in it crawls daily into unknown ghosts, some of whom are names whose shape no one knows, while the struggle of the parties and authorities continues over nothing, or a struggle on behalf of the ghosts’ privileges.” He added that
"the struggle of the three giants, palms, ironing, and the Ishtar Gate, which tried to enter the market, was excluded and exposed, electronic payment steals the state, the citizen, the employee, and finances corruption, sedition, and mercenaries that kill and threaten Yalweel and Thabor, and thousands of armed teams of electronic armies that dropped all values." He continued,
"The ruling to compensate the Ishtar Gate is a decision that sparked a wave of criticism that will inevitably push its cancellation, but palm trees and ironing cards will continue to acquire hundreds of millions per month, and whoever approaches them will be burned by all means." He concluded by saying: "Iraq is lost, lost, lost, people." https://nnciraq.com/146070/
Al-Rafidain Bank Appeals Against A Decision To Fine It $600 Million
Economy Rafidain Bank 2022-08-08 00:56 Shafaq News/ Al-Rafidain Bank issued a clarification on Monday regarding the Iraqi judiciary's decision to pay a fine of 600 million dollars to Ishtar Gate Company, noting that it had appealed the decision to the judiciary.
The bank said in a statement received by Shafaq News Agency, "It had the need to contract with more than one electronic payment company at the time to expand the base of competition to provide the best services to citizens at acceptable prices, as invitations were subsequently sent to electronic payment companies approved by the Central Bank of Iraq." to present its bids. He added,
"The contract that was concluded with Ishtar Gate Company was on 3/4/2021, by the former general manager of the bank before obtaining the Ministry's approval in accordance with the terms of the contract, as the contract violated many of the previous technical conditions that the Ministry had specified for the bidders."
And she added, "After presenting the contract to the ministry and reviewing the commercial aspects of it, which grants the bidder unjustified advantages and profits at the expense of the bank's customers,
and when the ministry was informed of the conclusion of the contract, the minister directed the re-audit of the contract in the interest of the ministry on 3/9/2021 or cancel it if necessary,
where no The contract should be signed only with the approval of the legal department and the information technology department in the ministry and according to the previous instructions.
And she confirmed that "the matter was referred to investigation with the withdrawal of the hand of the former general manager of the bank at the time, with the file referred to the Integrity Commission to take legal measures against the negligent,"
noting that "the company resorted to the judiciary to request the termination of the contract and compensation after the Ministry's decisive procedures, and the competent court issued its decision to terminate the contract." With the bank obligating the amount of compensation, as the bank continues to follow the legal procedures, as the unfair decision issued against him was appealed, hoping to reconsider its content in a manner that secures the preservation of public money.
The "Ishtar Electronic Payment Company" fined Al-Rafidain State Bank 600 million dollars after filing a lawsuit to the competent court.
It is noteworthy that the Iraqi Minister of Finance, Ali Allawi, decided on 3/9/2021 to refer the director of Al-Rafidain Bank to the investigation and withdraw his hand because of his signature on the “Ishtar Gateway” project for electronic payment, which does not meet the conditions and laws related to contracts. https://shafaq.com/ar/اقتصـاد/مصرف-الرافدين-يطعن-بقرار-يقضي-بتغريمه-600-مليون-دولار
St Louis Fed Iraq Gross Int’l Reserves, Breakeven Oil Price
Gross International Reserves Held by Central Bank for Iraq (IRQFAFARUSD) Line Graph
https://fred.stlouisfed.org/series/IRQFAFARUSD
International Monetary Fund, Gross International Reserves Held by Central Bank for Iraq [IRQFAFARUSD], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/IRQFAFARUSD, August 7, 2022.
Gross International Reserves Held by Central Bank for Iraq (IRQFAFARUSD) Bar Graph
https://alfred.stlouisfed.org/series?seid=IRQFAFARUSD&utm_source=series_page&utm_medium=related_content&utm_term=related_resources&utm_campaign=alfred
International Monetary Fund, Gross International Reserves Held by Central Bank for Iraq [IRQFAFARUSD], retrieved from FRED, Federal Reserve Bank of St. Louis;
https://fred.stlouisfed.org/series/IRQFAFARUSD, August 7, 2022.
Iraq - Total Reserves (includes Gold, Current US$)
https://tradingeconomics.com/iraq/total-reserves-includes-gold-us-dollar-wb-data.html
Breakeven Fiscal Oil Price for Iraq (IRQPZPIOILBEGUSD) Line Graph
https://fred.stlouisfed.org/series/IRQPZPIOILBEGUSD
International Monetary Fund, Breakeven Fiscal Oil Price for Iraq [IRQPZPIOILBEGUSD], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/IRQPZPIOILBEGUSD, August 7, 2022.
To read more current and reliable Iraqi news please visit BondLady’s Corner: