MilitiaMan and KTFA Members "News and Views" 8-22-2021

KTFA:

Samson:  The Governor of the Central Bank of Iraq chairs the meeting of the Supreme Committee for Financial Inclusion in Iraq

22nd August, 2021

His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Mokhif, chaired the meeting of the Higher Committee for Financial Inclusion in Iraq

The attendees stressed the importance of the committee's role in spreading financial inclusion, its economic and social dimensions, and other important aspects. The need to draw an integrated vision for financial inclusion was discussed, especially since this issue is of interest to all countries, not only in Iraq, especially since its goals are multiple, foremost of which is the inclusion of all segments of society with banking services, which is no longer a secondary issue but a daily necessity.

His Excellency explained that the Central Bank of Iraq has provided the necessary infrastructure to advance the reality of financial inclusion, foremost of which is the best payment systems in the world, which represent the cornerstone of financial inclusion. After that, a presentation was presented to prepare the preparation of the national strategy for financial inclusion, which included the most prominent steps and objectives undertaken by the Central Bank of Iraq so far in order to achieve the goal sought by the framework of this committee.

The members of the committee presented their interventions on the importance of the participation of their institutions in this committee and expressed their willingness to provide support as far as promoting financial inclusion is concerned.   LINK

 ATPinfinity:  His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Mokhif, chaired the meeting of the Higher Committee for Financial Inclusion in Iraq

"the Central Bank of Iraq has provided the necessary infrastructure to advance the reality of financial inclusion, foremost of which is the best payment systems in the world...

.....the most prominent steps and objectives undertaken by the Central Bank of Iraq so far...."

Speaking of Authority...this looks like a Launch-PAD TO ME

Clare:  I AGREE WITH YOU!!! .....IMO ...VERY EXCITING TIME!!!

MilitiaMan:  This seems to be a good thing, as they are re hashing the same news as they put out on the 17th of this month, just a shorter version. ~ MM

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MilitiaMan:  A REPORT FROM THE CBI "A world summation.."~ PP ~ MM

https://cbi.iq/static/uploads/up/file-162607942971064.pdf

This report is going to open some eyes around the world be sure. The cat is out of the bag. imo A few random key points.. ~ ::

- The addition of the Iraqi dinar currency in a (Buna) platform for Arab payment~ 

-- Linking the Iraqi Stock Exchange with (RTGS) systems~

-- Finding a secure reserve position for the Bank's reserve the cash of (Iraq Dinar) that received from bank note printing house and the cash of foreign currencies, that can be used in the case of emergence situations. ~

-The objectives of the current strategy were inspired by the general frameworks outlined in the
constitution in general and the central bank of Iraq law which is based on building a free market an
economy based on competition and enabling the private sector to play a fundamental role in economic
development as well as achieving price stability, enhancing the durability of the financial system and
achieving economic prosperity.~

- . The Central Bank developed mathematical models to determine the ability of the financial system to absorb the repercussions of crises and
design and implement stress testing periodically by reviewing international experiences and identifying the elements to be selected and determining capital adequacy according to Basel III requirements.~ 

-- Increasing financial inclusion indicators, which amounted to (30/9/2020) as follows:
The number of E-wallets Number of ports Number of points of sale Number of (ATM's) The number of cards Number of accounts Duration
4,381,816 61,691 11,219,367 (1,170) 3,918 12940 UP TO (30/9/2020) ~ 

-n The safety of their money, as the establishment of the Iraqi Deposit Guarantee Company was completed according to the license granted on (11/22/2020). ~

--Establishing and managing the National Switch that supports the interbank clearing of transfers made by customers and transactions that take place by using
automatic teller machines and points of sale through credit cards that are linked to the bank account.~

-- Payments via mobile phone. Funds are transferred via e-wallets without the need for a bank account. Also, transfers can be made for paying bills and shopping. The system was actually launched with banks and companies, and (9) banks were linked, as the number of banks participating in the retail payment system reached (39) banks. As for companies, the (International Network) company was linked, and the number of participating companies reached (8) companies after completion. From all administrative, technical and organizational procedures.~ 

-- The aim of automating the work of ministries and government institutions, the bank automated financial transfers between departments and state institutions
and collecting receivables through the Iraqi payment system through the electronic clearing system (C-ACH) using a payment orders (CT) instead of checks or
cash.~ 

--Conducting an assessment of the extent to which the Iraqi payment system is in compliance with international standards: The assessment of the Iraqi payment system and its compliance with international standards for financial market infrastructure was completed in cooperation with the World Bank, as part of the work on assessing the readiness of the Iraqi payment system in line with international standards (PFMIs) (Principles for Finical Market Infrastructures) to improve the payment and settlement systems in Iraq according to the agreement with them, which deals with electronic payment systems in Iraq.~

-Linking comprehensive banking systems: For the purpose of facilitating the flow of work and updating data electronically and without human intervention,
the project of linking comprehensive banking systems for banks with the two systems of the Real-Time Gross Settlement System (RTGS) and the Automated Clearing System (ACHC) has been implemented. ~

-The central bank signed banking arrangements with (JPMorgan) Bank for the purpose of investing in securities, preserving government bonds, and
establishing subsidiary accounts for banks.

-The central bank agreed with the Chinese Bank (Critic bank) within the framework agreement signed between Iraq and China.

-The central bank agreed with (Citibank) for the purpose of signing banking arrangements after opening a bank account with them for the purpose of investing
in time deposits as well as the possibility of investing in securities as well. ~ 

-The central bank signed an agreement with the Arab monetary fund to manage an investment portfolio in government bonds issued by Arab countries that
have a good rate of return and acceptable risks. ~

-The third strategic objective: Promoting digital transformation in the central bank and the banking sector In order to enhance the leading role that the central bank plays in lead to the process of financial inclusion and developing banking infrastructure and electronic payment systems, advanced
methodologies must be developed that contribute to the progress towards achieving digital transformation in the Central Bank.

And the banking sector, through the gradual transformation of the adoption of digitization and the adoption of concepts with a technical dimension based on electronic governance
in order to organize work and manage tasks, jobs and events with quality, efficiency and speed, as well as provide infrastructure for information technology and raise the level of performance through the development and improvement of this structure continuously in addition to strengthening Information security and cybersecurity tools being the primary gateway to guarding the sector from attacks, threats and cyber risks, and embarking on the adoption of modern financial technologies and developing supervisory and supervisory technologies to contribute to raising the level of response and interaction with the bank’s regulatory instructions and regulations in line with the approach of central banks by adopting the best standards and practices.`

-AND MUCH MORE.

So we can see they have been at work a long time on the project and the fruits of their labor are about to be shown to the world. This report is imo huge and to be expected at this time frame too.. ~ MM

Samson:  Political Analyst: There is great harmony in attitudes between Iraq and Kuwait

22nd August, 2021

Kuwaiti academic and political researcher Ayed Al-Manna confirmed, on Sunday, that Kuwaiti investments in Iraq will witness an escalation with the full availability of security, noting that there is great harmony in the positions between Iraq and Kuwait.  

Al-Manna stated, during a television interview, which was followed by (Al-Oula News), (August 22, 2021), that “Prime Minister Mustafa Al-Kazemi’s visit to Kuwait was quick, to invite Prince Nawaf Al-Ahmad Al-Jaber Al-Sabah, to attend the Iraq Neighborhood Conference, which will be held at the end of this month in Baghdad.”  

He added that "Kuwaiti-Iraqi relations since 2003 have improved and developed a lot. There are mutual visits and dialogues, and they overcame many of what happened on 2/8/1990, as there are Kuwaiti investments in Iraq, especially in some areas and holy shrines," explaining that "this visit comes as an invitation to countries Neighborhood to attend the conference, and it is expected in the conference to discuss many internal regional issues, especially with regard to security, terrorism and the economy, and not to interfere in the affairs of other countries.  

He pointed out that "Kuwait is peaceful and more diplomatic and does not interfere in internal affairs, and that Kuwait's presence alongside Iraq in the upcoming summit will help a lot to calm thoughts and soften some positions, it is hoped, especially the Iranian party, that it will be flexible to conduct and bridge the relationship between the Kingdom of Saudi Arabia and Iran."  

Al-Manna added, "I am certain that Kuwait plays a positive role, and that Iraq is a good mediator in this bilateral relationship between Iran and Saudi Arabia. Iraq and non-interference in its internal affairs.   And the Kuwaiti researcher stated, “In order for there to be investment, trade exchange, and a full recovery between Iraq and Kuwait, security must be available. Security is the main crucial issue.. Kuwait is safe, but Iraq still suffers from some security imbalances.. (God willing) these imbalances will be overcome, And the situation becomes completely safe, for surely then Kuwait will have investments, trade, mutual relations and openness to each other.” 

He explained that "Kuwait will play a good role in the interest of Iraq's relationship with the Gulf states... We have a philosophy in Kuwait that if your neighbors are fine, you are fine," stressing that "with the era of Prime Minister Mustafa Al-Kazemi, relations have become more capable of development."   LINK

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Samson: Revealing the outcome of the Iraqi-Kuwaiti talks

22nd August, 2021

The Kuwaiti Emiri Diwan revealed, on Sunday, the results of the round of talks between the Iraqi and Kuwaiti delegations.

A statement by the Diwan, carried by the Kuwait News Agency, stated, "Sabah Khaled Al-Hamad Al-Sabah, Prime Minister, held today, at Bayan Palace, a session of official talks with the Prime Minister of the Republic of Iraq, Mustafa Al-Kazemi."

The statement added, "The session of talks in a cordial atmosphere, during which they reviewed the strong bilateral relations between the two countries and ways to strengthen them in various fields to serve the interests of the two brotherly countries and peoples. The two sides also discussed the latest developments and regional, Arab and international issues of common interest and the two countries' positions towards them."

He continued by saying: "The talks were attended on the Kuwaiti side by Minister of Oil and Minister of Higher Education Muhammad Abdul Latif Al-Faris, Minister of Foreign Affairs and Minister of State for Cabinet Affairs Ahmad Nasser Al-Mohammed Al-Sabah, Minister of Public Works and Minister of State for Communications and Information Technology Rana Abdullah Al-Faris, Minister of Interior and head of the accompanying delegation of honor Thamer Ali Sabah Al-Salem Al-Sabah, Minister of Finance and Minister of State for Economic Affairs and Investment Khalifa Musaed Hamada, Minister of Commerce and Industry Abdullah Issa Al-Salman, Chief of the Diwan of His Highness the Prime Minister Abdulaziz Dakhil Al-Dakhil, Chief of the General Staff of the Army Lieutenant-General Sheikh Khaled Saleh Al-Sabah and senior state officials, attended by the Iraqi delegation accompanying the President Council of Ministers of the Republic of Iraq.

The Prime Minister, Sabah Khaled Al-Hamad Al-Sabah, hosted an official lunch in honor of the Prime Minister of the Republic of Iraq, Mustafa Al-Kazemi and his accompanying delegation.  LINK

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Al-Kazemi: Iraq is looking forward to establishing a joint industrial and commercial zone with Kuwait

08/22/2021 20:35:41 

The most important statement of Prime Minister Mustafa Al-Kazemi during his meeting with the Chairman of the Kuwait Chamber of Commerce and Industry, Mr. Muhammad Jassim Al-Saqr, and a large group of business and industry men:
 
🔵 Iraq is seriously seeking to facilitate intra-trade procedures with Kuwait, and raise the volume of trade exchange, which is still below the level of ambition.

🔵 We urge the Kuwaiti public and private sectors to invest in Iraq, as our country has promising investment opportunities. 

🔵 Iraq has fertile lands and an abundance of water, which gives Kuwaiti investors an opportunity in the agricultural field, whether for government or private companies; In order to achieve food security and integration between Iraq and Kuwait.

🔵 The Iraqi government worked to facilitate investment procedures, protect the rights of investors, provide all forms of support for the success of their business, and facilitate granting entry visas to Kuwaiti businessmen. Iraq had previously signed an agreement to avoid double taxation with Kuwait in 2019.

🔵 We suggested holding a conference or mutual workshops in Iraq and Kuwait, to review investment opportunities in Iraq in all sectors.

🔵 In order to enhance cooperation, we look forward to providing facilities in granting entry visas to Iraqi businessmen, to establish partnerships in the economic field with their Kuwaiti counterparts.

🔵 Iraq looks forward to establishing a joint industrial and commercial zone with Kuwait; To develop economic partnership in this field.

🔵 Iraqi-Kuwaiti cooperation in the fields of oil and energy is of great interest to us, and we look forward to developing these relations by encouraging the Kuwaiti side to expedite the implementation of the related Gulf electrical interconnection works.

Media Office of the Prime Minister   LINK