More Iraqi News Early Monday PM 10-25-21
More Iraqi News Early Monday PM 10-25-21
TLM724 Administrator BondLady’s Corner
An Economist Warns Of The Control Of The Billionaire Mafias Of Corruption On The Currency Market
Monday 25 October 2021 09:19 | Economic Number of readings: 303 Baghdad / NINA / - The expert in economic affairs, Safwan Qusay, stressed the need for the Central Bank to control all outlets of foreign currency transferred abroad or sold internally, warning against "the control of billions of corruption mafias on the currency market."
Qusay said in a statement to the National Iraqi News Agency / NINA /: “Foreign currency sales in the Central Bank of Iraq are facing fluctuations and declines as a result of the Central Bank of Iraq’s attempt to implement new instructions to control the currency sale window and track the movement of funds and the mechanism used to enter goods and services and include them in taxes and customs.”
He pointed out: "These measures will transfer the demand for foreign currency to the parallel market in the short-term period, especially since there are goods flowing into the Iraqi market from unofficial outlets, and their owners obtain the Iraqi dinar and try to get it out in various ways, including inflating the price of imported goods from abroad."
He added: "If the attempt of the Central Bank of Iraq to track the movement of dollar funds out of Iraqi banks abroad succeeds, and then control the import outlets from solid origins, irregular traders will gradually turn to the regular market to obtain foreign currency through official methods, and we may witness an increase in the price of the dollar." In the parallel market, unless the central bank continues to sell the dollar in cash and more than the market needs to maintain the parallel price.
The economic expert stressed the need to control all outlets of foreign currency transferred abroad or sold internally, because financial and monetary reform must be comprehensive, and without that, the billions of corruption mafias will continue to grow at the expense of the wealth of Iraqis. / End 8
https://ninanews.com/Website/News/Details?key=935048
A Slight Decrease In The Exchange Rates Of The Dollar In The Local Markets
Economie| 11:21 - 10/25/2021 Baghdad - Mawazine News, the dollar exchange rates fell slightly, on Monday, in the main stock exchange and local markets in the capital, Baghdad.
The dollar exchange rate fell on the Central Kifah Stock Exchange in Baghdad, today, recording 147,750 dinars, for each $100 bill.
The prices of buying and selling dollars in exchange companies and local markets in Baghdad stabilized, as the selling price amounted to 148,250 dinars, for each paper denomination of 100 dollars, while the purchase prices amounted to 147,250 dinars, for each paper denomination of 100 dollars. Ended 29/A 4
https://www.mawazin.net/Details.aspx?jimare=172396
For The Second Day, The Central Bank's Sales Of Hard Currency Declined
Economie| 02:48 - 10/25/2021 Baghdad - Mawazine News, the Central Bank of Iraq's sales of hard currency fell today, Monday, to record 103 million dollars.
Today, the Central Bank’s auction for buying and selling foreign currencies witnessed a decrease in its sales by 3.23% to reach 103 million, and 313 thousand and 44 US dollars covered by the bank at a base exchange rate of 1460 dinars per dollar.
The purchases amounting to 97 million and 23 thousand and 44 dollars went to enhance balances abroad in the form of remittances and credits, while the remaining amount of 6 million and 290 thousand dollars went in cash.
This has been 16 banks to fulfill requests to enhance balances abroad, 5 banks to meet cash requests, in addition to 42 mediation companies. Ended 29/A 4 https://www.mawazin.net/Details.aspx?jimare=172415
Private Banks: Granting Loans Worth 747.3 Billion Dinars To 8612 Projects
Economie| 01:19 - 10/25/2021 Baghdad - Mawazine News The Iraqi Private Banks Association announced, on Monday, that the percentage of private banks' implementation of the Central Bank's initiative to support small and medium enterprises has reached about 75%.
The Executive Director of the Association, Ali Tariq, said in a statement received by / Mawazine News / a copy of it, that "the Central Bank of Iraq launched a lending initiative worth one trillion dinars to support the economy and projects of all kinds," noting that "44 private banks participated in the initiative."
He added that "banks loaned 8,612 projects worth 747.3 billion dinars and contributed to creating thousands of direct and indirect job opportunities, in addition to lending them to hundreds of citizens to buy housing units."
Tariq noted that
And he indicated that "women have obtained a good percentage of loans in light of the general trend of the Central Bank, to empower Iraqi women and motivate them to integrate into the labor market and establish private businesses."
The Executive Director concluded by saying, "The monetary policy represented by the Central Bank has supported small and medium businesses, because they constitute about 90% of the total companies in most economies of the world and provide the largest percentage of job opportunities, and that the doors of banks are still open for those wishing to obtain loans to support their economic projects, which It starts from one million dinars to more than one billion, with very easy interest.” https://www.mawazin.net/Details.aspx?jimare=172405
Generalization Of The Credit Card Reader On Cash Transactions
Monday 25 October 2021 276 Baghdad: Mustafa Al-Hashemi The Central Bank adopted new mechanisms in the payments system several years ago, but this system did not achieve the ambitions due to the existence of a financial gap between smart card holders, caused by the incomplete automation process, which led to the continued dependence of citizens on cash withdrawals with financial losses distributed among the owners of outlets and exchanges.
The mechanism, which calls for adopting comprehensive solutions represented in circulating the credit card reader device to all cash transactions, in a way that encourages dealing in electronic cash.
According to the Central Bank, one of the most important achievements in the payment systems in the Payments Department is the start of work to assess the readiness of the Iraqi payment system, in line with the international standards {PFMIs} of the World Bank to upgrade payment and settlement systems in the country, within the agreement with the World Bank, which deals with payment systems electronics in Iraq.
The achievements were also represented in reforming the mechanism for paying the salaries of employees of institutions and state departments by localizing their salaries to bank accounts, including allocations and benefits, to an electronic system, as well as enhancing the role of payment systems in financial inclusion through digital services provided by banks and electronic payment service providers.
An important dimension in the strategy of the Central Bank, automating work through the use of electronic payment tools and encouraging the use of financial and banking services provided by banks and electronic payment service providers.
The Reality Of Automation And The Citizen
The specialist in banking affairs, Adel Al-Nuaimi, stated that, “The smart card system is a global system in which countries work to limit the circulation of cash and encourage their citizens to deal with the electronic payments system in an integrated system, unlike what exists inside Iraq, as it is an imperfect process.”
Al-Naimi explained to “Al-Sabah” that “credit card readers” devices are only available at salary distribution outlets only, while the success of automation requires the dissemination of these devices to all shops, markets, filling stations and every party that deals with “cash”, which would reduce Financial losses, and tangible development on the ground, not just on paper.
Interbank Market
For his part, the banker, Taha Ammar, said: {The payment system in Iraq needs to review and standardize the ATM reading of all smart cards, not as is the case now that each bank has its own ATM}.
Ammar added to {Al-Sabah}: {The banking reality in the country needs to activate the interbank market to be a platform that establishes an organized electronic financial market that opens and facilitates the way for foreign investment in Iraq on the one hand, and to increase cooperation between banks and improve their ability to diversify financial services to their clients. On the other hand, attracting commercial and financial operations available in the market. LINK
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