"Tidbits From TNT" Sunday 10-31-2021

Oct 31

TNT:

Tishwash: The government's financial advisor: Adjusting the price of the dinar against the dollar needs several requirements that the government must take

The government's financial advisor, Mazhar Muhammad Salih, confirmed that adjusting the dinar exchange rate in light of the improvement in oil revenues needs several requirements that the government must take.

Muhammad Salih said in a statement to the National Iraqi News Agency ( NINA ) that adjusting the exchange rate requires the foreign currency to cover the local liquidity, indicating that the superiority of foreign reserves over the cash reserve should not threaten the wealth of the country’s foreign reserves.

” He added: “Foreign reserves should cover at least A number of import months, including no less than 6 months, especially in the case of Iraq, which is adopted and very open to foreign markets. link

Tishwash: Finance Minister: The Government Is Adopting A Set Of Programs And Plans To Stimulate The Economic Situation

Today, Sunday, Finance Minister Ali Abdel Amir Allawi Confirmed That The Government Is Adopting A Set Of Programs And Plans To Stimulate The Economic Situation.

The Ministry Said In A Statement Received By Al-Ahed News That "Minister Ali Abdul-Amir Allawi Received Today The South Korean Ambassador To Baghdad, Jang Kyung-Wook, And His Accompanying Delegation," Noting That "During The Meeting, Aspects Of Joint Cooperation Between The Two Countries Were Reviewed, And The Strengthening Of The Aspect Of Cooperation Between The Two Countries Was Emphasized, Partnership In The Economic And Commercial Fields And Opening New Horizons For Partnership Between The Two Friendly Peoples.

He Added, "The Minister Reviewed The Fundamental Reforms Achieved By The Ministry Of Finance And Raising The Indicators Of Commercial Activity In Light Of The Current Economic Challenges And The Corona Pandemic Crisis."

Allawi Stressed, According To The Statement, That "The Iraqi Government Is Adopting A Set Of Programs And Plans That Have An Impact On Stimulating The Economic Situation And Enhancing Development Opportunities."

For His Part, The Korean Ambassador Praised The “Rising Performance Of The Iraqi Economy,” Expressing “The Direction Of His Country’s Government Towards Raising Levels Of Cooperation With Iraq, And The Desire Of Sober Korean Companies To Expand Their Activities And Partnership With Iraq In Various Fields, Especially Those Related To Investment And Infrastructure Aspects. link

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Cutebwoy: Digital transformation in the central bank and the banking sector

Economic and banking advisor Samir Al-Nusairi *

With determination and high confidence in the ability of the Iraqi financial and technical cadres to overcome the challenges of the technical gap that Iraq suffered due to the repercussions of the siege, wars and instability during the information revolution period.

The Central Bank, banks and specialized technical companies were able to overcome the challenges that stand in the way of the digital transformation of the banking sector and stand in the right direction in the darkest economic and security conditions that our country has experienced during the past years and draw a sound road map to catch up with technical developments in the countries of the world.

The observer of the situation in Iraq during the years (2016-2021) notes the extent of belief in the Iraqi capabilities and competencies to bring about change and bridge the technical gap between us and the developed world. This is evident in the important achievements that have been achieved, as follows:
1 – The methodology adopted by the Central Bank and implemented by banks and electronic payment companies always focuses on working under a sound legislative, regulatory and legal umbrella, as well as strengthening the concepts of governance and global standards with regard to information technology and financial technologies.

2‐ Issuance of the electronic money payment system No. 3 of 2014 and the establishment of the National Payments Council, governance controls, institutional management of information and communications technology, and legal regulations and instructions that regulate the work of banks and electronic payment service providers.

3- The central bank plays a pivotal role in establishing advanced infrastructure, pursuing the latest global technologies, and developing the bank’s financial and banking systems, payment systems, and advanced communication networks according to the latest technologies.

4‐ The central bank, banks, and electronic payment companies possess advanced payment systems as well as retail payment structures, and the national exchange was one of its most important parts. Up to 12 million credit cards were issued and approximately 1,300 ATMs were distributed
and more than 5,000 points of sale.

5‐ Granting work licenses to many electronic payment service providers (card issuers, collectors, mobile payment companies, bill presenters, and payment gateways through various channels).

6- Extensive interest in implementing the first objective of the Bank’s first strategy (2019-2020) and second (2021-2023), which is to achieve monetary and financial stability and enhance digital transformation in the banking sector through a sound financial system with interest in achieving financial inclusion and reducing risks, as well as adopting a localization project Employee salaries, which increased from 11% to 23%, and expected to achieve the target percentage in 2023.

It is clear from the above achievements that the Central Bank, the banking sector and electronic payment companies have overcome the challenges of the technical gap due to the siege, occupation and terrorism, and it is moving today at a steady pace to achieve digital transformation in the comprehensive financial and banking sector towards achieving financial stability and moving from the cash society to the cashless society, which is also one of the curriculum objectives Government reform in the white paper for the transition to the digital economy.

Future plans for digital transformation

1- Enhancing research and development activities for the manufacture of new banking products that are spread across governorates, districts, districts, and small cities.

2- Improving the performance of banks through new inputs based on modern technologies, as well as the development of patterns and policies that adopt modern banking techniques that the countries of the developed world preceded us to.

3- Capacity building and qualification of digital transformation leaders and human resources in the field of modern banking sciences, technology and innovation with the aim of achieving sustainable development goals.

4- Develop plans and programs that aim to transform society into a society that deals with criticism, into a non-cash society and into an information society, so that plans and strategies for economic and social development are produced while working to achieve sustainable development goals.

5- Preparing national policies and strategies consistent with the plans of the monetary authority in management, supervision and control, and in coordination with information and communication technology.

* Economic and banking consultant

Digital transformation in the central bank and the banking sector

Mot: aaaaahhhhhhhh --- the Irony of Ironies!! ~~~