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Ki: Electronic payment supports economic reform


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3 hours ago, yota691 said:

 

"The bank has provided 20 MasterCard cards containing $ 100 as a gift, " said Ali Hussain, an employee at Babil Bank's risk management departmen

Everyone likes a Raffle! 

 

Congrats to the winners! Let us know if you can spend them internationally......

 

and at what rate! Thank you

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CBI signs MOU with Yunin B International International   July 4, 2018  Banks Economy News Baghdad:

Number of readings 26 Section: Iraq   CBI signs MoU with Yunin Bi International     Baghdad, July 4, 2018 - The Central Bank of Iraq (CBE) announced today the signing of

From a cash society to an electronic society.   Iraqi banking system continues moving forward with the implementation of electronic payment.   Electronic payment means less physica

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Economy News _ Baghdad

The Central Bank and the Association of Iraqi Private Banks on Sunday joined the activities of the fifth day of the financial inclusion week on the land of the University of Baghdad, with the participation of a number of government and private banks and a financial transfer company.

The events witnessed the provision of services free of charge to university students and introduce them to the banking services they provide to citizens.

And the number of banks participating in the events, the 22 banks and financial companies are development and Ashur and the Iraqi trade and Rafidain and Rashid and TBI Bank and Zain Iraq and commercial Iraqi and international Islamic and Babylon and the South Islamic and the clutch and the Union and the Islamic Iraqi and Jihan and Nur Iraq and Mansour and united and Ansari and Arab and money and card and Arabs.

The Director of the Department of Relations at the International Islamic Bank, Atheer Abdul Baqi, told the "Economy News" that the bank today provides its banking services (Master Card) and open bank accounts free of charge for students of the University of Baghdad, within the activities of the week of financial inclusion held under the supervision of the Central Bank and the Association of Private Banks, Noting that "the bank is currently providing loans for student projects within the initiative of small and medium enterprises."

"The bank targeted the students to encourage them to use electronic payment tools for use in commercial centers and markets," said Abdul Baqi.

For his part, the director of relations of the bank Zain Iraq Fahd teacher, in an interview with "Economy News" that the bank today provided banking facilities for students of Baghdad University loans and electronic payment services, indicating that a lot was held and distributed a number of gifts for students provided by the bank.

"The aim of the bank's participation in the activities of the week of financial inclusion to identify all segments of the community banking services that we offer to customers of the bank."

The director of awareness of the Bank of Holding, Zaina Qassem, in terms of "Economy News" a reference to "the purpose of the Bank's participation today to target the university students who are considered the most important segments that can use electronic payment tools and opening bank accounts."

"The bank today provided its services to open bank accounts for free and to receive loan applications within small and medium enterprises."

 

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Views 11   Date Added 29/04/2018
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International Development Bank for Investment and Finance announces its membership license from Visa International

In the economy of  April 29, 2018 on the International Development Bank for Investment and Finance announces the granting of membership license of Visa World Closed 43 visits

 

Baghdad / SNG

The International Development Bank for Investment and Finance announced that it has been granted a membership license from Visa International for the first time from inside Iraq.

 

"The International Development Bank for Investment and Finance has held a major celebration by granting a membership license from Visa International for the issuance of cards for the first time from inside Iraq," the bank's management said in a press release received by SNG.

"The license was signed between the International Development Bank, represented by the Chairman of the Board of Directors Ziad Khalaf Abdul and the Director General of Visa for North African and Mashreq countries represented by Tarek Ezzeddin Al Husseini."

 

The ceremony was attended by high-level figures from the Central Bank of Iraq and representatives of the Union of Arab Banks, the Association of Iraqi Private Banks and the Iraqi Stock Exchange and a large number of managers of Iraqi and Arab banks, including representatives of international audit companies.

 

The administration said that "this step comes in light of the continuation of the bank led the revolution of the transition to electronic payment, and support for the initiative of the Central Bank of Iraq in the project to settle salaries for employees of the government sector, and implementation of the decision of the Secretariat of the Council of Ministers," noting that "the International Development Bank is a race in The electronic payment process for its huge and comprehensive infrastructure enabling it to diversify the provision of electronic banking services. "

The chairman of the bank Ziad Khalaf Abdul, during his speech at the celebration, according to the statement, "The International Development Bank has made great achievements in the field of financial technology to reach the requirements of the Central Bank of Iraq."

For his part, the Director General of Visa for North African and Mashreq Tariq Ezzeddine Al-Husseini said that "this signature would not have been done without a thorough study prepared by Visa to choose the bank most suitable and conform to the standards of international banks."

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Development Bank for Investment and Finance announces its membership license from Visa International

18:08 - 29/04/2018
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Information / Baghdad .. 
International Development Investment and Finance Bank, announced Sunday, for granted membership license from Visa International for the first time from inside Iraq.

"The International Development Bank for Investment and Finance has held a major celebration by granting a membership license from Visa International for the issuance of cards for the first time from inside Iraq," the bank's management said in a statement received.

"The license was signed between the International Development Bank, represented by the Chairman of the Board of Directors Ziad Khalaf Abdul and the Director General of Visa for North African and Mashreq countries represented by Tareq Ezzeddin Al Husseini."

The administration said that "this step comes in light of the continuation of the bank led the revolution of the transition to electronic payment, and support for the initiative of the Central Bank of Iraq in the project to settle salaries for employees of the government sector, and implementation of the decision of the Secretariat of the Council of Ministers," noting that "the International Development Bank is a race in The electronic payment process for its huge and comprehensive infrastructure enabling it to diversify its e-banking services. 

http://www.almaalomah.com/2018/04/29/305167/

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Visa and Suij Sign Cooperation Agreement in Iraq

   
 

 
 


29/4/2018 12:00 am 

The Central Bank is an economic success 

Baghdad / Al-Sabah 
Global attention has become evident when you find the world's largest companies are on the scene of the national economy and start to establish business partnerships within Iraq, bringing the latest technology to the local labor market, which has become a need for international effort to support economic activity towards construction and reconstruction.

And signed a partnership agreement between Visa International and Suwij Financial Services to provide a new package of advanced digital services. Overcome the challenges General Manager of payments at the Central Bank sacrificed Abdul Karim showed on the sidelines of the signing ceremony that " the central ambition is to work on to get ahead of others, Abbaramtlak advanced technological services, where we believe the capabilities of the two companies in achieving our goals, and is an economic success, and we are going to overcome all the challenges Accompanied by work joints ". "We hope that this cooperation will leave its positive imprint, in light of the Central Bank's efforts to provide the right ground for the provision of services, including the stimulation of the private sector, where there are great opportunities that accommodate everyone's efforts," she said. "The central bank is aware of the amount of investments that are being placed in  the local market, and we believe it will be achieved," she said 

These investments are beneficial to both sides of the process. " Achieving the goals of the regional director of Visa International Tarek Husseini said that" the partnership we have come to enable the Iraqi banks to achieve their ambition and goals of financial inclusion, "not to the fact that" the past period saw meetings with the Governor of the Central Bank, infrastructure that accelerate the rate of financial inclusion. " He noted that" the goal of the strategic partnership to create an enabling environment for the dissemination of a culture of digital payments in Iraq and enable the various partners and customers benefit from the global Visa products that rely on governments , financial institutions and individuals, and allow the achievement of familiar And the use of reliable and secure electronic payment options. "

The Central Bank of Iraq looks forward to the level of financial coverage in Iraq, which will contribute to the growth of the Iraqi economy and facilitate and improve the lives of citizens and enhance transparency in all transactions in line with the strategy and ambitions of e-government in Iraq. Financial Operations Executive Director of the gateway to Iraq "sewage" Basil Hill said: " The aim of the cooperation and partnership is completing financial transactions electronically, under the Central Bank 's support and cooperation with the global Visa, where they are working to set up Nizomp Atqlbha everyone, and can complete the financial operations of her difference 100 percent security, and this is what we offer in cooperation with Visa. " He pointed out that the electronic payment incentives do not require the carrying of the cache and the risks of its transfer and load, as we will turn to smart solutions in the payment detailed adoption of the best international systems.

"We are confident that this partnership will provide our financial and retail customers with a unique package of services, products and digital solutions that are  
based on safety and ease as key pillars. This partnership is also consistent with our ambitions to grow in the Iraqi market and provide  
solutions that help customers meet their ambitions and availability. They have multiple options for digital payments, and as this partnership is launched, we are continuing to develop and expand them in line with the latest innovations and innovations in the digital payment industry. "

 
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22 minutes ago, jeepguy said:

Either this will be a good thing, or visa is about to take a big hit on the market ...  Going to big to fast , and Arab word grabbing all it can 

 

 

If they do take a hit . . . its no bother, it will be a write off and/or a tax break and in the end they'll still come out ahead. It's what Global corporations are all about. Bailouts are also part of the game. The Global corporations designed it that way. . . .they never lose . . . we do . . . Pay in Cash, Food, Water,(etc.), Trade, Black Market or Barter. Those will be our options. 

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17 minutes ago, yota691 said:

Global attention has become evident when you find the world's largest companies are on the scene of the national economy and start to establish business partnerships within Iraq

😎........ on the scene

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Currency window .. Where to?!

   
 

 
 


30/4/2018 12:00 am 

Yasser Al-Metwally The 
 citizen is touching these days the recovery of the Iraqi dinar and its stability against the dollar exchange rate, and perhaps the latest central bank measures were "straw that broke the camel's back" according to the common proverb. The most prominent question that arises now and looking for a definitive answer is , "What does it mean equal to the official exchange rate for the price of the parallel" commercial market, "What are the possible effects of this new reality?  
Which prompted me to write this column , the clerks D.mzar economic thinker Mohammed Saleh about this phenomenon which envisioned the predicted Machristsal and here the truth has occurred. 
the theme of "currency window" will be a laboratory for economic analyzes of possible outcomes after the equal exchange rate, where it began most private banks are wary of the possibility of declining profits borrowed by this window, which you get by the two rates difference.
The reason is certainly because the "window of the currency" is the main supplier of private banks to meet the operating cost of their budgets of the profits you get. We talk here about the economic phenomenon impartially and regardless of the vulnerability of the window of criticism and continuous monitoring and miscellaneous accusations I say regardless of this and that because this Diagnosis may sometimes occur and sometimes exaggerated and it is important to analyze this phenomenon in an unstable economy.
Thus, the banks' perception and perception of these concerns the real fears of the decline in profits at a time when it accounts for more than 90% of its profits to cover operating expenses, and because banks have relied on these profits without providing other banking products because of the high risk, For the provision of other banking services. The reason is that loans and deposits, which are the basis for moving products and banking performance, have been disrupted by risks, because the factor of confidence is missing between banks, the public of depositors, banks and the large number of borrowers. On this reality what is required of these banks if there were no profits to avoid loss? 
The answer is to be guided by the contents and the importance and objectives of the program of financial inclusion is to cover all segments of the community banking services that contribute to moving the sources of development through small and medium-sized enterprises, so you find that the attention of the Central Bank of this program appeared to appear results emerge quickly.
The settlement of salaries, which led to the expansion of the use of modern technology through the spread of credit cards will contribute to strengthening the financial position of banks, and enables them to re-activity and the return of confidence to absorb the money sting. This important program, which is celebrated by the week of Arab financial inclusion these days, is the real starting point for returning banks to the right path in providing banking services for which they were established, but provided that support continues with legislation guaranteeing the rights of depositors and lenders alike. 
As a reminder, the possibility of any financial shock or other whirlwind may confuse securities, prices will return to volatility, and our wishes for constant price stability. 
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Financial Inclusion Week continues its field activities

   
 

 
 


30/4/2018 12:00 am 

 Baghdad / Al-Sabaj The 
week of financial coverage continues its program amid great interaction by the public at different levels. Most of the participants in these events were not aware of the banking products offered and the benefit they provide to all segments of the society through financial coverage  . 
Spokesman for the Central Bank of Iraq d. Bassem Abdul Hadi pointed out to "prepare a special program on this occasion in cooperation with the Association of Iraqi private banks over the days of 25-30 of this month, the most prominent of which included the celebrations will be a visit to some schools and the distribution of gifts encouraging children to save, as well as the establishment of exhibitions of banking services in A number of Iraqi universities and some 
public centers  . " 
Bank Products
Hashemi pointed out that "the past few days have achieved their objectives by targeting all segments of society who have not previously seen what serves them of banking products provided through the program of 
financial inclusion  ." 
Arab countries celebrate the Arab Day of Financial Inclusion on April 27 of each year. The day was chosen as it coincides with the founding of the Arab Monetary Fund. The celebrations will last for one week through the establishment of a number of unified activities and events in all 
Arab countries  . Re-confidence



Director of Training and Management of the Association of Iraqi Banks, Ahmed Al-Hashemi, told Al-Sabah that "the week of financial inclusion is a first step on the path of restoring confidence between the public and the banking system. The interaction between the two parties has encouraged everyone to expand this initiative, And the presence of the financial inclusion paragraphs and their presence to the end, is an achievement, especially that many did not know the existence of services to meet the need and looking for progress from them free of charge by the banking system or at nominal prices 
, and yesterday the organization of an event at the Mall of Babylon in Baghdad, which presented 165 awards presented by banks transparent In the presence of 1 Bank awards cards  
banking. " 
The last days witnessed the organization of five exhibitions of banks and financial companies operating in Iraq in universities and centers of commercial and cultural public, on the occasion of the week of inclusion money, and participated in these events more than 40 banks and financial companies.
He pointed Hashemi that "banks distributed more than 2000 bank card in addition to opening bank accounts and received thousands of requests from citizens to get loans," will take place in the coming days shows at the Universities of Baghdad and rivers to introduce the importance of the bank in the economy and achieve  
development.
" The representative of the company Key Card International, Ahmed Alaa said that the company's accession to the activities of the week of financial inclusion came after the directives of the Central Bank and the Association of Iraqi private banks 
He added that the company will distribute 300 card-free cards to citizens during the week, which will contribute to increase their knowledge of the payments Advanced and usefulness  
to the public. 
Noting that " the reality of electronic trading and constantly evolving , and this is what must be a citizen fully informed of the most important services that must be provided to  
citizens." 
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7 minutes ago, TOMINVEGAS said:

Get it done Banks and business people!!!!!!....cheers to you all!!!!!.....the government and parliament sure refuse to do absolutely anything to advance the economy .

How I see it.. CBI, after all, is the one with the switch to flip

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"What does it mean equal to the official exchange rate for the price of the parallel" commercial market, "What are the possible effects of this new reality?" I guess we will know after this inclusion is done. Keep hanging in there folks. Botzwana, hope you are doing alright.

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2 hours ago, navira45 said:

"What does it mean equal to the official exchange rate for the price of the parallel" commercial market, "What are the possible effects of this new reality?" I guess we will know after this inclusion is done. Keep hanging in there folks. Botzwana, hope you are doing alright.

 

navira, I do believe he is talking about the spread in this instance.  The CBI rate is 1184.  Even at the mandated CBI market rate of 1200, most Iraqi's are spending 16 dinars to convert to the dollar.  Lately we have seen the market rate under 1200, which is fabulous for the economy.  I'm not a fan of Alak, but it appears he is trying to comply with the 2% spread and rid the MCP which have been an IMF mandate for years.  The push for monetary  inclusion monetary will really help the private sector and bring liquidity into the banks.  The private banks can now loan money into the private sector, no longer depending on currency sales for capital therefore, making interest on loans. The government salaries via electronic payment will help, because all government employees will have to open an account to get paid.  There is also a huge push for the youth to invest in the banks with student loans.  Honestly, for once since 2012 I am impressed with the banking sector.  Watch the elections!

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Smart Card ... financial inclusion achieves economic benefit

28/04/2018

 

 

 

(Independent) .. In conjunction with the week of financial inclusion, the company organized a workshop on the dimensions of financial inclusion and importance in economic life, and participated a large number of employees of the company in this workshop, which was attended by international experts, Sadiq Rashid Al Shammari 
An official source at the company briefed participants on the stages of the economic life of the family and the national economy by relying on financial inclusion, and presented successful global experiences in this important chapter and how some economies have been able to achieve important successes through financial inclusion. 
The source pointed out that the participants interacted with this step, where there was consensus on the importance of working towards spreading awareness among the community about financial inclusion and its role in achieving development for all segments of society and in all cities and towns.
He pointed out that the development of payment systems in Iraq has become an important necessity and this is continuing to be adopted in the coming period, as everyone knows that the requirements of the development of economic activity requires the adoption of the best global systems and harmony with them. 
He pointed out that Keycard understands that financial inclusion will impose itself when banking culture is an important part of an individual's life. In order to support this step, we need to provide infrastructure for different sectors to facilitate easy and easy access to the city or village.

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13 hours ago, Butifldrm said:

 

Watch the elections!

 

Ramadan starts three days after the elections and ends June 14. The politicians may take this one off coming off the elections. IF we should know by or around June 11.  IF nothing then, it won't happen this year. Although financial education of the masses was one of the precursors leading to the main event. Thus far, they still need to pass and implement two-thirds of the HCL and implement the oil sharing program, which is the reason for the financial inclusion. Cannot share the wealth of the oil without being able to electronically deposit into an account. Thus cutting out corruption. Its the same here in the US, you need a deposit account when dealing with the government.   

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9 minutes ago, navira45 said:

Butifldrm, really love ur inputs on this but this rv has to happen bfore the election takes place. If it doesnt happen i would have to go for august-sept 2018.

I hope you are right Navira45. It's beginning to seem even with the elections they are still working to make things happen and pushing this banking system to the people no matter what! Something has got to give. All these banks are practically giving away bank accounts and other prizes to get the people to trust them and ensuring them that their money is safe and valuable. 

Edited by chris2028
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3 hours ago, GreedyDinar07 said:

Hey guys, can anyone answer this question......once the new notes are released in Iraq, (redenomination) will the $10,000 , $25,000, $5,000 notes that we have be horned for the same value as the smaller notes if the value of the Dinar is increased? (RV)...

 

no one can answer that question except the cbi and they aren't releasing it pre whatever they intend to do with the currency .. its highly speculative with zero guarantee of anything .... cheers  

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44 minutes ago, navira45 said:

Butifldrm, really love ur inputs on this but this rv has to happen bfore the election takes place. If it doesnt happen i would have to go for august-sept 2018.

Let’s be honest, it makes sense to us that they should do it before he elections, but when has Iraq ever made sense!?

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1 hour ago, NEPatriotsFan1 said:

Let’s be honest, it makes sense to us that they should do it before he elections, but when has Iraq ever made sense!?

 

It  makes perfect sense that’s why I think they’ll pull the trigger after the elections. Not being a hater folks - these people don’t get it and they only know how to Delay & Postpone. They refuse to be “ pressured “ — They have yet to wrap their sun baked brains 🧠 around things like deadlines or expediency. 

Edited by 10 YEARS LATER
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Chris2028, i really hope it rvs before the election. Something else happened this afternoon...was contemplating of when the rv will happen and looking for a sign. This big truck in front of me had a plate number...may 2018 rv 15....then the last 000....immediately without thinking, i translated as rv on may 15 2018 with 3 zeroes no longer used....just a sign folks...n just sharing

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  • yota691 changed the title to Ki: Electronic payment supports economic reform

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