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The Cabinet Secretariat is preparing to launch a media campaign to encourage the use of electronic payment machines


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'Dollar shake'.. A new comment from the Iraqi Central Bank regarding the exchange rate
 

Baghdad - Nas   

The Central Bank announced, on Monday, the exhaustion of all steps related to monetary policy, and while indicating that the electronic platform is a national option for organizing the foreign trade process, it stressed the importance of the decision to allow imports in the names of companies and persons.  

  

  

The advisor to the Central Bank of Iraq, Ihsan Shamran al-Yasiri, said in a statement to the official agency, followed by "NAS", (January 23, 2023), that "the meeting of Prime Minister Muhammad Shia' al-Sudani with a group of merchants and representatives of the Central Bank regarding the issue of the exchange rate of the dollar was an important meeting." , indicating that "the issue of the exchange rate of the dollar is not with the Central Bank."  

  

He added, "The Central Bank has exhausted all steps related to monetary policy, and the issue now is related to state institutions concerned with dealing with merchants regarding import and export operations," explaining, "The step of reforming the tax system is important, especially the Prime Minister's speech regarding not allowing corruption in outlets and tax procedures." ".  

  

And he indicated, "The merchants assigned to deal with the General Tax Authority began to worry about communication and exposure to tax institutions, so they always withheld their purchases," noting that "the Central Bank sent a message to the Prime Minister with the need to liberate the citizen from the problems and complexities of the high bureaucracy in tax work."  

  

And he stated, "The Central Bank does not have a problem with dollar resources, but a problem with dollar supply," pointing out that "the electronic platform is a national option for organizing the process of foreign trade and organizing information."  

  

He pointed out that "the platform imposes that the merchant who buys the dollar is the same one who brings the goods in his name," explaining that "Iraq is a country that complies with international controls."  

  

He continued, "The problem is with financing foreign trade, which is now putting pressure on the exchange rate, because merchants are worried and afraid to come and expose themselves," noting that "the platform has become necessary, which is that the merchant who buys the dollar brings the goods in his name at the outlets."  

  

Regarding the documentary credit, Al-Yasiri stressed that "the documentary credit took advantage of being at a lower price in order to encourage the public and merchants," explaining that "the important issue that the Council of Ministers took is allowing imports in the name of companies and individuals as well."  

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Does "electronic payment" save the exchange rate of the Iraqi dinar?

 
Raise your voice - Baghdad
January 24, 2023
 
 

The Iraqi Council of Ministers has set the first of June 2023 as the date for activating the electronic payment system The Iraqi Council of Ministers has set the first of June 2023 as the date for activating the electronic payment system

 

Against the inflated prices of basic goods and services in the Iraqi market, the exchange rate of the dinar continues to decline against the dollar and foreign currencies, amid government attempts to deal with the recession, which economists describe as "the largest in decades."

 

With the aim of revitalizing the economic movement, stopping the fluctuation of the dinar exchange rate, and controlling the smuggling of dollars and foreign currencies from Iraq to Iran and other countries, the Iraqi government is seeking to activate the electronic payment system.

 

And a statement issued by the office of the Iraqi Prime Minister, Muhammad Shia'a al-Sudani, after the cabinet session, which was held last week, announced work to activate the electronic payment system, as of the first of next June.

 

According to the statement: "The Council of Ministers approved the recommendation of the Ministerial Council of Economy, which stipulated that the Central Bank of Iraq should facilitate the procedures for granting licenses to collect bank cards using points of sale (POS), and reduce commissions on banks and entities that use those devices."

 

The decision requires all governmental, non-governmental, and mixed departments, trade unions, associations, and all centers where amounts are collected, to open bank accounts and provide point-of-sale devices for electronic payment by bank cards.

Step by step

The economist, Salam Sumaisem, enumerates the steps to be taken by the Iraqi government to respond to the electronic payment system, namely: electronic outlets, filtering remittances, and monitoring import permits and credits.

 

In her interview with "Raise Your Voice," she points out that electronic payment reduces currency smuggling, but the problem goes beyond that, as she adds: "There are mistakes in the structure of the Iraqi economy. The issue is not exclusively related to the monetary authorities, which are the central bank and its relationship with the government. The issue is also related to The structure of the Iraqi economy and its dependence on imports and the need to remove the currency, which is the main problem, as well as the control of import companies, which are originally subsidiaries of banks that monopolize the dollar. These issues need structural solutions, not formal procedural solutions.

 

And she affirms: "The electronic automation of the outlets is an essential first step that must be followed by larger steps."

 

Since last November, the exchange rate of the dollar has risen against the Iraqi dinar, without the central bank's decisions being able to stop the decline in the dinar's exchange rate, which recently broke the barrier of 1,650 dinars against one dollar.

 

The Central Bank set the purchase price from the Ministry of Finance at (1450) dinars per dollar, and the selling price to banks at (1460) dinars per dollar, while the sale price to citizens was set at (1470) dinars per dollar.

opportunity for banks

The economist, Hammam Al-Shamaa, sees electronic banking as an opportunity to increase cash liquidity in banks, by enhancing deposits in exchange for withdrawals, and explains: "Customers do not withdraw money when they deal with merchants through credit cards."

 

In his interview with "Raise Your Voice", Al-Shammaa excludes any effect of electronic banking, which the government seeks to implement, on the fluctuation of currency rates in the Iraqi markets.

 

He explains in this regard: "If the relationship between the local currency and foreign currencies changes, up or down, the purchasing power of the monetary unit will differ, whether it is electronic or paper, and this confirms that there is no relationship between the exchange rate and electronic banking."

Imbalance

For his part, the Deputy Governor of the Central Bank of Iraq, Ammar Hamad Khalaf, described, in a statement to the official Al-Iraqiya news channel, the government's decision to activate electronic payment in all joints as "important support for the Iraqi bank and economy."

 

Khalaf continued, "The bank has been working to implement this service for years as a basic business strategy, to complement the salary settlement project that began years ago, and it supports reducing outlets for money exchange (cash) as a case that does not serve the Iraqi economy."

 

Although the economist, Khattab Omran Al-Daman, emphasized the importance of the electronic financial system in reducing cases of exploitation and increasing prices practiced by some retailers, its impact on the dollar exchange rates will remain limited, since the system will deal with transactions concluded in Iraqi dinars and not in US dollars.

 

And the guarantor adds to “Raise Your Voice,” “The high exchange rates of the dollar against the dinar is due to the imbalance between the demand for the dollar and the quantities offered of it in the Iraqi markets as a result of the controls that the Central Bank has begun to apply, and therefore the stability of the dollar exchange rates needs quick and organized efforts from the Central Bank.” To achieve a balance between the forces of supply and demand, by ensuring the flow of dollars to importers directly, without prejudice to measures to prevent smuggling of dollars and money laundering.

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Central Bank: The dollar crisis is out of our responsibility

  • Jan 23 19:13

Central Bank: The dollar crisis is out of our responsibility

Information / Baghdad..

Today, Monday, the Central Bank announced the exhaustion of all steps related to monetary policy, and while indicating that the electronic platform is a national option to regulate the foreign trade process, it stressed the importance of the decision to allow imports in the names of companies and persons.

The advisor to the Central Bank of Iraq, Ihsan Shamran al-Yasiri, said in a statement to the official Sons Agency, seen by / information / that "the meeting of Prime Minister Muhammad Shia' al-Sudani with a group of merchants and representatives of the Central Bank regarding the issue of the exchange rate of the dollar, was an important meeting," noting that "the issue of The exchange rate of the dollar is not with the Central Bank.

He added, "The Central Bank has exhausted all steps related to monetary policy, and the issue now is related to state institutions concerned with dealing with merchants regarding import and export operations," explaining, "The step of reforming the tax system is important, especially the Prime Minister's speech regarding not allowing corruption in outlets and tax procedures." ".

And he indicated, "The merchants assigned to deal with the General Tax Authority began to worry about communication and exposure to tax institutions, so they always withheld their purchases," noting that "the Central Bank sent a message to the Prime Minister with the need to liberate the citizen from the problems and complexities of the high bureaucracy in tax work."

And he stated, "The Central Bank does not have a problem with dollar resources, but a problem with dollar supply," pointing out that "the electronic platform is a national option for organizing the process of foreign trade and organizing information."

He pointed out that "the platform imposes that the merchant who buys the dollar is the same one who brings the goods in his name," explaining that "Iraq is a country that complies with international controls."

He stated, "The problem is with financing foreign trade, which is now putting pressure on the exchange rate, because traders are worried and afraid to come and expose themselves," noting that "the platform has become necessary, which is that the merchant who buys the dollar brings the goods in his name at the outlets."

Regarding the documentary credit, Al-Yasiri stressed that "the documentary credit took advantage of being at a lower price in order to encourage the public and merchants," explaining that "the important issue that the Council of Ministers took is allowing imports in the name of companies and individuals as well." Ended/25 h

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2023/01/25
...

 

Baghdad: Hussein Thaghb Al-Tamimi 

A number of specialists in the financial sector pointed out the importance of the Cabinet's decision to use POS devices and  its positive impact on the reality of financial transactions within the local markets, which is an effective step towards electronic dealing and exemptions in fees imposed on financial movements .

 

And the Council of Ministers had obligated the Central Bank of Iraq to facilitate the procedures for granting licenses to collect international bank cards using point-of-sale (  POS  ) devices with low commissions on banks and entities that use these devices .

And (POS)  is a digital tool that helps in automating various electronic sales operations via cards instead of cash, and facilitates sales control and inventory management .

 

Haider Kazem Al-Baghdadi, a specialist in economic affairs, told Al-Sabah: “The decision issued by the Council of Ministers regarding points of sale  (POS)    represents an important step in the right direction, and greatly activates the reality of electronic payment in all regions of Iraq without exception, especially It includes reducing commissions for the financial transactions that the customer performs when using the electronic payment card .  

 

He pointed out that "this step will see the results of the citizen over time, when he finds goods that offer good discounts for sale using the electronic card and through the "POS",   and this is one of the encouraging things in the actual transition to electronic payment, which is safer than cash trading . " 

 

And he believes that "we find regionally that there is a wide spread of dealing in this way, and the citizen does not carry cash inside and outside his country, in addition to the facilities that are provided to those who carry this payment card, as it is granted in some seasons a significant discount, which is one of the most important incentives for the trend for electronic transactions .  " 

 

Al-Baghdadi stressed the necessity of "obliging banks to publish the  POS  in all places, as well as expanding the deployment of  ITM  , in order to expand the activation of the movement of money electronically," indicating that the decision comes at the right time and makes the citizen aware of the importance of adopting safe technology in his daily life, away from risks  . 

 

The specialist in economic affairs, Hamila Abdel Sattar Kurdi, praised the decisions of the Council of Ministers and their importance at this time by shifting towards electronic payment, indicating the importance of keeping pace with the evolving global effort that is witnessing continuous developments, through the development of products that are in harmony with the international labor market .  

 

Kurdi pointed out that "the banking system is in a race to provide the best services to different customers, companies and citizens, as it must provide advanced services that keep pace with developments and are commensurate with the requirements of the developed international effort that is looking to enter the local labor market .  " 

 

And she praised "the Central Bank's directions aimed at expanding the electronic payment space inside the country, and paying attention to financial inclusion to include a larger area than it is now . " 

 

The Council of Ministers obligated all governmental, non-governmental and mixed departments, trade unions, associations and centers in which the amounts are collected to open bank accounts and set up electronic payment POS  devices to pay by bank cards to collect money, and to enable those who wish to pay with cards, while keeping the cash receipt side by side, It also obliges all private schools, universities, private colleges, and fuel processing stations of all types and locations, and throughout Iraq, to open bank accounts and set up point-of-sale devices for electronic payment.

 

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The Cabinet Secretariat is preparing to launch a media campaign to encourage the use of electronic payment machines
9766.jpg
 

Economy News-Baghdad

 

Today, Saturday, the General Secretariat of the Council of Ministers set the date for the start of work on electronic payment machines (POS) in implementation of the Cabinet's decision to circulate them issued on January 17.

Haider Majeed, spokesman for the General Secretariat of the Council of Ministers, told the Iraqi News Agency: "The General Secretariat of the Council of Ministers, through the Department of Cabinet Affairs and the relevant committees, is following up the implementation of the decisions issued by the Council of Ministers, especially the work of points of sale via electronic payment (POS), as there is a special section in the Department of Cabinet Affairs and committees to follow up the implementation of these decisions, as well as there are timetables that are set to implement the decision."

He added that "the government media team in the Prime Ministry held a meeting with the Central Bank of Iraq and the Ministry of Finance, and there is also communication with the Association of Iraqi Banks for the need to develop a solid media plan to show the importance of these devices and ease of use."

He pointed out that "the electronic payment devices will facilitate all cash transactions for citizens in official state institutions, private sector institutions, shops, markets, gas stations, hotels and medical clinics," explaining that "the media campaign will begin soon to educate the public about the benefits of these devices, which are scheduled to start working in early June of this year."

Earlier, the Central Bank of Iraq confirmed that the use of electronic payment tools POS will be circulated in the government and private sectors in a binding manner.

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Added 2023/02/18 - 12:41 PM

Update 2023/02/18 - 2:09 PM

  

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The General Secretariat announces the date of starting work with electronic payment devices
 

Baghdad - people  

The General Secretariat of the Council of Ministers set, on Saturday, the date for starting work with electronic payment devices (POS), in implementation of the Cabinet’s decision to circulate it issued on January 17.  

 

  

  

The spokesman for the General Secretariat of the Council of Ministers, Haider Majeed, said in a statement to the official agency, followed by “NAS” (February 18, 2023), that “the General Secretariat of the Council of Ministers, through the Department of Cabinet Affairs and the relevant committees, follows up on the implementation of decisions issued by the Council of Ministers, especially work Points of sale via electronic payment (POS), as there is a special section in the Cabinet Affairs and Committees Department to follow up the implementation of these decisions, in addition to there are timetables that are set to implement the decision.  

  

Majeed added, "The government media team in the prime minister held a meeting with the Central Bank of Iraq and the Ministry of Finance, and there is also communication with the Association of Iraqi Banks on the need to develop a tight media plan to demonstrate the importance of these devices and the ease of their use."  

  

He pointed out that "electronic payment devices will facilitate all cash transactions for citizens in official state institutions, private sector institutions, shops, markets, gas stations, hotels and medical clinics," explaining that "the media campaign will start soon to educate the public about the benefits of these devices, which are scheduled to start working." in early June of this year.  

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Next Monday, work has been set as the date for opening applications for social assistance for 7 categories
  
{Local: Al Furat News} The Ministry of Labor and Social Affairs has set next Monday as the date for opening the electronic application for social assistance for seven categories.

The ministry indicated that these categories are:


1- The orphan: every child whose parents died or whose father died and whose mother remarried


2- The widow


3- The divorced woman


4- The family of the inmate or the depositor if his sentence exceeds one year and the judgment decision becomes final


5- Single: the woman The unmarried woman who has reached the age of 35


6- The unmarried adult girl (who has reached 18 years of age and has lost both parents and has no legal supporter)


7- The wife of the missing person and who has proof of that has the right to apply.

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Cabinet Secretariat: Starting work with electronic payment devices in early June

Economy |   10:55 - 18/02/2023

 
image

 

Baghdad - Mawazine News
The General Secretariat of the Council of Ministers announced, on Saturday, the start of work with electronic payment devices (POS), at the beginning of next June.

Haider Majeed, a spokesman for the Secretariat, told the official news agency, "The General Secretariat of the Council of Ministers, through the Department of Cabinet Affairs and the concerned committees, is following up on the implementation of the decisions issued by the Council of Ministers, especially work at points of sale via electronic payment (POS), as there is a special section in the Department of The affairs of the Council of Ministers and committees follow up on the implementation of these decisions, as well as there are timetables that are set for the implementation of the decision.

Majeed pointed out, "The government media team in the prime minister held a meeting with the Central Bank of Iraq and the Ministry of Finance, and there is also communication with the Association of Iraqi Banks on the need to develop a tight media plan to show the importance of these devices and the ease of their use."

He added, "The electronic payment devices will facilitate all cash transactions for citizens in official state institutions, private sector institutions, shops, markets, gas stations, hotels and medical clinics."

He continued, "The media campaign will start soon to educate the public about the benefits of these devices, which are scheduled to start operating in early June of this year." Ended 29/N33

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The Iraqi Central Bank affirms its determination to stabilize exchange rates

The Iraqi Central Bank affirms its determination to stabilize exchange rates

2-19-2023

The Iraqi Central Bank affirms its determination to stabilize exchange ratesThe issue of turmoil in exchange rates and the resulting and resulting significant rise in the prices of basic commodities and foodstuffs is still a matter of concern and concern to the Iraqi authorities and ordinary citizens alike, especially with the lack of market response to the decision to raise the value of the dinar against the dollar by the central bank and the government, to 1300. A dinar against one dollar, after it was 1460 dinars for a dollar, and the lack of response was represented in one of its dimensions by keeping the exchange rate parallel to the official price at the ceiling of 1520 dinars to one dollar.

And within the framework of a series of statements made by Iraqi officials to restore exchange rates to their previous state, the Governor of the Central Bank of Iraq, Ali Al-Alaq, affirmed, yesterday, Wednesday, the central bank’s determination to stabilize the exchange rate of the dollar.

Al-Alaq said, to the official news agency, that “the new electronic platform to avoid any penalties imposed on the parties that carry out transfer operations, whether they are banks or others, as it is a protection for the banking sector, the central bank and banks from falling into any problem related to external financial transfers, and this serves all parties.” ».

Regarding the exchange rate of the dollar, which is still high compared to its official rate, Al-Alaq explained that “the responsibility of the central bank is to close the difference in the exchange rate, and our steps are serious and vigorous, and we receive great support from all parties to achieve the goal,” adding that “our discussions with the International Monetary Fund were fruitful.” Very much, and we agreed on programs that serve directly and indirectly to achieve this goal.

In turn, Mazhar Muhammad Salih, the economic advisor to the Prime Minister, said, “The electronic platform imposed by the US Treasury on central bank sales is a security officer for selling the currency.”

Saleh added, in press statements, that “the decrease in the sale of the currency by the Central Bank came due to old accumulations or its rejection by the electronic platform.”

For the first time, the government advisor reveals the percentages of money that are being smuggled to neighboring countries through the currency auction, where he said: “There is a fraud by taking the currency abroad by hiding it by importing materials that do not benefit the Iraqi people,” stressing that “the rate of counterfeiting currency transfers abroad reached 20%.

Saleh promised, “The main reason for the dollar crisis is the lack of control over the borders, which is a major sovereign issue, and it is necessary to control foreign transfers.”

On an issue related to the exchange rate crisis, Iraqi Foreign Minister Fouad Hussein said, yesterday, Wednesday, that the Iraqi delegation in Washington had reached an agreement with US officials regarding the dollar.

Hussein confirmed, in statements to “Voice of America,” that “an agreement was reached with American officials regarding the dollar, oil, gas, electricity, and a number of other issues,” noting that “Iraq imports most of its needs from abroad, and buys needs in dollars, so most of the dollars Go abroad for trade, but there was no organized mechanism to withdraw dollars from the central bank and Iraqi markets ».

The minister explained, “Iraq has taken banking measures, and now there is a mechanism. I see that the currency issue will be resolved gradually, and that the Americans have put in place a mechanism to monitor the withdrawal of the dollar, which affected the price, and this will stabilize step by step.”

Hussein continued, “Iraqi society imports almost everything from abroad, and we only sell oil, and the import needs the dollar, and this is the reason for the exit of the dollar from Iraq, and we did not have a mechanism to regulate the exit of the dollar, and we put in place a mechanism to regulate the currency and control the movement of the dollar.”

rawabetcenter.com

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On 2/18/2023 at 9:46 PM, yota691 said:
Next Monday, work has been set as the date for opening applications for social assistance for 7 categories
  
{Local: Al Furat News} The Ministry of Labor and Social Affairs has set next Monday as the date for opening the electronic application for social assistance for seven categories.

The ministry indicated that these categories are:


1- The orphan: every child whose parents died or whose father died and whose mother remarried


2- The widow


3- The divorced woman


4- The family of the inmate or the depositor if his sentence exceeds one year and the judgment decision becomes final


5- Single: the woman The unmarried woman who has reached the age of 35


6- The unmarried adult girl (who has reached 18 years of age and has lost both parents and has no legal supporter)


7- The wife of the missing person and who has proof of that has the right to apply.

good news social security being paid....budget must be close

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On 2/18/2023 at 8:43 PM, 6ly410 said:
The Cabinet Secretariat is preparing to launch a media campaign to encourage the use of electronic payment machines
9766.jpg
 

Economy News-Baghdad

 

Today, Saturday, the General Secretariat of the Council of Ministers set the date for the start of work on electronic payment machines (POS) in implementation of the Cabinet's decision to circulate them issued on January 17.

Haider Majeed, spokesman for the General Secretariat of the Council of Ministers, told the Iraqi News Agency: "The General Secretariat of the Council of Ministers, through the Department of Cabinet Affairs and the relevant committees, is following up the implementation of the decisions issued by the Council of Ministers, especially the work of points of sale via electronic payment (POS), as there is a special section in the Department of Cabinet Affairs and committees to follow up the implementation of these decisions, as well as there are timetables that are set to implement the decision."

He added that "the government media team in the Prime Ministry held a meeting with the Central Bank of Iraq and the Ministry of Finance, and there is also communication with the Association of Iraqi Banks for the need to develop a solid media plan to show the importance of these devices and ease of use."

He pointed out that "the electronic payment devices will facilitate all cash transactions for citizens in official state institutions, private sector institutions, shops, markets, gas stations, hotels and medical clinics," explaining that "the media campaign will begin soon to educate the public about the benefits of these devices, which are scheduled to start working in early June of this year."

Earlier, the Central Bank of Iraq confirmed that the use of electronic payment tools POS will be circulated in the government and private sectors in a binding manner.

74 Views

Added 2023/02/18 - 12:41 PM

Update 2023/02/18 - 2:09 PM

  

heading in the right directions

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