Central Bank Governor: The bank is putting the final touches to its lending strategy

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Central Bank Governor: The bank is putting the final touches to its lending strategy

• Time: 10/09/2023 13:01:55
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{Politics: Al-Furat News} The Governor of the Central Bank, Ali Al-Alaq, indicated today, Monday, that the bank is putting the final touches to the lending strategy, while noting that it is continuing to implement decisions related to electronic payment.

 

The Ministry of Foreign Affairs media stated in a statement received by {Al-Furat News}, that “Deputy Prime Minister and Minister of Foreign Affairs, Fouad Hussein, chaired the thirtieth session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Finance, Industry, Trade, Labor, and Social Affairs, the Secretary-General of the Council of Ministers, and the Governor of the Bank.” Central Bank, Chairman of the National Investment Authority, and Advisor to the Prime Minister for Legal Affairs. 

 

The Council discussed the items on its agenda and took appropriate decisions regarding them. The Council hosted the Undersecretary of the Ministry of Agriculture and the Prime Minister’s Advisor, two members of the special committee to study the methods of support provided to the agricultural sector and the possibility of their sustainability in light of the water and financial situation, and to benefit from global experiences and modern methods of irrigation, agricultural mechanization, and support for strategic agricultural crops.

 

The Council also discussed the recommendations of the committee formed to support private banks in order to advance the work of these banks to be an important part of the Iraqi economy.

 

The Governor of the Central Bank indicated that the bank is putting the final touches to the lending strategy, and is continuing to implement decisions related to electronic payment.

 

Due to the importance of the wastewater treatment unit project to preserve the environment, reduce pollution, and contribute to increasing the life of production machines and protecting them from damage, the Council decided to change the method of implementing this project to contribute to accelerating its completion.

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Central Bank Governor: We are putting the final touches to the lending strategy

 Economy

 

•  Yesterday, 13:01

 

 

Baghdad-INA

Central Bank Governor Ali Al-Alaq confirmed today, Monday, the final touches to the lending strategy.

 

The Ministry of Foreign Affairs stated in a statement received by the Iraqi News Agency (INA), that “Deputy Prime Minister and Foreign Minister Fouad Hussein chaired today the thirtieth session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Finance, Industry, Trade, Labor and Social Affairs and the Secretary-General of the Council.” Ministers, the Governor of the Central Bank, the Chairman of the National Investment Authority, and the Advisor to the Prime Minister for Legal Affairs.”

 

She added, "The Council discussed the items on its agenda and took appropriate decisions regarding them. The Council also hosted the Undersecretary of the Ministry of Agriculture and the Prime Minister's Advisor, two members of the special committee to study the methods of support provided to the agricultural sector and the possibility of their sustainability in light of the water and financial situation, and to benefit from global experiences and modern methods of irrigation and agricultural mechanization and support... Strategic agricultural crops.

 

She continued, "The Council also discussed the recommendations of the committee formed to support private banks in order to advance the work of these banks to be an important part of the Iraqi economy."

 

The Governor of the Central Bank indicated, according to the statement, that “the bank is putting the final touches to the lending strategy, and is continuing to implement decisions related to electronic payment.”

 

The Ministry confirmed, “Given the importance of the wastewater treatment unit project to preserve the environment, reduce pollution, and contribute to increasing the life of production machines and protecting them from damage, the Council decided to change the method of implementing this project to contribute to accelerating its completion.”

 

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Central Bank Governor: We are putting the final touches to the lending strategy

 

money and business
   

Economy News - Baghdad
Central Bank Governor Ali Al-Alaq confirmed today, Monday, the final touches to the lending strategy.

 

The Ministry of Foreign Affairs stated in a statement received by “Al-Iqtisad News” that “Deputy Prime Minister and Foreign Minister Fouad Hussein chaired today the thirtieth session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Finance, Industry, Trade, Labor and Social Affairs, the Secretary-General of the Council of Ministers and the Governor The Central Bank, Chairman of the National Investment Authority, and Advisor to the Prime Minister for Legal Affairs.”

 

She added, “The Council discussed the items on its agenda and took appropriate decisions regarding them. The Council also hosted the Undersecretary of the Ministry of Agriculture and the Prime Minister’s Advisor, two members of the special committee to study the methods of support provided to the agricultural sector and the possibility of their sustainability in light of the water and financial situation, and to benefit from global experiences and modern methods of irrigation, agricultural mechanization, and support.” Strategic agricultural crops.

 

She continued, "The Council also discussed the recommendations of the committee formed to support private banks in order to advance the work of these banks to be an important part of the Iraqi economy."

 

The Governor of the Central Bank indicated, according to the statement, that “the bank is putting the final touches to the lending strategy, and is continuing to implement decisions related to electronic payment.”

 

The Ministry confirmed, “Given the importance of the wastewater treatment unit project to preserve the environment, reduce pollution, and contribute to increasing the life of production machines and protecting them from damage, the Council decided to change the method of implementing this project to contribute to accelerating its completion.”

 

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Advisor to the Prime Minister: Supporting electronic payment is one of our priorities

Economical  10/11/2023

 

 

 Baghdad: Hussein Thaghab

Advisor to the Prime Minister, Mohamed Al-Najjar, stated that supporting the electronic payment project is one of the priorities of the Sudanese government, noting that this creates safe financial transactions and moves the financial sector to a better stage.

Electronic transactions are witnessing a clear expansion during the current period after the public of customers experienced a real benefit from the use of electronic payment tools that now provide secure transactions that have attracted a wide segment of citizens, as points of sale have reached 23,000 distributed among various regions of the country.

 

Al-Najjar stressed, in an interview with “Al-Sabah,” the necessity of seriously striving to develop the reality of electronic payment, which is the most prominent future trend to develop the reality of financial transactions in Iraq, pointing out that Prime Minister Muhammad Shiaa Al-Sudani attaches great importance to this issue, creating safe financial transactions that move the financial sector to... Better stage.

 

He pointed out that achieving cashlessness in financial transactions is extremely important, and electronic payment is a new addition to transactions in the local market, and every citizen must be aware of its importance and the benefits derived from it, indicating that Iraq requires a redoubled effort to develop the reality of financial transactions.

 

Electronic payment is an important axis for developing the Iraqi financial sector and moving it to an important, more advanced stage, especially since the large Iraqi monetary mass is circulating within the banking system, amounting to between 30 and 40 trillion dinars.

 

As for the Executive Director of the Iraqi Private Banks Association, Ali Tariq, he said: Electronic payment has achieved clear growth over the past years despite a number of challenges that limited the citizen’s acceptance of receiving this new guest. However, time was sufficient to change society’s visions towards electronic payment after seeing the real benefits. Due to the adoption of electronic cash transactions.

 

Tariq stressed that the reality of electronic payment is constantly evolving through the development of the performance and multiplicity of electronic services, which helps in achieving greater benefit to the audience of customers, pointing out that the Central Bank of Iraq and the Association of Banks support the development of the reality of electronic payment and the expansion of products whose ceiling is constantly rising.

Tariq pointed out that the number of ministries and government institutions that have contracted with electronic payment companies and published points of sale is 337 institutions.

 

He added that points of sale have grown by 123% since the Council of Ministers’ decision, and until now, there were 10,718 devices, while now there are 23,906 points of sale distributed to 19,696 in stores and private institutions, 4,210 in ministries and government institutions, stressing that the number of financial settlements that took place through points Sales amounted to about 1.56 million transactions, including 1.15 million transactions for the private sector, and 403.7 thousand transactions for government institutions since the start of the decision until today.

 

Meanwhile, financial affairs specialist Hisham Khaled Abbas welcomed the effort being made to shift to electronic transactions and move away from cash transactions, pointing out that achieving universality in adopting advanced systems leads to changing the reality of the Iraqi economy to a better stage.

 

He pointed out in an interview with “Al-Sabah” that achieving the goals of developing financial transactions is not complicated in light of the great and serious support of Prime Minister Muhammad Shiaa Al-Sudani and the cooperation of the largest specialized international companies that can bring advanced technology to the local market.

 

Abbas pointed out that there is interaction by the Iraqi citizen with electronic payment, and his circle of adoption is expanding continuously after realizing that adopting the card is safer than carrying money and roaming in various markets, or when traveling outside the country.