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Oil decides to adopt electronic payment at gas stations starting from 2024


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This article adds even more credence that come 1/1/24, USD will not be used by the citizens in Iraq. 


I'm thinking regardless of what gas stations are requiring.....the Iraqi people still need cash day to day. It doesn't register with me how they're going to do that without circulating lower denoms and a revalue.

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3 hours ago, cranman said:

In my humble opinion, a slow and steady rise from a low revalue would cause the Iraqis to hold onto thier chunky money. Why would they spend if they know in a week or two the dinar could revalue and increase in value 2 or.trhee times.? They aren't tech illiterate? I'm sure some  Iraqis, not all, are speculating just like us that the exchange rate will rise substantially if it opens at a low rate. 

It would be a nightmare for business owners to adjust thier goods, contracts and services every week. 

It just doesn't make sense to me to open at .01, .10 or.35.


I think,  at least, a $1.00 is what we will see. 


inside iraqs borders 1 iqd will always be 1 iqd no matter the exchange rate value of the dinar at the cbi , what the iraqis will gain is purchasing power of the new increased iqd value when and if it occurs , the dinars strength or weakness is displayed outside its borders the exact way it is with every countries currency 1 usd is simply 1 usd here in the states travel outside Americas borders then the usd exchange value shows its strength or weakness.

we are all hoping this will end in a positive for investors, i like ur post cranman and no intent to discredit or say i know anything because i dont know anymore than anyone else that is waiting ... BTW is Yota not posting here anymore since dv was brought back online ? all the best dv'ers   

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A "shocking" decision for the Iraqi Ministry of Oil. Warnings and criticism of electronic collection at gas stations

A "shocking" decision for the Iraqi Ministry of Oil. Warnings and criticism of electronic collection at gas stations
2023-11-23 10:34


twilight News / The decision of the Iraqi Ministry of Oil to adopt electronic payment systems in all Petrol stations and cash termination as of 1 January 2024, Shock for citizens who are not familiar with the culture of electronic payment and transactions Banking, except for employees.


Emphasizes Economists say that the electronic payment infrastructure is not at a level that allows the transition from cash to electronic payment, likely that the decision will cause a fuel crisis in the country if insists The ministry on its strict application.


Statement Shocking


The The Iraqi Ministry of Oil, on Wednesday, that the Petroleum Products Distribution Company will adopt regulations Electronic payment at all gas stations from the beginning of next year.


She explained The ministry said in a statement that "in line with government directives, the Ministry of Oil decided Distribution of petroleum products Adoption of electronic payment systems at all stations, suspension Cash Dealing as of the first of January 2024."


She called upon The company, as in the ministry's statement, "citizens cooperate with it by adopting mechanisms and means Modern in the distribution sector to serve the public interest, through the acquisition of electronic payment cards approved so that everyone can refuel according to the new mechanisms, and benefit from Services provided in the distribution sector".


burden New


The Observers say that the decision to collect electronic will add a new burden on citizens, especially Kasbah and taxi owners who do not have a "Master Card".


because According to observers, they will have to issue cards at a cost of 10,100 dinars per card. each, and then recharge the card with a minimum of <>,<> dinars, in addition to the recharge amounts, This will lead to an increase in the cost of filling gasoline, which in turn will be reflected in market prices in its entirety.


They emphasized, The citizen in the countries of the world has a choice between electronic and cash payment, without being forced to A certain way.


Reflections Negative


Loyal In this context, the economist, Omar Al-Halbousi, says that "this mechanism may be It has negative repercussions on fuel prices if strictly enforced, which may lead to to rising fuel prices and the recovery of the black market for fuel."


Explains Al-Halbousi to Shafaq News "through some people who have cards Electronic payment by buying and selling fuel outside gas stations for people who do not have Electronic cards, which will constitute a fuel crisis in Iraq, if the ministry insists on its strict application."


He adds "At the same time, there is a significant weakness in the electronic payment infrastructure because The stations that will be used are few with most of the workers in these stations not applying Electronic payment, in order to deduct a commission from people outside the official rate."


He continues "In addition, there are entire governorates and there are no electronic payment points in any of the its stations, and this is borne by the Ministry of Oil with private banks and electronic payment companies, which did not provide an excellent level of infrastructure for the transition from cash to payment Online, especially since most electronic payment machines are old and not up to date."


He increased The economist "In addition, gas station workers do not know the use good for these devices, because they are not trained on them, which is an obstructive point for the application of This procedure."


culture Online Payment


He stated "Iraq also greatly lacks the culture of electronic payment, and this is borne by the bank. Central Bank of Iraq, private banks and electronic payment companies that did not carry out any activity It is real to spread the culture of electronic payment to get rid of cash, on the contrary."


Shows Halbousi "There are real repulsive factors imposed by banks and payment companies electronic, starting with the difficulty of extracting these cards and the lack of honesty of banks on documents customers and used most often without customer knowledge, which made customers They are averse to extracting these cards."


and complete "There are also inflated prices for issuing the card, and the mechanism of its use is not clarified. for the customer, which made him stay away from electronic cards, and there are commissions deducted from Each electronic payment from the customer incurs a larger amount than cash, despite directing The Council of Ministers said that the commission is not deducted from the client, but from the employer."


and concluded Halbousi to say, "All these factors make the application of the transformation process towards Electronic payment is unsuccessful, and the country will enter into a crisis unless there are processors pre-application to avoid any crisis, as well as a smooth transition towards electronic payment that The bank employees themselves are unaware of its use, so how about the average citizen?"


Interest Citizen First


Who is it Economist Abdul Rahman al-Sheikhly points out that "this measure was It is supposed to be announced a previous period, and work to educate citizens and introduce them to The benefit of using electronic payment devices, and taking the path of temptations by selling products Oil is less than its price for those who use these devices, but launching it in this way "It will hurt citizens and cause fuel shortages."


He adds Al-Sheikhly told Shafaq News, that "the citizen in the winter season needs fuel in a way Continuous to turn on heaters, and those who have an electronic payment device or electronic card will buy This quantity and sell it on the black market, so a new non-market black market will be created regular".


He explains, "The ministerial program of Mohammed Shia al-Sudani stipulated the use of payment devices Electronic, but the Ministry of Oil is supposed to calculate the interest of the citizen first before satisfying Officials, and resorting to options including supporting and dealing with those who use these devices. in a carrot manner, not completely rejected coercion."


Concerns From circumvention


In turn, Ali Dadoush, a researcher in economic and international affairs, confirms that "most members of society They have no banking transactions and are not familiar with the culture of electronic payment (except for employees of them)".


He adds Daadoush to Shafaq News Agency, "Forcing dealing with payment cards without knowledge with its contents exposes the customer to the circumvention of some souls that hunt in troubled water, or Similar gangs specialized in electronic thefts, and examples abound in our reality contemporary".


He continues "There are also large numbers of employees who withdraw their salaries when they are launched in card directly, and this procedure is done because of their lack of trust in the banking system, as a result of The repeated negatives, penalties and others that have affected a number of banks, specifically since The beginning of 2023."


as for As for the positives, Daadoush points out that they are represented by "the rise of the culture of electronic payment. for the general members of society, and thus will bring about an intellectual civilizational development parallel to what exists in neighboring countries at the very least, as well as the countries of the world."


And sees, "This will create an electronic marketplace that may even extend to vegetable vendors. And fruits and the like, and this is applicable in neighboring countries, and thus the goal is achieved essential and desired for the shift towards a de-cashing society, reducing Monetary dealing, because of its important effects on the reality of the economy's activity kidneys in the country."

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Al-Rafidain announces the adoption of the electronic government tire fuel card

  • Time: 11/26/2023 16:54:31
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Al-Rafidain announces the adoption of the electronic government tire fuel card

{Economic: Al-Furat News} Al-Rafidain Bank, today, Sunday, approved the government tire fuel card for the bank’s wheels.

In a statement, a copy of which {Al-Furat News} received, the bank called on all governmental and private institutions, departments and companies wishing to: “obtain this card for free by visiting all the bank branches near them for the purpose of obtaining these cards for free.”

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