CBI News 12/2/2023

[DWS112]

The Governor of the Central Bank chairs the first meeting of the Iraqi National Payments Council

December 2, 2023

 

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, chaired the first meeting of the Iraqi National Payments Council after its restructuring.

During the meeting, which was attended by officials from the Central Bank and representatives of the relevant ministries, the government and private banking sectors, electronic payment service providers and other actors, the objectives of the Council and the main tasks that it intends to implement were reviewed to achieve national strategies to develop the infrastructure of the financial and banking sector, advance the components of the electronic payment environment, and strengthen the pillars of inclusion. Finance in Iraq.

The Council discussed the experiences of other countries in the field of payment systems and the mechanisms necessary to implement Iraqi Council of Ministers decisions No. 23044 and 23620 for the year 2023, as well as proposals that would contribute to the implementation of these decisions with the aim of expanding the scope of work of Iraqi electronic payment systems and linking them with various institutions, ministries and bodies and encouraging The public wants to use it and benefit from the advantages it provides. 

It is noteworthy that the Iraqi National Payments Council aims to coordinate and achieve cooperation between regulatory and supervisory authorities, executive authorities and financial institutions.

 
Central Bank of Iraq 
Information Office 
2 - December 2023

Edited December 2, 2023 by DWS112

[DWS112]

The Central Bank reveals the discussions of the joint Iraqi delegation in Türkiye

December 2, 2023

The discussions conducted by a joint Iraqi delegation (the government, the Central Bank, the Association of Iraqi Private Banks, and the banking sector represented by a number of private banks) were completed in Istanbul and returned to Baghdad yesterday morning. The discussions culminated in the following:

 
Agreement to make banking arrangements between Iraqi banks and their Turkish counterparts through intermediary banks to ensure trade exchange for major merchants and importers and to make and pay remittances in the euro and Turkish lira currencies.

Agreement on organizing the trade exchange for small merchants and retailers (dinar in exchange for euros or Turkish lira) under arrangements with combined transfers according to a commercial organization that guarantees the integrated cycle of the commercial process (depositing in dinars inside Iraq, paying in euros or lira in Turkey, shipping goods from Turkey to Iraq). This facilitates the external transfer of thousands of Iraqi traders and spares them from working through non-fundamental means. This also comes in the context of regulating trade and external transfer in accordance with sound practices and standards and within the framework of the comprehensive plan pursued by the Central Bank to open multiple channels, outlets and currencies with the aim of maintaining the stability of the financial system and protecting it from risks. Achieving general price stability by covering imports at the official price, which is confirmed by controlling inflation rates.

Central Bank of Iraq 
Information Office 
2 - December 2023