Iraq Banks Hold Over 418 Billion In Digital Assets.

[Luigi1]

Here's some articles related to Iraq digital banking & economy.

Iraq is a slave to oil & gas relying on over 90% of revenues.

Going digital is the highest priority.

Treat as rumors.  Not verofied.  Your opine.

 

 

 

Tlm724 Administrator Bondlady’s Corner:                 Association Of Banks: Total Government Electronic Collections Amounted To More Than 418 Billion Dinars.

ARTICLE:  The Iraqi Private Banks Association announced statistics on the number of electronic payment cards & the total government collection, which  it confirmed amounted to more than 418 billion Dinars, while indicating that there are 558 government agencies that have deployed electronic payment tools in their institutions.

 

The Executive Director of the Iraqi Private Banks Association, Ali Tariq, said in a statement to the Iraqi News Agency (INA): “There is great interest & support from the PM to support the Iraqi economy through his support for the private sector,” indicating that “the launch of the electronic collection project comes as a translation of the vision & strategic objectives.” To develop the financial & banking sector in Iraq. 

 

He pointed out that “the number of employee cards in Emiratisation services until June 2023 amounted to (8,653,310),” noting that  “the number of cards issued (prepaid, debit, credit) until September 2023 amounted to 17,822,988.”

 

 

 

From Other Sources:                          The Highest Priority.   Al-Sudani: Economic & Banking Reform Is One Of Our Most Important Priorities.  

ARTICLE:  PM Muhammad Shiaa Al-Sudani confirmed on Thursday that the government has placed the issue of economic & banking reform among its most important priorities.

 

 Al-Sudani said in a statement received by Al-Maalouma on the sidelines of his meeting with Andrew Toure, the Regional President of Visa for Central & Eastern Europe, the Middle East & Africa & his accompanying delegation, “The government has placed the issue of economic & banking reform among its most important priorities &  it seeks & welcomes cooperation in this field,” noting.  To approve the electronic payment system in the Council of Ministers.

 

He praised, "the company's cooperation in expanding electronic payment technology & digital transformation, whether   through training workers in Iraq or by contributing to education about the electronic payment process."

 

For his part, Andrew expressed “the desire to continue cooperation with the CBI & all Iraqi banking sector institutions,” noting  “Visa’s interest in supporting the Iraqi government’s plans towards electronic payment & economic & banking reform, by  introducing advanced solutions & technologies to the market, as well as its readiness to bring expertise, in addition to employing more Iraqis in its office in Baghdad, with the aim of reaching 500,000 acceptance points from electronic payment points of sale in Iraq.”  

 

 

 

 

From Other SZources:                     A Journalist Reveals A Serious Issue Related To The Dismantling Of Industry In Iraq.

ARTICLE:  Qusay Shafiq revealed a dangerous issue related to the dismantling of industry in Iraq.

 

 In a post on his Twitter account, Shafiq addressed the story of the modern paint factory, noting that the process of “blind, corrupt investment, especially the mixed sector, represents a serious problem affecting the national economy.”

 

 He referred to the experience of the Modern Paints Company, which was converted into an investment when the current PM, Muhammad Shiaa Al-Sudani, was Minister of Industry.  

 

“It is possible to understand how the situation deteriorated after it was converted into a corrupt investment!!”  He explained that

 one of the main reasons for failure is the lack of investor commitment to implement the measures required to revive the company.

 Instead, the investor took advantage of the opportunity to make quick profits at the expense of the company's resources & the  infrastructure.

 

 Such as “selling the treasury & dismantling production lines,” which reflects exploitation that only serves the interests of the investor himself.  He added,   “Warehouses & headquarters were rented to people with connections that raise suspicions about the existence of corrupt practices & abuse of influence.”

 

 He also continued, “It failed to implement & monitor the agreement between the government & the investor, as it did not provide sufficient mechanisms to ensure compliance with the investor’s obligations & monitor the proper use of resources.”

 

 The scenario to which the Modern Paints Company was subjected also appears, including the plundering, dismantling, and sale of state lands!” Shafiq concluded, “This case should be an important lesson for the government & concerned parties in implementing industrial & investment policies instead of mortgaging state factories and companies into the hands of corrupt investors who exploit the story of industrial development in corrupt partnership contracts with the government.”  

 

 

 

 

From Other Sources:       Is There Enough Time For The Sudanese Government To Get Out Of The “One-Rent” Prison?

ARTICLE:  After the major reconstruction campaign led by the Sudanese government in Baghdad & a number of Iraqi provinces,

this government began to develop a plan to multiply the country's revenues & remove it from the revenues of the single rent represented by oil.

 

Over 90% of Iraqi revenues depend on oil & natural gas, which is the sole financier of the state treasury, making federal budgets captive to the impact of the rise & fall of oil prices.

 

The 1st sector with multiple revenues for the country is energy investment, especially the gas that Iraq loses from the oil extraction process.

 

In this regard, the Iraqi PM, Muhammad Shiaa Al-Sudani, announced earlier the signing of “important” contracts for the investment of natural & associated gas, stressing that the “neglect” of natural & associated gas has caused Iraq to lose many development opportunities.

 

He added, "For many years, Iraq has depended on oil as a basic resource for the economy and money & natural & associated gas were neglected, which caused us to lose many development opportunities, in addition to the environmental impacts associated with the oil industry."

 

He added,  "We have begun treatments to develop the oil industry & invest in neglected ones & we have signed important contracts to invest in natural & associated gas," adding that "the 6th round will be signed soon, which targets important areas of natural gas fields."

 

 He pointed out that  "investing in gas will end the waste of gas wealth that costs Iraq approximately 4 billion Dollars annually," pointing out that they have placed the government's top priorities as "making room for the private sector & international companies & providing facilities for them."