Clare » March 26th, 2023
Guidance and warning
March 26, 2023
The Central Bank of Iraq would like to inform electronic payment companies / collectors of the need to direct and warn all their agents / outlets for cash withdrawals directly not to use POC devices outside Iraq, and to take the necessary measures by them to obtain a written undertaking within a maximum period of 1/5/2023, otherwise the company will bear And the violating agent / executor has all the legal consequences, and their companies must follow up, investigate and put in place the necessary policies to ensure that these devices do not work outside Iraq.
Withdrawal of leave and suspension of activity
March 26, 2023
The Board of Directors of the Central Bank of Iraq decides to withdraw the license of one bank and three exchange companies, and to stop the activity of a number of others due to violations.
The budget and final accounts are on the table of the World Bank in Parliament
The Finance Committee in the Iraqi Parliament hosted, on Sunday, a World Bank delegation, to follow up on loans for projects funded by the Bank within the Federal Budget Law for the year 2023, and the mechanism for automating the financial system in the country.
The committee, chaired by Representative Atwan Al-Atwani, and the presence of a number of its members at the beginning of the hosting, welcomed the World Bank delegation, appreciating the role of the World Bank in supporting the Iraqi government to finance the spending chapters with loans necessary to implement projects according to spending units, and joint cooperation between the two sides.
The Finance Committee discussed ways to find appropriate solutions to implement the projects that were signed with the World Bank and how to finance the spending units, in addition to reviewing the implementation of projects in Iraq and accelerating their pace, as well as the need to maximize revenues by switching from the paper system to the electronic system.
The committee listened to a delegation from the World Bank regarding its visit to the Ministry of Finance related to financing projects for spending units and disbursing loans in connection with them, as well as briefing them on the vision of the Ministry of Finance on completing the points agreed upon in accordance with the new vision of the ministry, as the delegation indicated that there is the appropriate ground to achieve the steps to implement projects, stressing Full commitment to provide support and assistance to automate public financial management in Iraq and achieve progress.
The committee discussed with the World Bank the possibility of benefiting by providing assistance in preparing an integrated financial system project (ifms), presenting a complete budget and preparing final accounts reports for the draft budget.
At the end of the meeting, the Parliamentary Finance Committee confirmed its aspiration for “the shift from the paper system to the electronic system to make progress in modern financial transactions and to prepare an integrated project in this regard.” LINK
Source: Dinar Recaps
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