Al-Alaq participates in the meeting of Arab financial institutions and announces the support of Buna platform with $ 50 million
Baghdad – Iraq Today:
The Governor of the Central Bank of Iraq and his accompanying delegation participated in the meetings of Arab financial institutions held in the Moroccan capital Rabat.
During the speech of the Chairman of the Board of Directors of the Arab Fund, Abdul Rahman Al-Humaidi, “he thanked the Central Bank of Iraq for its continuous support for the success of the Regional Corporation for Arab Payment Clearing and Settlement (Buna).”
The Governor of the Central Bank, Ali Al-Alaq, said that “the bank contributed to supporting the efforts of the Arab Monetary Fund in voting to increase the capital of the platform by an additional fifty million dollars to help expand the platform’s business and support its activities.”
The Governor also met with “a number of governors and heads of Arab institutions, to strengthen the relations of Iraqi banks with Arab banks through the adoption of a number of Iraqi banks to establish banking relations and open branches for a number of them in those countries.
Buna is a wholly owned inter-Arab payments system owned by the Arab Monetary Fund, of which Iraq is a founding member and active shareholder.
The platform also provides participants with modern payment solutions that comply with international standards and principles and international compliance requirements, since its launch has been an important step towards enhancing opportunities for economic and financial integration in the Arab region and supporting investment ties with trade partners of Arab countries around the world.
The Central Bank of Iraq explains the importance of the POS system for cash payments
The Central Bank of Iraq clarified the importance of applying the (POS) system in the field of economic activity and combating money laundering and financing terrorism, and while specifying the ministries and institutions covered by the system, it confirmed that points of sale (POS) will be spread in all institutions that contain collection.
And the Central Bank said, in a statement: “Points of sale (POS) will spread to all institutions that contain collection, that is, the inclusion of every institution, ministry, authority, and companies contracting with ministries that have collection or have delivery or receipt of money, which will be covered by the application of the (POS) system.”
He pointed out that “the ministries covered by the system are the Ministry of Interior, Electricity, Transport, Oil, and the Hajj Authority, in addition to other ministries that will use the credit card for the purpose of electronic payment instead of (cash), which will reduce the risk of carrying money,” noting: “If the card is lost, it can be disabled.” And get a new card.
And he indicated that “the adoption of the (POS) system will raise the economic level of the country, and dealing with the bank will greatly expand, and it will transfer funds from funds hoarded in homes to funds stored in banks, which will reduce the problem of the deficit in financing housing projects or housing loans and economic projects.”
He added, “The adoption of the (POS) system project was personally adopted by Prime Minister Muhammad Shia’a Al-Sudani through cabinet meetings and its decisions that obligated ministries to use the (POS) system.”
He added, however, by saying: “The (POS) system will be used in the future, even in restaurants and delivery, and the company and shop owners will be punished if the devices are not provided, especially those that collect a lot of money.”
He pointed out that “there is a decision that obliges everyone who sells a house that exceeds 500 million, to enter this money into the bank, and the owner of that money is asked about the source of the money, through the KYC account opening form, in order to get rid of the issue of money laundering and terrorist financing.” link
US congresswoman calls for activating the agreement between Baghdad and Erbil
Baghdad – Iraq Today:
A member of the US Congress called for the resumption of oil exports from the Kurdistan region of Iraq, pointing to the need to implement the agreement between Erbil and Baghdad on the re-export of oil from the Kurdistan region of Iraq, saying: “The agreement cannot be kept ink on paper.”
US Congresswoman Eliza Slotkin said on the issue of re-exporting oil from the Kurdistan region of Iraq, and the concern of oil companies operating in the region, that “this issue has reached several times to Congress and the State Department, but the Iraqi constitution stipulates that the revenues must be shared.
“I will try to increase the U.S. government’s focus on Iraq, and put more pressure, to work from the ambassador and the State Department’s consul general on these issues and use their influence on Baghdad,” the U.S. official said.
Slutkin pointed to the existence of a dialogue between the President of the Kurdistan Regional Government of Iraq Masrour Barzani and Iraqi Prime Minister Mohammed Shia Sudani, noting: “They have to advance this agreement, it cannot be kept ink on paper.”
Budget 2023. MP talks about salaries, deficit and Kurdistan’s quota
Baghdad – Mawazine News
A member of the parliamentary finance committee, Jamal Kojar, confirmed on Sunday that the committee is conducting an in-depth study for the purpose of reducing the fiscal deficit in the budget.
“After hosting the Minister of Planning and the minister’s remarks, we realized that the investment budget should be kept as it is and should – if there is a reduction – be on the operational side, and here salaries will not be manipulated at all, but in other aspects,” Koger said.
He added: “The three-year budget was also discussed with the Minister of Planning, and the picture of the budget for three years only became clear in the paragraph not to stop and wait for the government and go towards disbursing 1/12 after the beginning of the year,” noting that “despite that, the government is obligated to send the 2024 budget tables at the end of this year, and the 2025 budget schedule at the end of next year.”
According to the official newspaper, “the minister explained that the ministry submitted these tables to the government, but the government did not attach them to the draft budget.”
He continued: “As for the share of the region, 12.67 percent has been adopted until the general census scheduled for this year, and then the settlement is made, whether the percentage is less or more,” noting that “the Minister of Planning indicated that 400 billion dinars have been allocated for the work of the census to know the shares of all governorates,” noting that “within the budget there is a paragraph called allocation to conduct a general census, and if the census is done, there will be a statement of the percentages for all governorates, so the minister demanded not to change or manipulate this amount.”
Koger stressed that “the Finance Committee, since last Wednesday, began amending paragraphs and articles within the federal budget according to its constitutional powers.”
“The committee is conducting an in-depth study for the purpose of reducing the fiscal deficit in the federal budget and bringing it to reasonable figures,” he said.
Source: Dinar Recaps
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