Wed. PM TNT News Articles from Iraq 5-31-23




The Iraqi Central Bank: The dinar is our national currency, and there is no need to deal in dollars

The Central Bank of Iraq confirmed, on Wednesday, that the dinar is the Iraqi national currency, and there is no need to deal in dollars.

This was stated by the Deputy Director General of the Investments Department at the Central Bank of Iraq, Muhammad Yunis, according to the official Iraqi News Agency.

Yunus said, “Small merchants who are not entitled to enter the platform are the ones who buy the dollar and deal at the parallel price and press and form a demand for it. As for the rest of the commercial companies, they enter the platform and conduct their transfers normally and at the official price.”

He continued, “The members of the Iraqi Dinar Support Committee are communicating with the security services to implement the instructions of the Council of Ministers and the Central Bank to support the dinar, stabilize the exchange rate, and prevent informal dealings because there is no need to deal in dollars in Iraq.”

He emphasized that “those speculating in dollars are violating the law, and dealing with them is done through the Iraqi judiciary.”   link

Industry: We started the electronic payment system in all the formations of the ministry




The Ministry of Industry and Minerals said that it has started implementing the electronic collection system in all its formations. 

The Ministry of Industry said that the electronic collection system has been activated in all its formations through the implementation of the electronic payment mechanism (POS).

According to a statement by the industry, which was seen by “Ultra Iraq”, the ministry “activated electronic payment to facilitate procedures and raise the level of services provided, and for this reason the electronic collection system was activated in all formations affiliated with the ministry through the implementation of the electronic payment mechanism (POS) in collecting funds, especially fees.” Regarding the services provided by the General Directorate of Industrial Development and the Trademarks Department to industrialists, owners of factories and companies, and to all cards approved by the Central Bank of Iraq (Master Card and Visa).

This came “in order to switch to electronic transactions, collect funds through modern electronic systems, facilitate procedures and provide the best services.”

On early May,  he announced the experimental launch of electronic collection in the first education schools of Karkh, Rusafa, and taxes.

Earlier, the Minister of Finance, Taif Sami, directed all the ministry’s banks to provide all the necessary facilities for approving POS electronic sales devices in state institutions and the private sector.

The ministry said that granting the devices “is free of charge, at zero percent interest, for a period of 6 months, in addition to providing technical and logistical support and various software supporting the project, as well as training cadres working in this field.”




The facilitation package – for the ministry – comes within the framework of the Finance’s vision of “acquiring POS electronic payment devices instead of cash and generalizing the experiment to include various economic sectors at the level of Iraq, which it is hoped will start starting from the date of June 1, 2023.”   link

Source: Dinar Recaps


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