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KTFA
Clare » September 24th, 2023
Al-Sudani: Implementing the unified treasury account and electronic payment are among the most important financial and banking reform measures
9/24/2023
Today, Sunday, Prime Minister Muhammad Shiaa Al-Sudani chaired a meeting devoted to discussing and following up on the steps for implementing the unified treasury account, and completing the application of electronic card/POS payment points, as well as discussing the facilities and incentives that can be provided to citizens who use electronic payment. In order to encourage them to do so.
Al-Sudani listened to a comprehensive presentation on the measures taken in this path, the rates of progress and requirements, as he stressed the necessity of continuing to hold meetings with technicians and specialists to remove obstacles.
He pointed out that these steps are among the most important financial, banking and economic reform measures, which the government focuses on as a priority in its program. LINK
Central Bank of Iraq: Important transformations in external transfer mechanisms
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September 24, 2023
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, announced that the bank will proceed to dispense with external transfers “next year” and that banks licensed in Iraq will rely on correspondent banks in external transfer operations, as transfers through correspondent banks reached 60% of the total transfers ( outside the Central Bank’s electronic platform), while the implementation rate of verified transfers reached more than 95%.
This came after an agreement between the Central Bank of Iraq and the US Federal Bank, similar to countries around the world, where central banks do not perform executive duties, and their role is focused on supervision and control.
His Excellency confirmed, during the meeting with the heads of the boards and authorized directors of the banks licensed in Iraq, that the Central Bank’s endeavor to open direct channels of communication for Iraqi banks with their foreign counterparts in correspondence, commercial exchange, etc. came in intensive stages, while what is currently underway is opening transfer channels in various currencies, including ( UAE Dirham, Turkish Lira, Indian Rupee, Euro).
His Excellency stressed that the coming year will witness the restriction of all internal commercial and other transactions to the Iraqi dinar instead of the dollar, except for those delivered to travelers.
He pointed out that the entry of most merchants into the official transfer channels and the provision of the dollar at a price of (1320) dinars was a direct reason for controlling the general level of prices and lowering the inflation rate, which is a basic indicator of the effectiveness of monetary policy, and that the black market price is not suitable as an “indicator” because it It relates to cash dollars for non-fundamental transactions, and is not intended for legitimate trade purposes.
Al-Alaq pointed out that the new system of external transfer and sale of the dollar provides protection from risks for all parties of operations, enjoys international acceptance and praise, is consistent with the law on combating money laundering and terrorist financing, and achieves an important initiative for direct relations between Iraqi banks and accredited international banks.
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The meeting reviewed the mechanism for establishing “Riyadah Bank” and the societal importance that the bank will have, especially since it is consistent with the directives and vision of the honorable Prime Minister. Discussions were raised on this topic, including the banks’ contributions to establishing “Riyadah” and the working mechanisms of this bank, which will be effective for those wishing to open projects.
Productive and small businesses that contribute to developing the local economy and reducing the unemployment rate with direct support from the Central Bank.
Central Bank of Iraq
Information Office
September 24, 2023
The American Embassy concerns Shafaq News with the results of the Baghdad and Washington discussions about the dollar and currency smuggling
9/24/2023
On Sunday, the American Embassy in Iraq revealed the details of the discussions of the government of Muhammad Shiaa al-Sudani, and the Central Bank, with senior officials of the US Treasury Department, in Baghdad and New York, related to foreign transfers of dollars, and efforts to prevent currency smuggling and its access to the hands of corrupt figures.
US Embassy spokeswoman, Danielle Korshak, told Shafaq News Agency, “The United States and Iraq enjoy a strong working partnership, and the relationship between the Treasury and Iraq is important.”
“For many years, the two sides have worked to improve transparency in financial transactions, prevent criminal and corrupt actors from accessing the international banking system and smuggle their illegal funds, and make Iraqi banks compliant with international standards,” Korczak added.
She continued: “Iraq has made significant progress since then in effectively implementing due diligence requirements. One positive example is the work done regarding international transfer requests, as the Central Bank of Iraq ensures that banks act transparently and in accordance with international practices.”
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The embassy spokeswoman noted, “These joint efforts provided new opportunities and a path toward increasing connectivity between Iraqi banks and the international financial system and protecting the resources of the Iraqi people.”
The US Treasury Under Secretary for Terrorist Financing and Financial Crimes, Elizabeth Rosenberg, visited Baghdad from September 12 to 13, and met with Iraqi Prime Minister Muhammad Shia al-Sudani and officials at the Central Bank of Iraq, the Trade Bank of Iraq, and the Iraqi Financial Investigation Unit, in addition to To representatives of the Iraqi private banking sector.
Regarding this visit, Korshak noted, “The two sides agreed that they are well aware of the opportunities and challenges ahead to continue improving the Iraqi financial sector, and they agreed to continue working together and take positive steps towards meaningful and lasting reforms that will raise Iraq to international standards and work to prevent fraud and evasion of sanctions.” financing terrorism and illegal activities.”
The American spokeswoman revealed that Al-Sudani met with the US Assistant Secretary of the Treasury for Terrorism and Financial Intelligence, Brian Nelson, on the sidelines of the United Nations General Assembly meetings in New York, on September 18, to discuss the continued progress towards strengthening the Iraqi financial sector.
Korshak concluded by saying, “The US Treasury continues to work closely with the Government of Iraq as it seeks to implement meaningful reforms to strengthen the Iraqi financial sector, against fraud, sanctions evasion, terrorist financing, and other illicit activities.” LINK
Source: Dinar Recaps
Clare » September 24th, 2023
The Ministry of Finance of the Kurdistan Region will begin distributing July salaries tomorrow, Monday
9/24/2023
The Ministry of Finance and Economy in the Kurdistan Region announced, on Sunday, the salary distribution schedule for employees and workers in the public sector in the region for the month of last July.
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The Ministry said in a statement today that, starting tomorrow, Monday, the 25th of September, it will begin distributing the salaries of government employees for the month of July.
The schedule indicates that the salary distribution process will continue for 12 days, until the eighth of next October.
Earlier today, the same ministry announced that Rafidain Bank had deposited a sum of money amounting to 250 billion dinars into its account in order to distribute employee salaries. LINK
The Minister of Transport sets the date for the completion of preliminary designs of the second section of the Development Road Project
9/24/2023
The Minister of Transport, Razzaq Muhaibas Al-Saadawi, announced today, Sunday, the completion of preliminary designs of the second section of the development road project next October.
Al-Saadawi said in a statement, a copy of which was received by {Al-Furat News}, that: “The development road project reflects our clear government vision, stressing that it tops our ministerial program in the year 2023.”
He added, “The Italian company designing the project will complete the second section of the initial designs during the month of October of this year, as the designs for the first section were allocated from the city of Al-Faw at an estimated distance of 150 km, while the designs for the second section will arrive at an estimated distance of 400 km.”
Al-Saadawi noted that “a joint team from Iraq and Turkey intends to conduct a field visit to the meeting point in the Fish Khabour region, to review and discuss the details of the connection between the two countries on the ground,” stressing that “soil investigation operations are still continuing in the governorates and in continuous progress, as operations have reached… Soil investigation up to 700 intermittent kilometers of the track.
Prime Minister Muhammad Shiaa Al-Sudani said in a speech he delivered during the meetings of the United Nations General Assembly in its 78th session, that the development road project is “the pioneering and newest project in the region, and it is the vital land channel linking basic economic parts in our developing region,” stressing that “ “The most appropriate and best path for trade and economic exchange in the region.”
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Al-Sudani stressed that “in the field of transportation and economics, it has come to represent a strategic Iraqi vision for interconnection and communication with the world, and positive economic interaction.” LINK
Source: Dinar Recaps
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