Economist: Electronic Financial Dealing Saves Iraq From The Scarcity Of Cash 

January 9 09:42  Information / Baghdad...  Economic affairs researcher Diaa Abdel Karim said on Thursday that the  shift towards electronic financial dealings and generalizing this to all government and private transactions will save the country from the scarcity of cash liquidity.

Abdel Karim told Al-Maalouma,  “Most of the countries of the world, and Europe in particular, have moved towards electronic financial dealing, so that society has created a culture of dealing with electronic cards in buying and selling in various sectors, and even with the decline of their economy, they will not suffer financially because their financial dealings are electronic".

 He added, "These transactions make it unnecessary for governments to print currency continuously, as this process is financially expensive, and
 
Iraq prints some denominations at home and other denominations of cash are printed abroad, and their
printing costs the financial value of this currency." He stated that
 
"the trend towards electronic dealing needs intensive education so that the cash mass is withdrawn from the street and dealing, especially with large sums, is transformed through electronic cards.
 
Thus, the citizen will not be forced to withdraw large sums of money from banks in order to buy a property or a car, etc., but rather will use His card in order to transfer money to the other party, which ensures the safety of financial dealings and does not waste the cash mass and remove it from the banking framework.” End25n    
  
https://almaalomah.me/news/87668/economy/اقتصادي:-التعامل-المالي-الالكتروني-ينقذ-العراق-من-شح-السيولة  

Economist: Electronic Financial Dealing Saves Iraq From The Scarcity Of Cash
 
    January 9 09:42  Information / Baghdad...  Economic affairs researcher Diaa Abdel Karim said on Thursday that the  shift towards electronic financial dealings and generalizing this to all government and private transactions will save the country from the scarcity of cash liquidity.

Abdel Karim told Al-Maalouma,    “Most of the countries of the world, and Europe in particular, have moved towards electronic financial dealing, so that society has created a culture of dealing with electronic cards in buying and selling in various sectors, and even with the decline of their economy, they will not suffer financially because their financial dealings are electronic"

 He added,  "These transactions make it unnecessary for governments to print currency continuously, as this process is financially expensive, and
 
Iraq prints some denominations at home and other denominations of cash are printed abroad, and their 
printing costs the financial value of this currency." He stated that
 
"the trend towards electronic dealing needs intensive education so that the cash mass is withdrawn from the street and dealing, especially with large sums, is transformed through electronic cards.
 
Thus, the citizen will not be forced to withdraw large sums of money from banks in order to buy a property or a car, etc., but rather will use His card in order to transfer money to the other party, which ensures the safety of financial dealings and does not waste the cash mass and remove it from the banking framework.” End25n    
  
https://almaalomah.me/news/87668/economy/اقتصادي:-التعامل-المالي-الالكتروني-ينقذ-العراق-من-شح-السيولة  

The Central Bank Of Iraq Sets The Rates For Banking Operations For Banks (Documents)
 
January 9, 2025  Baghdad/Iraq Observer
 
The Central Bank of Iraq set the rates for private banks’ operations.
 
Below are the documents:    
 
https://observeriraq.net/wp-content/uploads/2025/01/01379763-0096-4410-8a42-d375d4987b10.jpeg

https://observeriraq.net/wp-content/uploads/2025/01/e3cf277e-53ed-4598-a43c-ec42beb734cc.jpeg
  
https://observeriraq.net/البنك-المركزي-العراقي-يحدد-للمصارف-اس/    
 
 ~~~~~~~~~~
 
[approximate and incomplete translation of the two documents]
 
DATE: 2025/1/7  To/ all private banking banks
 
And/ banking price schedule
 
I look at the tables of the bank's banking processes
Prices and wages are available from you in exchange for providing Egyptian products and services for audiences and we take the opportunity to confirm some
The fundamental issues related to the protection of the public took into account the decision of the Board of Directors of feeding! Bank No. (7117) for 74 "1".
 
Gall The following:
 
«It is the responsibility of banks to adopt a reasonable pricing policy.
To provide digital services and products; In order to ensure raising levels
It is equal to all parties and is far from any prejudice or exaggeration with the rights of the vicinity.
 
2. The bank should mean displaying the commission, wage price and fees for the services and products it provides
For his Zayya »clearly, briefly, easy to understand, misleading, and announced in a way that can be accessed without color
And it will be coded at least on the official website of the bank and digital screens installed in the bank's halls
For customers ’waiting in all its branches, affiliated offices, entities and mobile applications
(Mobile Banking).

3. The bank does not have the right to require the customer to deposit a mamm to open the bank account, impose fees, wages, or deduction Shly the shape of the shapes to fulfill the lower lower backbone of the client. We are entitled to Egypt. Relationship of the account in
If the reckoning balance (zero) is the condition of notifying the Zion before the periods of not decreasing. (60) Days
 
https://observeriraq.net/wp-content/uploads/2025/01/01379763-0096-4410-8a42-d375d4987b10.jpeg
 
4. All private banks must formulate their unified banking price schedule annually
And presented it to this bank at a later date of December of each year, to be compatible with the upper limits
For the proportions specified in the schedule below and the inspection bodies of this bank will follow up on banks ’commitment to that
 
TABLE, in Arabic, TITLED
‘The Upper Ceilings For Banking And Banking Products’
 
We hope to take what is necessary from you and take into account what is mentioned in it when formulating the tables of banking prices
For your banks and to ensure adherence to it ... with appreciation.
 
https://observeriraq.net/wp-content/uploads/2025/01/e3cf277e-53ed-4598-a43c-ec42beb734cc.jpeg
  
https://observeriraq.net/البنك-المركزي-العراقي-يحدد-للمصارف-اس/ 

An Expert Calls For Diversifying Exports Of Extractive Goods Instead Of Relying On Petroleum Ones
 
January 11, 2025  Baghdad/Iraq Observer   Countries depend on their income in foreign currencies from one of the following sources:
 
     exports of goods and services,
     foreign direct investment,
     visitors coming from various countries,
     expatriates who transfer part of their money to their countries, and
     revenues from foreign investments generated by local institutions or persons outside the countries.
 

The head of the Future Iraq Center for Economic Studies and Consultations, Manar Al-Obaidi, stated that
 
although Iraq has
 
     investment opportunities and the
     ability to attract visitors and a number of
     Iraqi expatriates outside Iraq, and
     thousands of Iraqis own investments in various countries,
 
the state was unable to
 
     encourage all of these sectors to create foreign currency revenues and continued. To try to
     increase foreign exchange from sales of one commodity, which is oil. Al-Obaidi added during his speech to the Iraq Observer,
 
 “Iraq’s budget is based on the quantity of oil sold and the price of a barrel of oil,” wondering,
 
“Isn’t it time to try to increase foreign investments, of which more than 18 billion dollars have fled outside Iraq, according to World Bank data?” He continued,
 
"Isn't it time to
 
     encourage investments in extractive projects to
     diversify exports of extractive goods instead of exporting one commodity, which is oil, and to
     encourage exports of local industrial projects and
     adopt a clear export policy for various countries near and far?"  Al-Obaidi continues, asking,
 
“Isn’t it time to
 
     regulate the entry of tourists and

     try to benefit from their presence in Iraq and

     increase their spending in a way that creates other revenue for the Iraqi state by
 
    encouraging religious tourism from the countries with the highest income and therefore the highest spending instead of relying on a poor country to attract tourists, as well as

     establishing the Iraqi Ministry of Expatriates?”

     To communicate with Iraqi expatriates to encourage them to return to their countries and transfer part of their foreign investments to Iraq to contribute to creating income in foreign currencies.” He called for the
 
need to
 
     benefit from thousands of Iraqi cadres capable of selling their services to various companies in various countries of the world, through a remote work system, to provide income in foreign currencies, as well as to
 
     establish external investment funds that create a real return that contributes to supplying the profits of these funds as foreign currency into the country.
 
The economic expert calls on the government to abandon oil wealth and think about solutions outside the box, as the  oil era has ended and discussions about the timing of its end have begun.    
  
https://observeriraq.net/خبير-يدعو-الى-تنويع-صادرات-السلع-الاست/    

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