Some “Iraq News” Posted by Clare at KTFA 4-7-2025
KTFA:
Clare: Nechirvan Barzani arrives in Abu Dhabi on an official visit
4/7/2025
The President of the Kurdistan Region, Nechirvan Barzani, arrived in Abu Dhabi, UAE, on Monday, on an official visit.
Nechirvan Barzani headed to the United Arab Emirates this morning on an official visit, where he will meet with President Sheikh Mohammed bin Zayed Al Nahyan .
According to a statement issued by the Kurdistan Region's Presidency and received by Shafaq News Agency, the two presidents will discuss cooperation relations between the UAE, Iraq, and the Kurdistan Region, in addition to the latest developments in the region and a number of issues of common interest. LINK
Clare: Al-Sudani announces a 128% increase in customs revenues and a 22% increase in tax revenues.
4/7/2025
Iraqi Prime Minister Mohammed Shia al-Sudani announced on Monday that customs revenues increased by about 128% and tax revenues by about 22%, higher than previous years. He also expressed the government's readiness to support all local and international entities, institutions, and companies to develop the banking sector and achieve financial stability.
This came during his sponsorship of the Iraqi Banking Sector Reform Conference, where Al-Sudani commended the efforts that contributed to the conference, commending the visions and ideas for developing the Iraqi banking sector, and the pursuit of sustainable development and strengthening Iraq's economic standing regionally and internationally.
Al-Sudani also praised the efforts of the Central Bank, banks, and teams from international and local consulting firms, according to a statement issued by his media office and received by Shafak News Agency.
Al-Sudani noted that the government assumed responsibility during a complex economic climate that required measures to ensure growth. He reviewed key achievements in the financial and economic sectors, stating that the three-year budget allowed for the development of a long-term financial plan to secure resources for vital sectors, including improvements to the tax and customs systems and maximization of non-oil revenues.
He added that customs revenues increased by 128%, and tax revenues by 22%, noting the launch of ambitious projects to reform the government banking system and enhance its service delivery capabilities.
Al-Sudani explained that the government had issued decisions to restructure the Rafidain, Rashid, Industrial, and Agricultural banks in cooperation with an international consulting firm. The government also strengthened the electronic payment infrastructure and established partnerships with financial technology companies.
He explained that financial inclusion has exceeded 40%, compared to 10% two years ago, with the updating of e-commerce and payments laws and the organization of awareness campaigns on digital payments.
He pointed to the support for small and medium-sized enterprises, which contributes to job creation, stressing that banking reforms constitute a fundamental pillar of the government's program, including a partnership with the Central Bank on strategic reforms aimed at keeping pace with international developments and expanding banking partnerships.
Al-Sudani concluded by affirming the government's readiness to support all stakeholders, achieving tangible results in developing the banking sector and expanding its projects.
The Central Bank of Iraq announced reform plans on Monday aimed at modernizing the Iraqi private banking sector and building a robust, modern, and resilient banking sector that will drive economic growth and enhance financial inclusion. LINK
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Clare: Al-Alaq: Digital currencies will contribute to reshaping the traditional banking system.
4/7/2025
Central Bank Governor Ali Al-Alaq confirmed on Monday that digital currencies will contribute to reshaping the traditional banking system.
In a speech at the Iraqi Banking Sector Reform Conference, Al-Alaq said, "The Central Bank aims to achieve a developed economy," stressing that "investment in research and development in the field of artificial intelligence must be increased."
He added that "digital currencies could reshape the traditional banking system," noting that "the Central Bank has announced its readiness to implement a plan to reform the banking sector." LINK
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Clare: Parliamentary Finance Committee: Launching the banking reform plan is the beginning of economic reform.
4/7/2025 - Baghdad
Parliamentary Finance Committee Chairman Atwan al-Atwani affirmed on Monday that the launch of the banking reform plan is the beginning of reforming the Iraqi economy.
In a speech at the Iraqi Banking Sector Reform Conference, attended by an Al-Eqtisad News correspondent, Al-Atwani said, "Developing the banking sector is a fundamental pillar for developing the Iraqi economy beyond oil revenues."
The head of the Finance Committee called for "diversifying revenue sources to cover the financial deficit."
He pointed out that "the reform and development process must be accompanied by engagement with international banks to regulate foreign remittances."
He stressed that "unofficial border crossings cause a waste of public money." LINK
Clare: Launching a private banking reform plan in partnership with Iraqi and international institutions.
4/7/2025 - Baghdad
The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced the launch of a comprehensive plan to reform private banks, in partnership with local and international institutions. He emphasized that the next phase will witness a qualitative shift in the nature of banking services, based on innovation and digital transformation.
During the Iraqi Banking Sector Reform Conference, which was attended by an Al-Eqtisad News correspondent , Al-Alaq said that Iraqi banks have made significant strides in developing their banking services, but they are required to further embrace modern technology. He emphasized that artificial intelligence must be at the core of future investments in the banking sector.
He added: "The world is witnessing a broad transformation in the financial structure and banking systems, which requires traditional banks to keep pace with this radical change by offering innovative services that meet customer aspirations amidst the tremendous technological acceleration."
The Central Bank Governor indicated that digital currencies will play a vital role in accelerating payment and money transfer transactions, requiring banks to develop their digital infrastructure.
He also noted that central bank digital currencies (CBDCs) could reshape the global banking landscape, adding: “Successful banks of the future will be those that embrace digital transformation tools and integrate artificial intelligence into their daily operations. LINK
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Clare: The Central Bank of Iraq sets regulations for the international use of bank cards. Document
4/7/2025
The Central Bank of Iraq issued a new circular containing regulations for the use of bank cards (credit, debit, and prepaid) outside Iraq. This circular aims to strengthen oversight of international transactions and ensure the safety of future growth in international settlement payments.
The circular, dated Monday, April 7, 2025, and received by Shafaq News Agency, stated that the new cards will be activated for use outside Iraq 30 days after their issuance date. The relevant authorities will later be provided with lists of relevant merchant categories (MCC Codes) within the specified controls.
The Central Bank confirmed the suspension of these rules effective April 20, 2020, with the possibility of reviewing them periodically to support the sustainable growth of international settlement payments.
He also noted that the current limits on international transactions involving prepaid cards, whether issued by banks or payment service companies, will remain in effect.
On the other hand, the circular clarified that travelers will continue to receive their foreign currency (dollars) at the official Central Bank rate, in accordance with the procedures adopted within the current e-governance system.
The bank confirmed in its circular that the new limits aim to regulate the use of payment cards issued by Iraqi banks, including debit and credit cards, according to the following categories:
Retirees: $10,000 per month or equivalent.
Travel: $20,000 per month or equivalent, including airfare, hotel reservations, and car rentals.
Treatment outside Iraq: $50,000 per month or equivalent.
General uses outside Iraq: $5,000 per month or equivalent.
He added that the maximum limit for using merchant bank cards outside Iraq will be $20,000 per month or its equivalent.
He also indicated that the new cards (debit, credit, and prepaid) for international use will be activated 30 days after their issuance date, with these rules to be implemented starting April 8, 2025, and to be reviewed periodically to support the growth of international payments.
The bank explained that it will later provide the relevant authorities with the merchant category codes (MCC codes) associated with these regulations, while the current ceilings for prepaid cards issued by banks or payment service providers will remain in effect.
The Central Bank sent a copy of the circular to a number of entities, including the Banking Supervision Department, the Non-Banking Financial Institutions Supervision Directorate, government and private banks, branches of foreign banks operating in Iraq, and electronic payment service companies, urging them to adhere to the aforementioned regulations.
1744019864709_Using Cards Internationally. LINK
