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The cash reserve rose to 113 billion dollars
Economical 2023/07/16
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Baghdad: Hussein Thaghab Al-Tamimi
The Central Bank announced that the cash reserve of hard currency has increased to 113 billion dollars, confirming the serious trend towards strengthening the electronic payment project, at a time when the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, believes that Iraq is witnessing transformations and developments in the financial sector and services. banking.
Yesterday, Saturday, the activities of the sixth annual exhibition and conference for finance and banking services kicked off, with the wide participation of public and private banks, and was attended by Al-Sabah. Representative Muhammad Nuri delivered the speech of the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, during the conference, in which he stated that “The Sixth Conference on Finance and Banking Services in Iraq is a prominent event that brings together academic, banking and specialists minds, and comes at an important time when the country is witnessing transformations and developments in the financial sector and services.” banking and contribute to sustainable development.
Al-Mandalawi added, "Financial and banking services play an important role in the Iraqi economy, and we realize the importance of sectors in supporting the economy," pointing out that "providing financing and credit for small and medium-sized companies and large projects contributes to the development of the business sector and the creation of new opportunities, which enhances economic growth and reduces Unemployment, in addition to the fact that the banking sector plays an important role in improving the lives of citizens and providing banking services that are widely spread.
And he continued, "We have to focus on important issues that you provide, from providing financial and banking services to enhancing financial stability and combating corruption by enhancing transparency and improving the financial and banking system."
He pointed out that "the conference is an important opportunity to enhance the development of banking and financial services, and we in the legislative authority are working to strengthen the banking and financial infrastructure and develop modern and innovative means to serve citizens."
The Director of Al-Rashid Bank, Muhammad Samir, also delivered the speech of the Minister of Finance, Taif Sami, in which he stated that “convening the conference is important, as it provided an opportunity to announce our steps in the Ministry of Finance to support the government program through a well-studied approach that pushes the wheel of economic advancement and provides opportunities for sustainable development, which will be reflected in To provide the best services to citizens through the banking sector, as it is one of the pillars supporting any stable and vital economy, and plays a pivotal and major role in supporting the economic industrial renaissance process by providing absolute support to the productive sectors of the owners of small and medium local projects.
For his part, the Deputy Governor of the Central Bank of Iraq d. Ammar Khalaf said that the bank's hard currency reserves rose to $113 billion, describing it as a positive and reassuring matter.
During the conference, he said: "We focused on the importance of moving towards electronic payment, and today we saw that electronic payment tools were owned by the public and private sectors, and this is very important," pointing out that "the number of electronic cards increased from 6 to 16 million cards, while electronic wallets have touched 3 million wallets, and the Central Bank is serious about possessing the appropriate monetary policy tools.
Chairman of the Securities Commission, Faisal Al-Haimus, confirmed that the conference is an opportunity to discuss the financial reality in the country, while reviewing the Commission's development plan for the next three years, as work is underway to create an ideal investment environment, and to adopt electronic systems commensurate with the goals of financial inclusion.
In turn, the director of the Iraq Gate Company organizing the exhibition, Ahmed Al-Jader, explained that the exhibition comes to keep pace with global developments in the financial sector, and to expand in spreading the culture of financial inclusion.
He said: "During the past period, we have seen the seriousness and great desire of the banking system in all its aspects, including banks and companies specialized in the financial sector, to participate in this conference to discuss banking affairs closely, and to discuss mechanisms for advancing the reality of electronic payment and a serious shift towards the cashless stage, which represents the government's goal for the next stage." ".
Financial expert Hassan Ali Abd said: "The money houses represent the starting point for achieving economic development, and in Iraq we have money houses that need to be developed more than they are now, as it is necessary today to reactivate the central initiatives after they stopped, as well as opening bank branches in all regions." The country so that everyone can obtain credit, which is part of the financial inclusion that provides financial services to the largest number of citizens.
The representative of the Global Smart Card Company, Ghazi Al-Kinani, stressed "the need for us to work to attract electronic payment technologies that carry advantages that help achieve a benefit for the citizen to be fully convinced of the shift towards electronic transactions," as we realize that the citizen has begun to interact with electronic payment products, and this facilitates the Duties of those in charge of the banking system.
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