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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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    Central Bank: The electronic payment process aims to reduce the economic degree of cash

    Rocky
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    Central Bank: The electronic payment process aims to reduce the economic degree of cash Empty Central Bank: The electronic payment process aims to reduce the economic degree of cash

    Post by Rocky Tue 06 Feb 2024, 2:20 pm

    [size=38]Central Bank: The electronic payment process aims to reduce the economic degree of cash[/size]


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    February 6, 2024[You must be registered and logged in to see this link.]
    Baghdad/Al-Masala Al-Hadath: The Governor of the Central Bank, Ali Al-Alaq, confirmed that the electronic payment process aims to reduce the economic degree of cash, while he announced the imminent launch of a special mechanism for selling the dollar to ensure that it reaches the real traveler only.
    Al-Alaq said in a televised interview followed by Al-Masala, that the Central Bank and the government give high priority to the issue of electronic payment because of its important economic repercussions and raising the level of transactions away from excessive use of cash, indicating that the Iraqi economy is a cash economy par excellence and the electronic payment process aims to reduce the economic degree of cash in a way. big.
    He added that the Prime Minister is very supportive of the process of converting to electronic payment and holds successive and continuous meetings in order to strengthen the procedures related to this issue. We have made important progress in arranging electronic payment at the level of collection and payment in state institutions, in addition to that the Council of Ministers approved a number of important packages and decisions that This facilitates the process and does not burden the citizen with the resulting commissions.
    He stated that the Central Bank has a broad strategy in the electronic payment file and has developed the infrastructure and covers any type of electronic payment, whether by cards, via mobile phone, or other means, indicating that the Central Bank is also working on a strategy of financial inclusion and increasing users of financial services.
    He continued that there are direct decisions issued to support the use of electronic payment, including obligating government agencies to make payment and receipt through cards, and also linking the process of renewing licenses in stores and approving them in buying and selling operations with the incentives granted, especially the government decision to bear 50 percent, which will make it marginal.
    He stressed that the Central Bank is working to complete the establishment of Riyada Bank, which will focus on supporting small projects by relying on the use of financial services away from cash dealing.
    He stated that the indicator of the success of any country's monetary policy is controlling the general level of prices and reducing inflation, explaining that inflation has now decreased significantly compared to the beginning of 2023, which indicates, as the US Treasury Assistant stated a few days ago, that the low level of inflation indicates foreign trade. It is covered by the official rate, and foreign financing operations take place smoothly, and all importers and merchants can obtain and control the dollar at the official rate.
    He pointed out that the Central Bank’s adherence to the rules and principles of external transfer in accordance with the conditions and requirements it set and its insistence on implementing them, which prompted many hesitant merchants to enter the platform for selling foreign currency, especially since using it is easy and safe and it provides them with the dollar at the official rate.
    He pointed out that the Central Bank confirms the possibility of meeting all requests for the dollar, whether personal, commercial, or of any kind, as long as they are valid and legitimate, and this is strongly supported by the size of the foreign reserves present at the Central Bank.
    He pointed out that the Central Bank has no problem in offering or selling the dollar, and it does not place restrictions on sales operations at all and has never specified for the bank how many dollars it can buy, nor has it set an upper or lower limit for a merchant, importer, or user of the dollar, or anything else. It gave the impression that there is no problem in responding to demand for the dollar and that speculation is useless because the rules for this speculation are unavailable and incorrect.
    He added that some groups are still trying, from here and there, to stay away from the platform for various reasons, whether to evade taxes, customs, etc., or for the presence of illegal trade, as the drug dealer cannot transfer it through the Central Bank, or if it is corruption money, it cannot be transferred through it. central bank.
    He pointed out that the Central Bank is in a comfortable position to respond to requests to buy the dollar and we have sufficient reserves. On the other hand, there are some countries that do not have sufficient reserves to respond to the demand, and thus they have a large difference in the price between the parallel and the official price.
    Regarding providing the dollar to travelers, Al-Alaq said that after the experience we had in the method of selling the dollar to travelers and citizens, we found many observations, including that it is difficult for the real traveler to obtain the dollar, and therefore we had a meeting in this regard, and we will finalize a new mechanism after developing its programs related to this issue. According to it, only the real traveler will receive the dollar.
    He stated that one of the things that helped calm and reassure the market was the stability of the exchange rate and the Central Bank’s provision of payment options after currencies such as the euro, dirham, Turkish lira, and Indian rupee, which are expanding.
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