[size=36][You must be registered and logged in to see this link.][/size]
[You must be registered and logged in to see this link.]
Baghdad - IQ
[You must be registered and logged in to see this link.]
Baghdad - IQ
After 18 years of the US-led invasion of Iraq and the overthrow of Saddam Hussein’s rule, the Iraqi economy is preparing for a technological leap that could allow it to bypass the structural problems and corruption loopholes that stifle the private sector. On the first of next May, the Iraqi Trade Bank will launch its application for financial services via mobile phone .
This step may seem simple, but the ability to pay money over the phone has helped many countries in most regions of the world overcome weak physical banking infrastructure, dry up common corruption systems and encourage innovation, according to Bilal Wahab, a researcher at The Washington Institute, and Michael Rubin, a resident scholar at the Institute. American Enterprise in the analysis published by the American "National Interest" magazine .
Wahab and Robin say that corruption has been an obstacle to the Iraqi economy for many years. Transparency International places Iraq among the most corrupt countries in the world, just ahead of Eritrea and Cambodia, with a slight improvement compared to the level of corruption 10 years ago. The mass public demonstrations against corruption in Iraq in October 2019 led to the resignation of the prime minister, but did not lead to meaningful reforms .
He added that "one of the most common commonalities between the components of the Iraqi political spectrum is the willingness of politicians to use their positions to enrich themselves and their families or for the benefit of their companies. The problem is more evident in Iraqi Kurdistan, where politicians use private jets while doctors and teachers ’salaries have not been paid for months.
In the era of Saddam Hussein and in the first years after his ouster, the Iraqi government used to pay salaries to employees in cash, which opens the door to the inclusion of fake names on the payroll, and allows chiefs to deduct money for themselves from the salaries of their subordinates. To counter these practices, the government sought to move to a system of paying salaries through bank accounts.
But depositing salaries into bank accounts is not sufficient for the simple reason that Iraqis do not trust the banks. And the use of banking services in Iraq is still low. Until 2017, the percentage of Iraqis who owned bank accounts was about 20 percent of all Iraqis .
Now, despite the presence of about seventy banks operating in Iraq, only three major banks, namely Al-Rafidain, Al-Rasheed and the Iraqi Bank for Trade, account for about 85 percent of the total assets of the banking sector .
There is only one large international bank operating in Iraq at present, Standard Chartered, which has a small number of branches and focuses on major government projects. The Iraqi International Smart Card Company won a contract to electronically pay the salaries of government workers through cards insured with biological agents, "Qi card." In 2019, the company said it had about 7 million people carrying its cards .
The researchers say that the weakness of the banking system in Iraq is a major reason behind the World Bank placing Iraq in the 186th place out of 190 on the ease of obtaining loans index in the World Bank's report on doing business for the year 2020, and this led to a large exit of capital from Iraq .
Ali Allawi, the Iraqi Finance Minister, for example, says that about 250 billion dollars have gone out of Iraq since 2003, which is three times the annual budget of Iraq. At the same time, the weakness of the banking system has pushed Iraqi citizens to rely more on informal financial transfers, which negatively affects the government's ability to follow the movement of funds and collect taxes and fees .
For example, the public treasury loses about 90 percent of potential customs revenues estimated at $ 7 billion annually due to corruption by officials and armed militias .
At the same time, the central government in Baghdad and the Kurdistan Regional Government are not making sufficient efforts to enhance citizens' confidence in the banking system. There is a bill in the Iraqi parliament to insure deposits that no one cares about .
In 2014, when the Kurdistan Regional Government faced a liquidity crisis, it seized the money from bank deposits, thus denting citizens' confidence in the banking sector as a whole. But the emerging "Corona" pandemic has prompted large numbers of Iraqis to accept the idea of a digital economy. In Erbil and Baghdad, food delivery applications via smart devices such as Tiptop and Express have increased in popularity. In the city of Sulaymaniyah in the Kurdistan region, residents have increased their interest in using the website "Beekbook.com" to buy their needs instead of going to stores .
As Iraqis prepare for the era of the digital economy, as more than 40 percent of Iraqis were born after the 2003 invasion, the move to enter the Iraqi Trade Bank into the world of mobile banking will reverberate in broader areas of public confidence. For example, when a car passenger in Iraq is fined 50,000 dinars ($ 34) for not wearing a protective mask against the emerging "Corona" virus, he does not know if the money he will pay reaches the public treasury or goes to the police's pocket. Whereas, when paying the fine via mobile applications, he will make sure that it reaches the public treasury .
The same applies to various forms of fines and fees that Iraqi citizens pay. At the same time, the Iraqi Trade Bank’s provision of electronic banking services could allow Iraq to overcome the increasing obstacles to traditional banking infrastructure and corruption caused by overlapping interests .
While most regions of Iraq, such as Karbala, Anbar and Baghdad, have the ability to attract investors and provide them with the opportunity to achieve large profits, financial services via mobile phone will facilitate the practice of commercial activities, help avoid large bank fees and support greater transparency .
Therefore, researchers Bilal Wahhab and Michael Rubin call on the US administration to provide all means of support to the Iraqi government in order to develop the Iraqi banking system and push it towards the transition to a digital economy while ensuring its information security. At the same time, it is in the interest of the United States to coordinate and cooperate with Iraq to ensure that mobile financial transactions applications that allow currency exchange between dinars and dollars do not turn into a back channel for Iran to circumvent US sanctions.
[You must be registered and logged in to see this link.]
Yesterday at 4:13 pm by Rocky
» MM&C 9/29/24 What after the closure of the currency auction at the Central Bank of Iraq?
Yesterday at 11:48 am by Rocky
» MM&C 9/29/24 "THE EXPECTED PATH OF THE IRAQI ECONOMY"
Yesterday at 7:14 am by Rocky
» utube 9/28/24 MM&C IQD Update News -Iraq PM - $83 Billion 3 Years - Stability - Global Contracts -
Yesterday at 7:12 am by Rocky
» utube MM&C 9/26/24 Iraq Dinar News-Iraq Plans Redenomination of Currency-Value of it Related-Elect
Yesterday at 7:11 am by Rocky
» Advisor to the Prime Minister rules out a decline in gold prices in the coming period..and explains
Yesterday at 7:03 am by Rocky
» Legal expert: If it weren't for the Security Council's collusion, the Zionist entity would have been
Yesterday at 6:59 am by Rocky
» Minister of Planning announces field progress in preparations for the census
Yesterday at 6:58 am by Rocky
» Proposal before the government to form an economic and security crisis cell
Yesterday at 6:56 am by Rocky
» Al-Karawi: The government's ignoring of the resistance's request is a betrayal of the blood of the m
Yesterday at 6:55 am by Rocky
» Iraq is the fourth largest importer from Türkiye during the past month
Yesterday at 6:53 am by Rocky
» The Prime Minister directs that Lebanese citizens wishing to come to Iraq be granted fast travel doc
Yesterday at 6:50 am by Rocky
» US releases founder of cryptocurrency exchange Binance
Yesterday at 6:48 am by Rocky
» The Central Bank of Iraq issues a warning to exchange companies regarding the sale of dollars
Yesterday at 6:46 am by Rocky
» The Central Bank of Iraq sells more than $ 258 million in today's auction
Yesterday at 6:45 am by Rocky
» Launching of aid and scholarship salaries this week
Yesterday at 6:43 am by Rocky
» Karbala begins implementing 154 projects
Yesterday at 6:42 am by Rocky
» Next Tuesday.. Closing of the application for the central admission form
Yesterday at 6:40 am by Rocky
» Service effort: Including the capital and 4 governorates in next year’s plans
Yesterday at 6:39 am by Rocky
» Rafidain Bank issues instructions for granting real estate loans
Yesterday at 5:25 am by Rocky
» The expected path of the Iraqi economy
Yesterday at 5:23 am by Rocky
» Experts: Population census shapes economic policies and directs investments
Yesterday at 5:22 am by Rocky
» Central Bank records more than $1 billion in currency sales in a week
Yesterday at 5:20 am by Rocky
» The Central Bank of Iraq warns exchange companies that sell dollars to travelers from receiving a co
Yesterday at 5:19 am by Rocky
» Iraq under the microscope.. Will Baghdad succeed in avoiding regional conflict after the assassinati
Yesterday at 5:17 am by Rocky
» Al-Sudani makes a phone call to the Lebanese Prime Minister
Yesterday at 5:14 am by Rocky
» How will developments in Lebanon affect the Iraqi economy and the oil market?
Yesterday at 5:13 am by Rocky
» The position of the Speaker of Parliament and developments in the region on the table of Masoud Barz
Yesterday at 5:06 am by Rocky
» Targeting of an American base in Syria by Iraqi factions
Yesterday at 5:05 am by Rocky
» Official: Border shelling targeted Iraqi faction, reports of casualties
Yesterday at 5:04 am by Rocky
» How much is Iraq's external debt in light of the fluctuation in oil prices?
Yesterday at 5:02 am by Rocky
» Iraq is not far from war.. Will the factions enter into a confrontation with Israel?
Yesterday at 5:01 am by Rocky
» Outcomes of the Coordination Framework Meeting in the Presence of Al-Sudani
Yesterday at 5:00 am by Rocky
» Al-Sudani renews to Mikati Iraq's firm position in supporting Lebanon and standing with it
Yesterday at 4:57 am by Rocky
» Iraq's oil exports to US rise in a week
Yesterday at 4:56 am by Rocky
» 5 governorates on the 2025 service effort plan
Yesterday at 4:53 am by Rocky
» Dollar exchange rates in Iraqi stock exchanges today
Yesterday at 4:52 am by Rocky
» Drug Law Amendments: No Life Sentences Anymore... Trade and Agriculture Will Be Faced with "Death Pe
Yesterday at 4:50 am by Rocky
» A long-awaited historic position... When will the coalition forces leave Iraq?
Yesterday at 4:48 am by Rocky
» Warnings of an imminent economic danger... and the alternative solution is taxes!
Yesterday at 4:46 am by Rocky
» Dilapidated buildings and shortages... Iraq needs new schools!
Yesterday at 4:44 am by Rocky
» Iraq is the second Gulf country to award contracts worth more than $2 billion
Sat 28 Sep 2024, 10:23 am by Rocky
» Intensive US movements on the Iraqi-Syrian border.. Where is the situation heading? - Urgent
Sat 28 Sep 2024, 10:20 am by Rocky
» Iraqi Minister of Water Resources speaks to Al Jazeera Net about solutions to the water crisis
Sat 28 Sep 2024, 10:15 am by Rocky
» Iraqi Foreign Ministry: Expanding the scope of war in the region leads to serious consequences
Sat 28 Sep 2024, 5:16 am by Rocky
» /Information/ reveals the location of the Rafidain Bank robbers in Ramadi
Sat 28 Sep 2024, 5:15 am by Rocky
» Al-Sudani Office for /Al-Maalouma/: Foreign workers threaten graduates
Sat 28 Sep 2024, 5:14 am by Rocky
» Foreign Minister invites his Venezuelan counterpart to visit Baghdad
Sat 28 Sep 2024, 5:12 am by Rocky
» "Government" real estate loans with amounts up to 150 million dinars.. Conditions and details
Sat 28 Sep 2024, 5:10 am by Rocky
» Setting a date to launch 102 investment opportunities in Iraq
Sat 28 Sep 2024, 5:07 am by Rocky
» Bitcoin Set to Post Best September Ever on Rate Cut
Sat 28 Sep 2024, 5:06 am by Rocky
» What is the truth about the existence of a naval embargo imposed on Iraq?
Sat 28 Sep 2024, 5:04 am by Rocky
» More than $70 million in Iraqi imports of Indian tea
Sat 28 Sep 2024, 5:03 am by Rocky
» Oil price decline: Impact hits new groups in Iraq
Sat 28 Sep 2024, 5:02 am by Rocky
» Parliamentary Finance to NINA: The decline in global oil prices will not affect employees’ salaries
Sat 28 Sep 2024, 5:00 am by Rocky
» Al-Hakim: Investing in tourism as one of the sources of financial revenues for the state
Sat 28 Sep 2024, 4:59 am by Rocky
» From Najaf Al-Ashraf.. The Minister of Labor announces the completion of the procedures for issuing
Sat 28 Sep 2024, 4:58 am by Rocky
» Parliamentary Finance to NINA: The decline in global oil prices will not affect employees’ salaries
Sat 28 Sep 2024, 4:56 am by Rocky
» 19,000 dinars difference from the official price.. The dollar falls slightly in Baghdad
Sat 28 Sep 2024, 4:52 am by Rocky
» Al-Asadi: We call on citizens to invest in the retirement and social security law
Sat 28 Sep 2024, 4:51 am by Rocky
» “Worth $4 billion”: Iran exports engineering services to Iraq
Sat 28 Sep 2024, 4:48 am by Rocky
» US, Iraq agree to end 'alliance' in September 2025
Sat 28 Sep 2024, 4:46 am by Rocky
» New tax will push house prices up, Iraq's real estate market into recession
Sat 28 Sep 2024, 4:45 am by Rocky
» It is black and includes Iraq.. Netanyahu waves the “curse map” before the United Nations
Sat 28 Sep 2024, 4:43 am by Rocky
» “The wiretapping scandal” complicates the political scene.. The second term is far from Al-Sudani
Sat 28 Sep 2024, 4:42 am by Rocky
» Suspicions surround hospital projects.. Is corruption hindering the Chinese agreement in Iraq?
Sat 28 Sep 2024, 4:41 am by Rocky
» Statement issued by the media office of Dr. Iyad Allawi
Sat 28 Sep 2024, 4:39 am by Rocky
» Faeq Zidane: The jurisdiction of law and judiciary is a constitutional and legal jurisdiction
Sat 28 Sep 2024, 4:37 am by Rocky
» Sudanese arrives in Baghdad
Sat 28 Sep 2024, 4:36 am by Rocky
» Planning: Completion of 70% of inventory and numbering work in Kirkuk
Sat 28 Sep 2024, 4:34 am by Rocky
» Rafidain Bank announces granting real estate loans to three categories
Sat 28 Sep 2024, 4:33 am by Rocky
» Dollar price today
Sat 28 Sep 2024, 4:32 am by Rocky
» Netanyahu enters with maps and attendees leave the General Assembly session.. What did he mention Ir
Sat 28 Sep 2024, 4:29 am by Rocky
» The historic agreement on international withdrawal... a turning point in the path of Iraqi sovereign
Sat 28 Sep 2024, 4:27 am by Rocky
» Includes citizens, employees and retirees.. A real estate loan from Rafidain worth 150 million dinar
Sat 28 Sep 2024, 4:24 am by Rocky
» Does it include an American withdrawal? Two important indications in the statement "ending the missi
Sat 28 Sep 2024, 4:22 am by Rocky
» Dollar exchange rates drop in Iraqi stock exchanges
Sat 28 Sep 2024, 4:21 am by Rocky
» Will the drop in oil affect only employees' salaries or all segments of society?
Sat 28 Sep 2024, 4:19 am by Rocky
» North Carolina removes 747,000 from voter rolls
Fri 27 Sep 2024, 5:03 pm by Bama Diva
» The full extent of the Biden-Harris criminal alien invasion REVEALED
Fri 27 Sep 2024, 4:32 pm by Bama Diva
» utube 9/24/24 MM&C Iraqi Dinar News-IRAQ-INTERNATIONALISM NY-2023 to 2029 Road Map - Social- Finan
Fri 27 Sep 2024, 7:17 am by Rocky
» Hanoun calls for benefiting from the Chinese economic experience and linking the Silk Road between t
Fri 27 Sep 2024, 7:12 am by Rocky
» Gulf-American statement directs a strict request to Iraq
Fri 27 Sep 2024, 7:10 am by Rocky
» Conflict escalates in the Middle East, warning of Iraq slipping deeper into confrontation
Fri 27 Sep 2024, 7:08 am by Rocky
» EU 'concerned' over increasing executions in Iraq
Fri 27 Sep 2024, 7:05 am by Rocky
» Mustafa Sand: The judiciary has proven the “wiretapping” issue, and Al-Sudani’s brother is involved
Fri 27 Sep 2024, 7:04 am by Rocky
» Parliamentary Committee Talks in Numbers About Iraq’s Water Crisis with Türkiye and Proposes a Solut
Fri 27 Sep 2024, 7:01 am by Rocky
» Why did the Central Bank hesitate to implement the measures taken against Iraqi private banks?
Fri 27 Sep 2024, 7:00 am by Rocky
» US State Department: Announcement of agreement on the future of the international coalition from Ira
Fri 27 Sep 2024, 6:58 am by Rocky
» Housing Crisis in Iraq: “Ambitious” Government Plans and Fears of Monopoly
Fri 27 Sep 2024, 6:55 am by Rocky
» Will privatization save Iraq's economy or open the door to corruption?
Fri 27 Sep 2024, 6:52 am by Rocky
» Parliament: Agreement with the regional government to review its oil contracts to adapt them constit
Fri 27 Sep 2024, 6:51 am by Rocky
» Interior Minister: Iraq is free of drug factories
Fri 27 Sep 2024, 6:50 am by Rocky
» Anbar Alliance: Halbousi clings to power because he fears opening major files against him
Fri 27 Sep 2024, 6:48 am by Rocky
» Rising prices of oil derivatives in Kurdistan.. reasons and goals
Fri 27 Sep 2024, 6:46 am by Rocky
» Economist calls on the government to resort to tax exemption
Fri 27 Sep 2024, 6:45 am by Rocky
» Iraqi Oil Company for Investment and Pricing of Raw Gas Produced
Fri 27 Sep 2024, 6:44 am by Rocky
» Increase in activity at Mandali border crossing during the current year
Fri 27 Sep 2024, 6:43 am by Rocky
» MP: New cities map will include eight governorates next year
Fri 27 Sep 2024, 6:42 am by Rocky