Home
Advisor to the Prime Minister: We are heading towards a complete transformation of the electronic payment system
Economical 05/06/2024
[You must be registered and logged in to see this image.]
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said yesterday, Sunday, that the government’s strategy encouraged citizens to enter the digital payments climate, while he indicated that cash use will witness a gradual closure in the interest of digital financial inclusion, starting next year, 2025.
Salih said: “The customs and traditions that remained prevalent in the practice of cash request behavior according to primitive cash methods in settling financial and commercial transactions, are not consistent today with the developments of the modern digital institutional society in our country, especially the change in settling financial transactions and the gradual abandonment of the use of direct cash payment methods in favor of digital payments.”
He added, “The behaviors of payment, delivery, settlement of financial rights, and settlement of transactions began to be reflected in the cash demand function, which began to change behaviorally in the interest of dealing with a modern pattern imposed by digital payments in the country.”
He continued, "Since the government launched the electronic payment strategy a few months ago, the public has begun, for the first time in our country, to direct its will to enter the (second phase) in the digital payments climate, by moving from withdrawing dues in cash via payment cards and dealing with the inherited payment methods based on... Cash payment for transactions, by shifting towards keeping his money inside his bank accounts to enable him to use the same payment cards many times within the framework of levels of high and renewable digital payment in settling various transactions within the citizen’s daily life.”
He pointed out that “the second phase of digital payments constitutes an accelerated development that is consistent with and covers the opportunities for using the digital payments system to reach an advanced digital stage in banking life by establishing digital banks. Three issues have helped in this, namely the increasing use of mobile phones in settling digital transactions, and the second is the development of the numbers of opening... Bank accounts support digital payments activity, and the third is the rapid growth of digital government collections.”
Saleh stressed that, “By the middle of this year, government collections will shift almost completely to payment via credit cards and other approved digital payment methods, which all fuel stations are witnessing today, leading to the payment of taxes, fees, wages, and government transactions, all of which will be via digital payment cards.” He pointed out that “large groups of private sector institutions and individuals have begun to engage rapidly in settling their payments by feeding each other’s accounts with easy transfer, for example (feeding their digital cards) to settle rights between them digitally, in addition to using (POS) devices and the like.” Similar technology assistive means of payments have become widespread and accessible in our country.” He continued, “Starting from the year 2025 onwards, payment habits within the economic community will shift towards a completely different digital life, with electronic payment cards becoming one of the modern customs in changing the monetary behavior of society, and cash consumption will witness a gradual closure in favor of digital financial inclusion, and then cash leakages will move in their current form, which is It continues to lie outside the banking system and takes its natural way into the banking system itself, automatically and under the influence of the new environment of digital payments.”
He continued by saying: “Over the past few months, the use of digital payments has added millions of new bank accounts for adults who have not previously dealt with the banking system,” expecting that “in the coming months, bank accounts will cover the adult generation, as electronic payment cards are linked to the bank account itself.”
He pointed out that “cash liquidity will automatically move into the banking system, which will help increase levels of certainty and reduce liquidity risks in the banking system itself, which will encourage levels of cash credit granted to the public for the purposes of economic activity and at the same time help ensure the flow of state cash revenues within the developments of the treasury account.” “Unified, which at the same time maintains moderate growth rates in the growth of general liquidity, inversely proportional to the escalation in the growth of uses of
digital payments.”
In June 2023, the Central Bank of Iraq announced that the Iraqi Council of Ministers’ Resolution No. (23044) for the year 2023 had entered into force, which was to increase the number of electronic payment devices in government institutions and the private sector to enhance the culture of electronic payment and collection, and reduce the use of paper money in collection and commercial transactions. .
Last week, Prime Minister Muhammad Shiaa Al-Sudani directed several executive measures to be taken related to the electronic payment system and electronic points of sale (POS).
[You must be registered and logged in to see this link.]
» MM&C 10/3/24 World Bank: Iraq has made progress in improving the business environment, making it glo
» Elon Musk obliges Trump, reconnects disaster areas to the internet for free via Starlink
» utube 10/1/24 MM&C Iraq Dinar News - Iraqi Stock Exchange - Private Sector - Water - Infrastructure
» utube 10/3/24 MM&C Iraq Update-Iraq Securities Exchange- Transform Iraq-Export Oil - Federal Co
» MM&C 10/3/24 Amending the Oil Law: A Step Towards Reform or Just Another Promise?
» In less than half an hour, Washington sends three messages via Baghdad to Tehran
» "Soon" .. Iraqi-Kuwaiti negotiations to resume to end differences
» On the seventh anniversary of Talabani’s passing, Al-Sudani recalls his national legacy and his role
» Planning: The general census will show the rates of enrolment in education and unemployment.
» Economist: Zionist bombing exacerbates economic conditions, calls for urgent intervention by governm
» Iraq, Kuwait to resume negotiations "very soon" to resolve outstanding issues
» Iraq and China take the largest share of Iranian goods
» Advisor Mazhar Saleh: No concern about Iraq's financial situation
» Amidst the Storms: Baghdad and Washington Support Regional Calm
» MP reveals reasons for delaying the approval of the Personal Status Law
» Al-Surji: The Union is capable of forming the next regional government
» Government measures to control the region's import of gold
» Central Bank comments on preparing the budget for next year
» Anbar citizens threaten to demonstrate over private generator pricing
» Dollar trading halted in Anbar due to high exchange rate
» Iraqi Parliament Prepares to Pass “Most Important” Law to Recover State Funds from Corrupt People
» World Bank identifies key issue for sustainable development in Iraq
» World Bank: Iraq has taken steps to develop human capital
» Electricity: Loss of 7,100 megawatts due to a decrease in the release of national gas and the supply
» Work: Issuing more than 220 thousand national cards for those covered by social protection
» France: Recommendation to eliminate 100,000 jobs to reduce government spending
» Iraq, Turkey sign MoU on migration and voluntary return
» Al Mazrouei: The world needs additional investments in the energy sector
» Agriculture announces compensation for livestock farmers’ losses, plans to control diseases
» Moscow advises its citizens not to travel to a country neighboring Iraq
» Holidays cost Iraq 34 trillion dinars annually!
» OPEC awaits global production estimates to confirm Iraq's compliance
» This is why oil traders are betting on it rising to $100
» Why are the social protection amounts not released for the current month?
» Baghdad and Washington discuss the need to protect sea lanes to ensure the export of Iraqi oil
» Iraq and the United Arab Emirates review procedures for judicial assistance files to recover persons
» Parliamentary-governmental meeting to discuss double taxation avoidance agreements
» Iraq and the United States stress the need for a ceasefire in the region and resolving crises throug
» Al-Mandlawi: The late President Talabani was keen, after the change, to play an honorable role in al
» The Iraqi-Turkish Joint Planning Group discusses the framework agreement concluded following Erdogan
» Baghdad and Washington discuss enhancing joint cooperation in the fields of energy, oil and economy
» Malekshahi: Successive regional governments faced local and regional difficulties and pressures
» Kurdistan: Starting to pay August salaries to employees tomorrow, Friday
» Iraq and America agree on the need for calm and not to expand the circle of conflict in the Middle E
» Dollar storm hits local markets.. Only half a point left for 155 thousand - Urgent
» "Serious and significant" economic risks await Iraq if it becomes involved in the Iran-Israel confli
» Total 140 days.. Financial costs of holidays in Iraq
» Within (8) months: The Al-Abbas’s Holy Shrine spends about (7) billion dinars on reducing the costs
» After "Noon News Agency" published its most important needs: Karbala Council forms a group of commit
» Government moves to build 6 new refineries
» Civil Service Council: Creating 6,000 job positions
» A project worth 16 billion dinars was seized by the Integrity Commission in Kirkuk
» Al-Sudani orders suspension of work tomorrow, Thursday, and confirms that the region is entering a d
» In two separate calls with Sisi and the Jordanian monarch...the Prime Minister stresses the importan
» Transport: Completion of preliminary designs for the railway line and topographic survey of the deve
» Salaries are secured.. Finance Committee: Discussing 2025 budget schedules to begin next month
» Ports announces completion of work on the five berths project at the Grand Faw Port
» Contrary to the instructions, the Integrity Commission monitors violations in the implementation of
» The dollar exceeds 153 against the Iraqi dinar
» Parliamentary Committee Reveals "Exciting" Details Concerning Border Crossings
» The cost of "unofficial" holidays in Iraq is equivalent to the Syrian budget!
» "Eagerly waiting" OPEC awaits global production estimates to confirm Iraq's commitment
» Dollar prices against the dinar in the Iraqi markets today
» National Day.. 92 years since Iraq acquired the “components of a state” as the first recognized Arab
» "He uses American companies and does not pay them" .. American court ruling shows the importance of
» Unprecedented’: Retired Border Patrol Chief Blows Whistle on How Biden-Harris Admin Hid Border Crisi
» Two new rounds of oil and gas investment
» Securities Commission: A strategy to transform Iraq into a regional investment center
» Political alliance talks about deciding the parliament presidency
» US forces hinder Iraqi forces' pursuit of ISIS
» Foreign Relations renews its call to preserve Iraq's sovereignty
» Abdul Wahid: Two ruling families seized the salaries of the region’s employees
» End of the state of alert among security formations in Iraq
» Inauguration of the first copper and cable factory in the Kurdistan Region and Iraq
» Kurdistan Regional Government reveals upcoming tripartite meeting to resume oil exports
» "Al-Eqtisad News" publishes the full decisions of the Cabinet session
» Finance Committee: Discussing 2025 budget schedules to begin next month
» 6,000 job positions to appoint top students and certificate holders.. These are the details
» Iraq.. Manufacturing oil well complexes by local hands
» Iraq is ranked 6th in the Arab world and 37th globally in labor force statistics 2024
» State Administration Coalition confirms unity of Iraqi position
» 6 thousand job positions to appoint top students and certificate holders
» 4 new industrial cities
» Implementation of 6 major projects in the capital
» Maysan trains 920 young people to find job opportunities
» Inventing an advanced device in the field of digital communications
» Planning receives 125,000 tablets for the general population census
» Committee to count the number of private public transport vehicles in the country
» Government moves to build 6 new refineries
» Cabinet approves national initiative to support energy and reduce emissions
» Al-Sudani receives the Spanish Ambassador to Iraq and stresses the need for the European Union to ta
» The Ministry of Oil discusses plans and programs to advance refinery sector projects
» The Council of Ministers decides to increase the capital of the Trade Bank of Iraq by 500 billion di
» The President of the Republic confirms to the National Security Advisor that the stability of Iraq i
» Benefiting from the ISIS experience... Türkiye exploits the tension in the region to expand in Kurdi
» Karbala.. Integrity Commission arrests a broker in the Real Estate Registration Directorate and moni
» Al-Sudani: There is a need for the European Union to take more steps to stop the Zionist aggression
» "Leave the money exchanges behind you".. A specialist proposes a "treatment" for the rise of the dol