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Category: Economic News

Electronic Payment System is essential for Economic Reforms and to fight against Corruption

Electronic Payment System is essential for Economic Reforms and to fight against Corruption

The Iraqi Prime Minister stressed the importance of e-transactions and the electronic payment systems in his speech. A number of specialists and economists realized that the endorsement of advanced technology is an essential element to be the seed of economic reform. The Iraqi PM renewed calls to face corruption in a real and perfect acceptance of advanced technology being used internationally. They adopted locally with support from competent companies and interacted with the public. The electronic payment system must be…

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Iraq maintains its 5th position in Arab countries with largest gold reserves

Iraq maintains its 5th position in Arab countries with largest gold reserves

The World Gold Council has announced that Iraq maintained its global position with the largest gold reserves. It represents 7% of the rest of its currencies. The Council said in a statistical published on its website. It says, “Iraq has maintained its fifth position in the Arab world, which came after each of Saudi Arabia, Lebanon, Algeria, and Libya. It indicates the last purchase of Iraq gold was in September from 2018 and by 6.5 tons”. The council also said…

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Central Bank of Iraq directed Iraqi Banks to provide Mobile Phone Banking Services

Central Bank of Iraq directed Iraqi Banks to provide Mobile Phone Banking Services

On Monday, the Iraqi Central Bank has directed all banks operating in Iraqi to provide services via mobile phone. The CBI said in a statement that the Bank has directed all licensed banks to provide mobile banking in light of the bank’s strategy to achieve financial inclusion. It will improve digital banking services and modern technologies in order to ensure these services are easily accessible to various segments of society. The statement also said this service ensures the facilitation of…

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Al-Khuzai Warned a Severe Economic Crisis in Iraq due to a Sharp Decline in State Revenues

Al-Khuzai Warned a Severe Economic Crisis in Iraq due to a Sharp Decline in State Revenues

On Monday, a member of the Iraqi parliamentary committee for the implementation of the government program, Anaam al-Khuzaie has indicated the rates of a sharp decline in the state’s oil and non-oil revenues. He also warned about an expected severe economic crisis in Iraq. Khuzai said, “The fourth axis of which focused on maximizing non-oil revenues, such as taxes and customs. And monitoring public debt to ensure that it remains within the limits of financial sustainability is contrary to the…

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Iraq is looking to establish Joint Economic Business with the World Bank

Iraq is looking to establish Joint Economic Business with the World Bank

On Wednesday, the Iraqi Prime Minister Adel Abdul Mahdi met with the World Bank to establish joint economic work. The media office of Abdul Mahdi issued a statement that Iraqi Prime Minister met with the regional director for the Middle East of the World Bank, Saroj Kumar, and his delegation. Abdul Mahdi discussed the vision of the Iraqi government for the future of the Iraqi economy and plans to promote non-oil producing sectors and diversify sources of income and ways…

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Investment Opportunities and Security Situation in Iraq

Investment Opportunities and Security Situation in Iraq

A member of the Iraqi Parliamentary Economic and Investment Committee, Riaz Al-Tamimi issued a statement. Al-Tamimi said the international investment weakness is due to poor security and economic condition in the country. He said in a statement that a number of countries and international companies have shown their desire to enter the Iraqi market and investment in all fields. Al-Tamimi added that there are a number of factors but one of the major reasons is the security instability in some…

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Gold Prices Fell after marking its Highest Level in Past 6 Years

Gold Prices Fell after marking its Highest Level in Past 6 Years

Gold prices have shown their highest level in at least past 6-years on Tuesday. Most investors backed off from more sensitive assets because of concerns surrounding Hong Kong protests and the collapse of the Argentine currency following fears of a Global Economic Slowdown. The spot gold rose 0.3% to 1515.56 U.S dollars/ ounce at 0518 GMT, after hitting its highest level since April 2013 at 1518.03 U.S dollars. The U.S gold futures rose 0.6% to 1,526.90 U.S dollars/ ounce. Hong…

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170 Billion Iraqi Dinars allocated in the Budget for Baghdad Province

170 Billion Iraqi Dinars allocated in the Budget for Baghdad Province

The Iraqi Ministry of Planning issued a statement that the Minister of Planning Nuri Al-Dulaimi arranged a meeting with the Baghdad local government. The Governor of Baghdad Falah, MPs from the province of Baghdad also attended the meeting. They discussed the ongoing and new projects of Baghdad province for the current year and the most prominent challenges that stand in front of their implementation in a timely manner. The Planning Minister Nuri Al-Dulaimi said, “The ministry provides the essential working…

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