Electronic banking and reduce cash from the new version 12/5
Electronic banking and reduce cash from the new version
Ease the burden of the central bank
d. Acer Yassin
and one of the reasons that the central bank called for the continuous release of editions successive Iraqi coins are to facilitate the calculations and circulation of money and compensation for damaged ones, especially that Iraq lacks the use of credit card and Visa card, such as those that are available in most of the neighboring countries. The use of electronic banking from the banks in the operation of the electronic dealings and replace them with cultural norms of traditional banking business to strengthen their capabilities in providing high quality banking service and strengthen the Iraqi government and private banks the capacity to compete on the local and international arena by employing modes of modern communication in order to enhance the share dealings in the banking market and thus cut costs by bypassing the Qada time and place in their dealings.
The necessity which comes of them employ electronic banking due to its importance in the provision of banking services more integrated than those that offer traditional banking channels and concession speed in service delivery and enable thus contribute to economic development through compensation for the lack of liquidity in the daily circulation caused by deflationary policy adopted by the government with the decline in fiscal revenue earned from the oil sector and the occurrence of an imbalance between commodity and cash transactions and damage the sustainability of economic activities and to enter a ring of the growing recession.
electronic banking is characterized it when it was approved by the banking institutions Iraq will provide a wider choice in the selection of services, quality and costs less than traditional methods and reduce the central bank of the burden of printing new currency units or new monetary issue, even though it cover him, but it is linked to the availability of technical infrastructure appropriate within the framework of telecommunications and IT services, all of which are of the pillars of existence, continuity and competition to be compatible with human cadres qualified and able to those new patterns of work based on modern technology which does not come only through rehabilitation and training of cadres of the banks to enable them to employ the technical, financial, marketing and administrative modern elements.
also linked to the promotion the effectiveness of the adoption of banking services for electronic Anmth in its dealings extent of individuals' confidence in guarantee cash deposits and the acquisition of full liquidity at the moment, which wants them, which proved the recent financial crisis in the Iraqi banking system not being able to fulfill the demands of individuals in a quick withdrawal of deposits, and failed to provide much appropriate liquidity. This certainly requires the government and private banks make great efforts to restore customers' electronic channels confidence and starting a marketing campaign aimed at increasing awareness of the bank services provided by the stress of which the total liquidity enjoyed by this trading addition to the secrecy and security, and encourage them to use more electronic channels through access many new services such as deposit and cash and the issuance of instruments and checks and to encourage government departments to accept the deal by providing incentives and rewards to customers out.
It will also be for the adoption of electronic banking uncertain effect in stimulating the economy as a whole through Nfiel impact of the money multiplier in the overall money supply and stimulate farewell stored while individuals in their homes away from trading and withheld from the overall economic activities. These small amounts when what has been assembled within the framework of e-banking will consolidate the banking system and can rotate to other customers in the form of short-term loans or investing in loans for long-term investors under the conventional banking controls. But this activation required for the role should coincide with the strengthening of the control mechanisms for electronic trading bank so as to provide protection from mail fraud and to ensure the confidentiality of all banking transactions and the protection of the entire Iraqi economy of suspicions of money that is usually associated with this type of trading laundering. This deal requires the identification of legal frameworks of the rights and obligations resulting from the electronic banking operations to ensure that banks and customers' rights and strengthen the banks involved the reputation of these operations within the framework of the assessment of external and internal control and the adoption of performance standards for banking activities and to ensure the achievement of the desired benefits and reduce the negative effects associated with it.