CBI gives, government banks until next September, to adapt itself to electronic systems

Views 264 Added 08/01/2016 - 22:34

Economy News:
It gave the Central Bank of Iraq, on Monday, the government banks until next September, to adapt itself to electronic systems and transactions, while between the percentage of beneficiaries and users of those dealings in Iraq, "not to exceed" ten percent, favored the possibility of the contribution of orientations to expand their use and benefit from 77 percent of money supply held by citizens outside the banks, get rid of the cash circulation problems.

The governor of the central bank and the agency, on the Keywords, in an interview Monday, said that "the payments system is an important pillar of the banking and financial sector," noting that it "consists of two phases first is related to the large total transactions between banks and companies within the system is settled and conducting operations clearing and liquidation of the great number of daily banking transactions. "

He Keywords that "the second phase of a retail of transactions daily for individuals to pay their obligations through electronic or mobile phone and other card payment system," noting that "the role of the central bank is monitoring and supervision beyond the field to the presence of problematic in banking transactions at the country level and the requisite large size of the precise organization. "

He explained the governor, that "the role of the central bank may be an operator or partner or used for system electronic banking," stressing that "the future role of the Central Bank is to supervise the system to be entrusted to operating the task to a company or a group belonging to the private sector companies."

Keywords and saw that "the application of electronic trading requires work to provide the infrastructure required," pointing out that such "legislative legal structure governing the banking services to all its details."

He said the central bank governor, that "the Central Bank conducted a comprehensive review of the laws of banking and regulations in force and to develop an initial draft of the required legislation in this area, and issued an electronic payment system and controls subscribe to the infrastructure of the payment system retail," noting that "the amount of $ 20 trillion dinars are being handled by a month under this system, a fast, accurate and support the national economy, away from a lot of problems. "

Promised Keywords, said that "very cool and sophisticated retail payment system and helps the bank to follow all these processes and to prevent violations and abuses, which is updated through the end of 2015, which are no problem," pointing out that "the Central Bank is currently working with the World Bank to review and evaluate the national payments system , which was formed three locations of the data in the whole of Iraq, as well as one location outside Iraq to recover from the risks. "

He went on, saying the central bank governor, said that "Iraq needs a comprehensive banking systems, followed by the banking system to be able to achieve its objectives," revealing "a lack of State-owned banks for such an electronic system even though it has hundreds of branches."

And gave Keywords "State-owned banks until next September, to adjust their positions within this electronic system,"
noting that "the central bank takes the organizational side by issuing controls the use of electronic credit cards and there are plenty of companies that submitted bids for work on the processing of these cards to the fact that the central bank has divided National, which regulates these processes, and represents an incubator electronic banking operations. "

He went conservative, saying that "the Bank has developed a court will be launched in early 2017 to regulate such operations plan," and expressed regret that "as a result of the low percentage of beneficiaries and users in Iraq who do not exceed ten percent, and eight percent of these are very limited operations, such as received salary only, and that only two percent of Iraqis are using smart cards ".

He expressed the Keywords, a belief that "the trends in will help expand financial inclusion through the entry of more citizens to these systems and thus take advantage of in the possession of people's money supply which amounts to 77 percent outside the system, as well as get rid of the cash circulation problems."

The governor of the central bank identified in 2017, as the date for the launch of the electronic currency through Dinaralaketrona or electronic tags, returned that will facilitate transactions between government departments.

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