Business Council and Central Bank discuss how e-dinar version and apply the sophisticated systems
August 2, 2016 10. 0

Holding the "Institute for the advancement of development policies, economic seminar with the participation of Iraqi National Business Council and the Central Bank to discuss how e-dinar version into your own business dealings with Government and private banks early next year.

He said the Iraqi National Business Council President Daud Abdul ROAR that "the main reason for introducing the currency were damaged in banking transactions is the result of having accounted for 77 per cent of the national currency outside the banking system and there are only 23 per cent is moving within the system they represent government deposits only", stating that "the citizen who does some financial transactions through banks is the result of having to complete certain transactions you pay to enter his money to banks and take out the mechanism demonstrates the flaw in the banking system, This flaw lies in the vibration or mistrust between the banking sector and customers or depositors. "

"The ROAR" is located in the adjacent control circulation of money imbalance as a result absence of electronic system so the applicant remain worried about his money because he doesn't know her fate, it is possible to go to finance terrorism or corruption or fraud because the banking system followed is the old systems and over 100 years ago by a paper-based system in the world arrived to non-time ", pointing out that" we don't want to talk about perfect as we sought to develop a plan for a specific time and Keep a clear goal such as access to 70 per cent of electronic transactions 2020 and 2025 reach similar to phase in accordance with the aim and motto would be adopted in accordance with the plan include consumer and user port to leave economic and monetary circulation methods randomness that is no longer feasible. "

ROAR hailed the Central Bank's actions in the application of electronic systems, afterthought.

But the gap between customers and banks, that gap not bear her Central Bank but borne by State banks belonging to the Ministry of finance, the problem started in the good Bank and Mesopotamia because of insecurity and deposit their depositors and then moved to private banks

Prof roar, he explained that the use of these systems is the reduction of the funds went to finance terror or corruption or other through electronic control money circulating in this solve a lot of problems related to security and corruption this electronic world order..

Noting that considerable efforts have been made to issue electronic dinar, but this should be dedicated to collect funds for dinar Government only because they represent the higher cash in circulation revenue as in the Gulf States to prevent corruption.

Calling Rasheed Bank or Mesopotamia adopted halls dinar version is distributed to other banks to restrict state money and her collections with a single account number instead of 300 Government account number exists and no one knows how much money the Government precisely because they distributed among multiple mathematical figures and different branches and no electronic control systems we reveal the size of these funds specifically

He drew the ROAR that "electronic dinar trading would provide financial resources for Government because it sshaga the entry become money stashed away in homes to JD electronics carry high flexibility in dealing or sale. Without that to be in balance next year 2017 official revenue through electronic dinar which is estimated at 15 trillion dinars. " Stressing that "slow proceedings would hamper project claiming reliance on citizens initiative to deposit their money, this is out of the question because of a lack of confidence in banks."

"I see the Central Bank invited to register Iraqi dinars in foreign exchange market and thus that it would block the draft deal email though Iraq possesses giant Federal Reserve.

Pointing to the Kuwaiti experience which was one of the most successful experiments in the world after the company was formed to manage the electronic handling and file issued smart cards, could benefit from this experience in establishing an Iraqi company handles this task.

Also called the ROAR also to replace the local currency because there are a lot of Iraqi currency, particularly the 25 000 smuggled over the border and therefore needs to be replaced to ensure her returning thus subjecting customers to the new standards.