Dinar on raising the money supply in the size of banks 8-3
Dinar on raising the money supply in the size of banks
Author: Yasser incumbent
BAGHDAD Shokran Fatlawi invited experts and interested in the financial and economic affairs to the need to speed up the issuance of e - dinar and the application of modern systems in the business dealings because of its positive effects on the overall economic life and development of the reality of the banking sector in particular it provides pre - financial sources of the state by increasing the money supply falling in the banking system.
This came during a seminar organized by the progress of the development policies of the Institute and attended the »morning» under the title « the introduction of the electronic currency trading and cash deal: economic importance and implications of direct» presence of the Governor of the Central Bank of Iraq d.
On the Keywords and head of the Iraqi National Business Council David Abdul Zayer and general manager of the Rafidain Bank Khawla al - Asadi and a large number of businessmen and the economy.
Electronic system initiated the seminar with a speech by Director of the Institute d. Mehdi al - Hafez between which the importance of subjecting the currency to the electronic system, because of its great economic goals of serving the country 's economy, pointing out that the talk about a banking reform exists without reaching concrete results , adding that the country today desperately need to hold the development of the banking sector from either the government or the Ahli according means and mechanisms reform , a subject the currency to the electronic system.
For his part , Governor of the Central Bank of Iraq d. On the Keywords, the importance of the payments system it represents a pillar of the banking and financial sector, indicating that the system consists of the first two phases related to the large total transactions between banks and companies, while the second phase of the payment system consisting retail pointing out that the role of the central bank carry out surveillance and supervision.
He Keywords that the application of electronic transactions requires work to provide the infrastructure required, including the legal and regulatory structure governing the banking services to all the details of the system, noting that the central bank has to conduct a comprehensive review of the laws of banking and regulations in force and drafting an initial required enacted in this area of legislation , let alone complete issuing electronic payment system and controls subscribe to the infrastructure of the payment system retail.
cash trading at the same level between the Keywords that the percentage of beneficiaries and users in the country does not exceed 10 percent and 8 percent of them are simple operations such as receiving salary in what constitutes only 2 percent of those who use smart cards, a percentage low , he said, pointing out that trends in will help expand financial inclusion through the entry of more citizens to these systems and thus benefit from the monetary mass in their possession, which amounts to 77 percent outside the system , as well as get rid of the cash circulation problems.
paperwork system promised chairman of the board National business Iraqi David Abdul Zayer followed the banking system from the old systems, which work out over 100 years ago , a paper - based system at a time when the world arrived in style Allankadi indicating that the e - dinar trading would provide prior financial sources for the government as it encourages the Aledjarobzlk money chunky turn into dinars electronic enjoying high flexibility in handling or selling.
He pointed to the existence of a rate of 77 percent of the national currency outside the banking system and the presence of 23 percent only, moves within the system of government deposits Mastday need for the introduction of the electronic currency trading bank.
Currency market and called on the central bank to the registration of the Iraqi dinar in the foreign exchange market, although the country It has backed federally giant infrastructure to would block the project handle mail, calling to the importance of benefiting from the Kuwaiti experience in this area after it was forming a joint stock company for the management of electronic trading and issuing smart cards file, stressing the need for the local currency replace, especially the category of (25) thousand dinars result smuggled out to ensure its return and subdue their dealers to the new standards.