Central Bank (range): 2015, will witness the introduction of the National Distributor

Date: Thursday, 16.08.2012 9:07

BAGHDAD / Ahmed Abed Rabbo
said the central bank to begin the first phase of the project system divided between the national government and private banks in the country, pointing out that the end of the last phase of the project will be the year 2015.

The deputy governor of the Central Bank of the appearance of Mohammed Saleh (range): This project is one of the plans of the Iraqi Central Bank within the program of financial sector development as it serves the infrastructure for the payments system, particularly retail or single under the supervision of the Central Bank and with support from USAID.
Saleh added: that the system includes all government and private banks through the system of calculation related to all the banks through the units withdrawn are distributed to regions and provinces are easy to work.
For his part, praised the director of the Association of private banks wholesome Elias Abou, to assume the central bank responsible for overseeing the system divided the national rather than foreign companies , what would a huge boom in the work of banks.
said Elias Abou The supervision of the Central Bank of the work of the system divided the national will bring great prosperity to the work of banks in Iraq, the best of the foreign companies that provide service with a small scale.
and that the system of divided national will serve as a focal point feed the bank accounts, all year round and will work to settle the bank accounts of the creditor banks and condemned in order not to fall banks losing money.
He pointed out that the use of the system divided the national sing the banking sector from dependence on overseas companies will reduce costs and risks of dealing with foreign companies.
He continued that the banking sector will witness the entry of sophisticated technology through the use of the Visa card that will allow the holder to get the money wherever it is.
in the meantime confirmed the director balance of payments in central bank sacrificed Abdul, the completion of all preparations in collaboration with the Association of Banks, the adoption of the divided national levels.
added Abdul that the system will be applied in All Iraqi banks during the first half of next year, which provides for the adoption of systems developed in payments and opens the gates with the banking systems of advanced adopted by private banks and access to services to the global payments system.
She noted that the system divided the national needs of international companies specialized in this regard, where it was contract with an international company with the ability to manage the system.
and demanded manager balance of payments in central bank of private banks to submit their proposals in a detailed training competencies for this system that supports the card in the management of capital held by the person, as well as the adoption of the phones in money transfer step later. Separately, The Central Bank to sell dollars to the banks intended to withdraw liquidity from the market as is the case in which in the majority of world's central banks.
A statement by the bank that most of the markets where the price of an official and the price of a parallel, and the bank seeks to minimize the difference between the two rates through the inspection teams of the obligation to the instructions of the Central Bank, which sells the dollar to all government and private banks and branches of foreign banks and not to the banks of civil only.
He explained that the policy followed by the Bank since 2004 and so far is one of the successful policies, as it led to a reduction in inflation from 50% to 5.8% and falling prices and the stability result tools that were in place, which was to invest the night and deposits for the duration (7, 14 and 30) days of the dinar, as well as investment and night deposits for the term (7 and / 30 and / 90) days of the dollar.
He added that the bank canceled the tools mentioned exception of deposits for futures seven days of the Iraqi dinar only to encourage banks to grant credit for industrial projects, agricultural, residential, and pointed out that this monetary policy was welcomed by the International Monetary Fund