Central Bank seeks to reduce the cash trading of the currency within the country

16/08/2012 13:29

He CBI seeks to reduce the use of cash (CASH) in the country, because of the challenge of geography and security issues that make the transfer of money within the country is difficult and risky. bank said in a statement today, "heading efforts to automate the processes of settlement of checks and salaries and activate the automated systems of the card electronic, to keep more cash in bank accounts. " and added, "the central bank now with local and external to issue a special law in all electronic payment systems to be working within a sound legal environment," adding that "Iraq has one of the most electronic payment systems advanced in the world, the system responsible for the exchange of payment orders between banks automatically using a network safe and effective. " and explained that "the responsibility for the operation and management of accounts settlement between participants to ensure the safety and efficiency of payment systems and clearing be limited to the central bank itself." noting that "payment systems Iraqi consist of Gross Settlement System in real-time and system automated clearing and recording system government securities. " He achievement "Automating the primary market for the system of government securities, which began working on them by the Bank, in consultation with the Ministry of Finance in 2008 while seeking to automate the activities of the secondary market commercial, which will hopefully work on them soon. " The central bank said earlier that the "project divided the national system or retail payments is one of the fundamentals of the financial infrastructure of the new Iraq." said Deputy Governor appearance of Mohammed Saleh in an earlier statement to the National Iraqi News / Nina / "This project will serve large banking for citizens through the consolidation of all banks, whether civil or governmental system divider National, which aims to improve the payments system in Iraq." He said, "This system works credit card, which will be available to all citizens in order to facilitate transfers internal financial among individuals in all provinces. " and "This system allows withdraw and transfer money from retail outlets or the points allocated to the system for all banks, which will be spread across parts of Iraq." Adding that "the work on the project, which does not require the enactment will start soon." and stated that the Central Bank Act allows the issuance of regulations and regulations concerning the payments system and their own projects as a divider National connecting all government and private banks network unified communications.