Parliamentary Finance: the need to activate the electronic payment system, banking sector

November 8, 2015



Our economy / Baghdad

Finance Committee in the House of Representatives stressed the importance of the work of electronic payment that would activate the banking system in Iraq and banditry in front of bribes and restore some public money to the state treasury.

A member of the committee MP Masood Haider Rustam said in a statement seen by the agency of our economy news that this system significantly contribute to the activation of the banking sector in Iraq, and will restore confidence between the citizen and the banks, adding that the applicable system is not in the developed European countries only, but in the states neighbors like Iran and Turkey.

He said Rustam this system «quantum leap» in banking transactions, stressing that it will save the state the issue of currency demand and facilitate the exchange through electronic cards, which will contribute to restore some public money to the state treasury.

In spite of the many features contained in this system, but the Iraqi banks questioned the possibility of the success of the system (electronic payment), who called him the Central Bank of Iraq, indicating that the Iraqi particularly private ones are not eligible to work in this system because of debt experienced by banks, it has been unable to put it yet as well as the lack of new deposits, both of citizen or government agencies, as well as the current conditions of the country to which the activities of banks.

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