*************** The central bank gives banks the government one month to implement electronic trading systems

August 1, 2016


Our economy / Baghdad

Iraqi Central Bank revealed on Monday, all give him the government banks until next September, to adapt itself to electronic systems and transactions, while among the beneficiaries and users proportion of those dealings in Iraq, "not to exceed" ten percent, favored the possibility of the contribution of orientations to expand their use and take advantage of 77 percent of the money supply in the possession of citizens outside the banks, get rid of the cash circulation problems.

The governor of the central bank and the agency, on the Keywords, in an interview vassal agency our economy News, "The payment system is an important pillar of the banking and financial sector," noting that it "consists of two phases first is related to the large total transactions between banks and companies within the system is settled and conducting clearing operations and liquidation of the great number of daily banking transactions. "


He Keywords that "the second phase of a retail of transactions daily for individuals to pay their obligations through electronic or mobile phone and other card payment system," noting that "the role of the central bank is monitoring and supervision beyond the field to the presence of problematic in banking transactions at the country level and the requisite large size of the precise organization. "

He explained the governor, that "the role of the central bank may be an operator or partner or used for system electronic banking," stressing that "the future role of the Central Bank is to supervise the system to be entrusted to operating the task to a company or a group belonging to the private sector companies."

Keywords and saw that "the application of electronic trading requires work to provide the infrastructure required," pointing out that such "legislative legal structure governing the banking services to all its details."

He said the central bank governor, that "the Central Bank conducted a comprehensive review of the laws of banking and regulations in force and to develop an initial draft of the required legislation in this area, and issued an electronic payment system and controls subscribe to the infrastructure of the payment system retail," noting that "the amount of $ 20 trillion dinars are being handled by a month under this system, a fast, accurate and support the national economy, away from a lot of problems. "

Promised Keywords, said that "very cool and sophisticated retail payment system and helps the bank to follow all these processes and to prevent violations and abuses, which is updated through the end of 2015, which are no problem," pointing out that "the Central Bank is currently working with the World Bank to review and evaluate the national payments system, where it was formed three locations of the data in the whole of Iraq, as well as one location outside Iraq to recover from the risks. "

He went on, saying the central bank governor, said that "Iraq needs a comprehensive banking systems, followed by the banking system to be able to achieve its objectives," revealing "a lack of State-owned banks for such an electronic system even though it has hundreds of branches."

And gave Keywords "State-owned banks until next September, to adjust their positions within this electronic system," Mstrsla that "the central bank takes the organizational side by issuing controls the use of electronic credit cards and there are plenty of companies that submitted bids for work on the processing of these cards the bank to the fact that the center has divided National, which regulates these processes, and represents an incubator electronic banking operations. "

Continued conservative, that "the Bank has developed a court will be launched in early 2017 to regulate such operations plan," and expressed regret that "as a result of the low percentage of beneficiaries and users in Iraq who do not exceed ten percent, and eight percent of these are very limited operations such as receiving only salary, and that only two percent of Iraqis are using smart cards ".

He expressed the Keywords, believed that "the trends in will help expand financial inclusion through the entry of more citizens to these systems and thus take advantage of in the possession of people's money supply which amounts to 77 percent outside the system, as well as get rid of the cash circulation problems."


http://www.iqtesaduna.com/2016/08/01/%d8%a7%d9%84%d8%a8%d9%86%d9%83-%d8%a7%d9%84%d9%85%d8%b1%d9%83%d8%b2%d9%8a-%d9%8a%d9%85%d9%87%d9%84-%d8%a7%d9%84%d9%85%d8%b5%d8%a7%d8%b1%d9%81-%d8%a7%d9%84%d8%ad%d9%83%d9%88%d9%85%d9%8a%d8%a9-%d8%b4/

E prevent currency manipulation collects money
   

7/31/2016 0:00

 BAGHDAD - Mostafa Hashemi

The adoption of advanced technology in the payment of financial dues to the citizens is an urgent need to achieve significant economic feasibility of the country through the bypassed all the manipulation and corruption that may accompany the collection operations in the various public services, and the successful to address the economic problems of international experience should be a gateway into force of the developmental decline the suffering of Iraq, and sees specialists that electronic currency one of the gates of reform that should be adopted in the collection operations.

President of the National Business Council, the Iraqi David Abdul Zayer stressed that the most advanced technology in the collection operations achieved substantial revenue for Iraq by issuing electronic currency «electronic dinar», indicating that if the internal state revenues are estimated with 15 billion dinars from taxes and levies instruct the Finance Ministry to print 15 billion dinars electronic.

He pointed out that every four months raises the electronic currency starting from the first month in the year and is used in the e-dinar levies and used in payment of various levies fines, electricity, water, taxes, real estate registration.

Million dollars

Zayer said that the value of this system million state-sponsored and bring considerable economic feasibility, and put the first meal in the first four months of the year where they are put up a fixed amount of currency during this period and when a shortfall is subtracted the amount of the allocation of four other months of the year, but is working in her term, as its electronic currency beginning and no end is, it »Guaranteed ».

He noted that this currency can be displayed by the circulation of months here are a citizen can Aoualemstvid purchased at a discount and sell them without the discount during the period of circulation and here he would have made a great benefit also achieves economic feasibility while transferred funds from the compactness to the banking system, which can these funds employ at work and move the market various economic activities stalled due to lack of in your Credit Banks.

He noted that the state can intervene and assist in the transfer of money chunky to the banking system, and the electronic coin operated according to a sophisticated system pay the amounts and prevents all tracks of corruption and eliminates bureaucracy and depends in most countries of the world, pointing to the importance of issuing a government decision and that produces significant benefits to state revenue without pressure on the citizen and to ensure the delivery of a complete levies to the state treasury only.

Economic growth

He stressed the importance of benefiting from successful international experiences in addressing our economic problems because it's been a lot of state conditions such as those experienced by our country and managed to overcome them and achieve economic growth, which leads us to work hard to pull Iraq back from the painful reality of living.

And insertions customs Zayer called for the adoption of advanced systems in customs clearance and overcome the traditional systems currently approved and that confuses the reality of work and interspersed manipulate customs value of real operations.

He stressed that in all countries of the world there barcode which includes the serial numbers represent symbols of industry specific and country of origin where they can see article manufactured and sourced through this international regime system, upon the arrival of manufactured goods globally to ports are customs satisfy adoption depending on the barcode stainless


To manipulate.

He pointed out that the Iraqi National Business Council proposed increasing import licenses fees and numbered under barcode types of imported goods and the collection of customs duties and taxes directly and can be done by private sector companies that pre-customs clearance
paying off .

http://www.alsabaah.iq/ArticleShow.aspx?ID=120574