Central Bank supports "Eban" system to control internal and external transfers

01/10/2017 (0:01 pm)



 Baghdad / peace Zidane

 Bankers: The system applies to insider hurts private sector

The central bank adopted the international mathematical figure "IBAN" to reduce errors that occur in the transfer of funds from inside and outside Iraq. But experts considered the application of this system on the internal transfers will stand an obstacle to the development of the private sector.

The central bank said in a press statement received "long" version of it yesterday, it was "adopted international arithmetic figure the IBAN starting from the second of January of 2017 in all local and foreign remittances," attributing the cause of action to "unite the bank account numbers in all banks operating in Iraq. "

The central bank stressed that "the new version of the account numbers will contribute to improve the level of financial and banking services, as well as common mistakes exceeded in some banks and financial institutions in the use of customer accounts when remittance numbers."


The "IBAN" system includes a bank branch code and routing and account number and his goal, and determine the path of the missing information from the payments, but the bank can not send money transfers to any other bank only after making sure of the sender's identity and the purpose of conversion.

In the meantime, Ali Tariq, Executive Director of the Association of private banks, (range) that "the international bank account number includes 23 ranking include the name of the bank branch and the type of account and currency," stressing that "converting letters to numbers reduces errors that get in the remittance process banking ".

He added that Tariq "The World Bank has urged the Central Bank of the need to apply the bank account system," adding that "the programs launched by the Central Bank recently will contribute to the development of the banking sector."

And between a member of Association of private banks that "any defect in the international bank account will lead to the return of bank transfer to the remitting bank."

In the same context, he said Ahmed Abavi, international banking expert, (range), "The IBAN precautionary measure to prevent make way for money laundering," he said, "there will be centralized on the transfer of funds from inside and outside Iraq by the central bank action in order to know the sources of funds and where it is going. "

Abavi stressed that "the transfer fees that Tstqtaha banks and money transfer will remain unchanged and the primary objective to recognize the legitimacy of the funds," stressing "the need to unite the accounts may issue instructions for the purpose of financial transfers and give way to open multiple accounts internally for the purpose of daily operations for companies and individuals."

He said banking expert "not feasible to use Iban internally because it would oppose the development of the private sector," adding that "the aim of the Iban in Iraq is to unite bank accounts. Means, for example, if there is a company that owns more than one bank account are made one account and thus will affect the work of companies ".

In the meantime, an economist just peace commented on the recent central bank action that "the use of the Central Bank of the bank account is an important step and reduces errors that get in the money transfer for people and institutions operations."

Just he added that "the banking system is going to deal with bank accounts on the basis of figures and letters not as happened recently, when there is an error in the name of the sender are not taken delivery of the assignment."

He said economic expert (range) that "the central bank began to implement programs that will develop the banking sector, most notably the divided national and international bank account system." "The central bank to tighten control over the work of the banking sector in order to avoid the errors that get in the banks and not to damage the reputation of the banking sector."

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