Establishment of the Iraqi National Payments Council

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Establishment of the Iraqi National Payments Council

Post  Admin on Wed Aug 30, 2017 10:54 am

30/8/2017 12:00 am

Baghdad / Hussein Thugb
The expansion of financial transactions of Iraq with different countries of the world led to the development of specialized institutions in this regard take the task of organizing mechanisms of action and the paths of funds and correct channels away from all forms of manipulation and crimes in the money market

Prospects for cooperation
And decided to establish the Iraqi National Payments Council to support the mechanisms of the work of the Central Bank of Iraq in achieving its strategic objectives.
Director of Payments Department at the Central Bank of Iraq, said in an interview for "morning" that the work of the Iraqi financial sector is expanding continuously, pointing to the opening of the country to the outside world after a long break contributes to open new horizons of cooperation with various economic blocs, Iraq must have an advanced payment system commensurate with the size of its promising and influential economy in the international arena.

International practices
It added that the expansion of the Iraqi payment systems and the linkage of its work with external and local bodies, institutions and bodies and for the purpose of developing strategies for the development and follow-up of the payment and settlement systems was established in order to improve the best international practices and ensure the safety and efficiency of systems in the financial markets and infrastructure
The Iraqi financial sector witnessed the development of the global institutions, including the US Treasury Department on behalf of its representative in
It also pointed out that one of the objectives and tasks of the Council is to facilitate cooperation and coordination between supervisory and supervisory authorities and between banking and non-banking institutions and customers concerned with payment and settlement systems, and propose the development of national strategies for the development of payment and settlement systems, the introduction of modern payment tools, and the promotion of joint initiatives to develop the infrastructure of payment and settlement systems, And to follow up the implementation of national reform and development strategies and programs for payment and settlement systems.

Unification of systems
The objectives include facilitating and encouraging the exchange of information and data between the various parties involved in the payment and settlement systems, encouraging the unification of the systems and procedures in force in the country on the payment and settlement system, as well as increasing awareness and knowledge of the issues and requirements of developing payment and settlement systems and tools. And regional and international organizations related to payment and settlement systems.

Composition of the Council
On the institutional framework of the Council and its composition, Abdul Karim said: The Council consists of representatives of a number of ministries and agencies according to the level of representation, which consists of the Governor of the Central Bank of Iraq and the Director of the Department of Payments in the Central Bank of Iraq as an executive director and the Undersecretary of the Minister of Finance and represented by a member as well as the President of the Information and Communications Authority or Represented by a member and general manager of one of the government banks nominated by the Governor and a member of the Association of Private Banks in Iraq or represented by a member and the representative of the National Intelligence Service at the level of Director General member as well as the representative of the Iraqi market for securities at the level of Director General and a representative of the providers of services Tambour The e-selector is chosen by the governor as a member.

Composition of the Board
The Board of Directors of the Central Bank shall be formed by the approval of the Board of Directors of the Central Bank. The Board shall be reconstituted every two years. Any member of the Board may be replaced at the request of the body representing it or at the request of the President of the Council. Pointing out that the Central Bank of the establishment of teams or technical working groups of the Council of Payments shall be permanent or temporary work and the inclusion of members from within or outside the Council of institutions and entities represented alongside the experts
And specialists.


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