The establishment of the National Financial Payments Board is the first in Iraq

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The establishment of the National Financial Payments Board is the first in Iraq

Post  Admin on Wed Jun 06, 2018 9:17 am

The governor of the Central Bank of Iraq on the first meeting of the National Payments Council, which includes in its membership [the Central Bank of Iraq and government banks and the Association of Iraqi private banks and electronic payment companies and representatives of the security services and the Iraqi market for securities and the media and communication and the Ministry of Finance].

The Central Bank of Iraq stressed in a statement that "In the opening, the Governor stressed the importance of this council to build a close relationship between stakeholders with the financial and banking sector, pointing out that the Council did not start only after the availability of the basic rule to build the technical infrastructure and legal systems of payments in Iraq" .

"The council will be the guide that evaluates and monitors the payment systems through the participation of visions and proposals by members of the council," al-Aalak said.

Members of the Board of Directors also welcomed the start of its work, expected to contribute to the support of electronic payment projects by drawing up a national strategy for payments and overcoming the obstacles facing the work of the beneficiaries of these systems.

A representative of the World Bank was hosted at the meeting, noting that the National Payments Board is an advanced step, especially as 40% of the world's central banks have established payment boards in their countries.


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