Sharia laws to support electronic payment system and the balance of payments

4/26/2014 0:00

BAGHDAD - Mustafa al-Hashemi


Represent automation ( conversion exchange dealing fiscal to cash -mail address ) in the financial and banking system , one of the means designed to improve the payments system and thus will be reflected on the balance of payments in Iraq , despite the expansion of the activities of automation in the world and the proliferation of electronic commerce , the need arises in the country to enact legislation regulating mechanisms Payment external or internal client companies in this way .

The payments system known as the constellation of methods , procedures and tools taken by the monetary authority to facilitate payments and settlement of financial obligations between economic units , including debt settlement .

In this regard, said economist Dr Essam Mahouelle : " that there are efforts real by the central bank and the government and private banks to activate the work systems, electronic banking modern where , especially after the advent of e-commerce and spread widely among the countries of the world requires of legislative bodies to enact laws to regulate the work in ways Payment . "

Among told ( morning) : "the importance of speeding up the legislation of laws governing the payment mechanism external to the electronic commerce between Iraq and the countries of the world to their importance in the current stage and in line with the requirements of the transition to a market economy as it is a way to pave the way for Iraq's accession to the World Trade Organization ."

According to the Central Bank of Iraq has one of the most advanced electronic payment systems in the world , a system responsible for the exchange of payment orders between banks and automatically using the network safe and effective.

He Mahouelle "The banking systems of modern contribute to improving the payments system by reducing the reliance on cash Cache to maintain levels of liquidity in the banks , stressing the increasing need to speed up legislation to define the legal framework in line with the emergence of e-commerce and spread on a large scale , as well as the such legislation aimed at boosting confidence in the economy through the creation of a safe environment and a sound banking system and competitive available to everyone . "

The system consists of three Iraqi Payments Systems is a gross settlement system in real-time, automated clearing system , and the system of registration of government securities .

The central bank announced that the amount of remittance system settlement total real-time for the month of March last exceeded 335 000 dollars , while the remittance system, the electronic clearing of payment orders of low value reached thousand and 316 dollars while the value of the conversion instruments Electronic about 56 000 dollars.

 Saw Mahouelle to improve the payments system in Iraq will be reflected on the balance of payments of the country where business processes Stantzm figures accurate and factual determine the true proportion in the deficit and surplus therein.

It is intended balance of payments (BOP) which is an acronym for (Balance Of Payments) as the annual statement of the total , which represents state revenues from abroad and payments to overseas and can be considered as an account that records the value of the rights and debts arising from a particular country and the outside world , and as a result of exchanges and transactions that arise between residents country and their counterparts abroad and include movement of goods, services and capital .


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