***** Press Release Issued by The Central Bank of Iraq

July 10, 2014



In an effort to develop the financial and banking sector in Iraq, and to reduce the carrying and circulation of paper money, The Central Bank of Iraq has taken a number of measures in the electronic computerization of settlement bonds and payment orders between government agencies.

This is done through the Iraqi payment system, which uses safe and effective networks, where the Central Bank operates and manages settlement accounts between the participants in order to ensure the safety and efficiency of the payment systems and clearing operations.

In addition, the Ministry of Finance has adopted this system in obtaining its dues/payments from various institutes instead of bonds/checks.

This is an important step in the path of the overall and comprehensive computerizing of all financial transactions and obligations in Iraq.

The Central Bank of Iraq
7/10/2014

(Note: these "settlement bonds"are financial instruments that comply with Islamic law, where no interest is collected)

http://www.cbi.iq/documents/press%20for-pdf%2010-7-2014.pdf