The Association of Iraqi Private Banks praises the establishment of the National Payments Council

Economy News Baghdad:

The Association of Iraqi Private Banks praised the establishment of the Central Bank of the National Payments Council, which will increase banking services.

The governor of the Central Bank of Iraq, Ali al-Alaq, chaired the first meeting of the National Payments Council, which includes the Central Bank of Iraq, government banks, the Association of Iraqi Private Banks, electronic payment companies and representatives of the security services.

"The establishment of the National Bank of Payments by the Central Bank of Iraq is a very important step that will make the private sector contribute to determining the future vision and strategy and achieving banking reforms, in addition to increasing coordination and cooperation with the authorities," Wadih al-Hanalal, head of the Iraqi Private Banks Association, told Al-Iktissad News. "The National Payments Council also aims to monitor and develop the banking legal environment that contributes to the application and development of payment and settlement systems and means of payment."

He explained that "the tasks of the National Payments Council are based on supporting the infrastructure of the payment system that is in line with the recommendations of the Basel Committee for Payment and Settlement, the International Monetary Fund, the World Bank and others." He added that "the National Payments Council will follow up clearing systems and the depository and transfer center to settle transactions in the stock market and contribute In the development of electronic payment methods. "

On the other hand, the Governor of the Central Bank Ali Al-Alaq said during the meeting that "the National Payments Council will strengthen the strong relationship with the banking sector." He pointed out that "the Council will be the guide that evaluates and monitors the system of payments through the inclusion of visions and proposals by members of the Council."

For his part, said the representative of the World Bank, who attended the meeting, "The National Payments Council is an advanced step, especially that 40% of the Central Bank has a payments board," and expected to "contribute during his international contributions to support the system payments in Iraq."


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