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

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





4/26/2014 0:00


Baghdad - Mostafa 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 e-commerce, show the need for the country to enact legislation governing the payment mechanisms external or internal client companies in this way.
known as the payments system as a range of tools, procedures, and tools taken by the monetary authority to facilitate financial payments and settlement 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 regulations banking modern electronic them, especially after the advent of e-commerce and spread widely among countries in the world that requires legislative bodies to enact laws to regulate the working ways of 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, Iraq has one of the most electronic payment systems advanced in the world, a system responsible for the exchange of payment orders between banks and automatically using the network safe and effective.
said Mahouelle "The banking systems of modern contribute to improving the payments system by reducing the reliance on cash Cache to maintain the levels of liquidity in the banks, stressing the growing 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 that of such legislation aims to boost confidence in the economy through the creation of a safe environment and a sound banking system and competitive available to everyone. "
system consists of payments Iraqi 3 Systems is a system of gross settlement in real time, and the system of automated clearing and registration system Government Securities.
announced the central bank said remittances 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 Stantzm business processes figures accurate and factual determine the true proportion in the deficit and surplus therein.
intended balance of payments (BOP) It is an abbreviation for (Balance Of Payments) as the annual statement of the total, which represents state revenues from abroad and payments to the outside 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 in the country and their counterparts abroad and include the movement of goods and services and capital.


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