Central bank: e-dinar technology facilitates financial transactions and sings for the cash payment a

Central bank: e-dinar technology facilitates financial transactions and sings for the cash payment and its problems

Friday February 5, 2016 17:13

The Central Bank of Iraq, said Friday that the e-dinar technology facilitates financial transactions and sings for the cash payment and its problems, noting that it has developed a lot of technical and regulatory foundations for the launch and insurance protection in collaboration with the companies "solid", while expressed Association of Iraqi banks, private banks ability to dealing with that technology, particularly that 20 of them have e-services currently.

A member of the Board of the Central Bank, Ahmed Rehn, in a press statement, said that "electronic payment (e-dinar) technical issue concerned with facilitating financial transactions to the public, and Ngnehm for cash payment, which cause a lot of delays and problems, as well as it reduces costs," adding that "the Central Bank was attended by a lot of technical and regulatory foundations for the launch and insurance protection in collaboration with specialized and reputable companies."

He added Rehn, that "private banks suffer several problems, including those related to liquidity, as a result of mistakes in the management of its financial resources and employ them," noting that "the private banks did not anticipate the risks, one of the most important banking controls, which expanded by about more than potential, but Zllk not It prevents them from exercising the electronic payment process of being separate from the availability of liquidity. "

He stressed Rehn, that "electronic payment is not the first step the central bank in the development of the banking system, as it worked since 2004 on the intraday settlement system (RTGS) in settling the high interest payment orders, where she has electronic trading taking place between the banks and the central bank on the one hand, and banks with each other hand, "pointing out that" the e-dinar step in a series of steps the central bank to develop banking business and to facilitate things citizens. "

For his part, Executive Director of the Association of Banks, Ali Tariq, said in an interview to the (long-Presse), he said that "a lot of private banks are able to move to electronic payment and dealing with the system," noting that "among those banks electronic services developed working on nearly a daily basis, in various dealings. "

Tariq said, "The 20 banks waged operate electronic payment cards for years," she returned to "electronic dinar service will lead to increased competition among private banks by about contributing to the development potential and mechanisms of its work."

In turn called financial expert, on behalf of Jamil Antoine, in a press statement, to "educate citizens about the benefits of e-dinar, and improve the ability of the banking system and training to deal with the new technology which supports liquidity and reduce cash use of paper and the problems that accompany it," attributing it to "the weakness of the trust of citizens the banking sector. "

He called Antoine, the need to "address the private banks problems, some of which are suffering serious problems," following the "worrying signs have emerged in 2012 on the development of banks in Iraq, as a result treated 11 percent with the Iraqis only with them, according to Central Bank statistics, and the small number of its branches and other negative indicators. "

And saw a financial expert, that there is "an urgent need to prepare the banks for dealing with electronic payment technology to ensure not get negative reaction on them," returned that "the reform of the banking business and the enactment of necessary laws to require, as well as tighter controls on banks."