Report: Electronic payment removes the "dinar" from the pockets of employees

Report: Electronic payment removes the "dinar" from the pockets of employees

August 10, 2017

The new Arab newspaper published a report in which it said that there are efforts by the Iraqi government to expand the dependence on electronic payment cards (ATM), to give employees salaries, which paves the way for reducing the deal in paper currency "dinar".

"The Baghdad government is adopting a plan to implement the" digitization "of salaries, hoping to complete them in 2020," the report says.

The "settlement of salaries" means disbursing directly through banks instead of delivery to employees in the workplace, through a special account opened to the employee at the bank and drawn by the electronic payment card, or receipt in cash.

The newspaper quoted experts and officials that "the system is prevalent in many countries of the world with the expansion of banking business and services, and with the increasing volume of electronic transactions, it had to be applied."

They pointed out that "the application will contribute to reduce the time and effort and cost, in the transactions of banks and transactions of citizens of different financial, in addition to reducing the handling of cash and risk."

The process of "settling salaries" 19 government and private banks and foreign. The number of employees in the public sector who earn their salaries by cards is about four million to one million in the private sector.

The mass of wages in Iraq 35 trillion dinars (27.5 billion dollars), according to previous statements of Abdul-Zahra Hindawi, spokesman of the Ministry of Planning and Development Cooperation.

The number of Iraqis earning salaries and pensions, along with monthly benefits of about 7 million, is estimated to be expected by the government before 2020, while accurate figures on the private sector are not available.

The Iraqi Ministry of Electricity said in a statement that the Iraqi Trade Bank (Hukoomi) will issue "MasterCard" cards to ministry employees free of charge once if an account is opened inside the bank. The second time will be the cost of issuing 40 thousand dinars (32 dollars) if lost.

The ministry added that the Iraqi Trade Bank will set up ATMs at the Ministry of Electricity to pay employees salaries on time when the information is sent to the bank by the ministry. The salary of the employee will be 2000 Iraqi dinars (less than two dollars), regardless of its value.

She explained that the employee has the right to withdraw his salary from any ATM outside the headquarters of the ministry, and bear the cost of less than 3 dollars, if the bank outside the framework of the Iraqi Trade Bank.

In a press statement last March, Christine Goz, head of the International Monetary Fund's mission to Iraq, said Iraq needed more reforms to create fiscal space for overall growth, boost the business environment, reduce corruption and reform the banking sector to support growth. Led by the private sector, and diversification into the economy.

He pointed out that the sharp drop in oil prices caused the decline of the total international reserves of Iraq, and that the total public debt rose from 32% to 64% of GDP in the period from 2014 to 2016, and slowed growth in credit and increased non-performing loans at the state-owned banks and banks Especially during the past year.

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Iraq steps accelerate the transition to e-payment of salaries of employees

Accelerated steps towards becoming the Iraqi government to pay the salaries of employees electronically, as part of an integrated program, experts say that it will contribute to increasing the activity of the banking sector and raise the efficiency of payments and reducing cash handling and will have positive economic repercussions.

08/11/2017


An accelerated decline in currency trading paper

BAGHDAD - The Iraqi government is striving to expand reliance on electronic payment cards to give employees their salaries, thus paving the deal to reduce paper currency.

The government in Baghdad adopt a plan to implement the payment of all salaries electronically project, which hopes to finish it completely in 2020.

The project means conversion of staff salaries in the public and private sectors of the salaries received in cash from their constituencies, to receive from the government or private banks.

It is assumed that the process is done through a special account opened for the employee of the Bank and the withdrawal of it by electronic payment card or withdraw money from the bank in cash.

According to experts and Iraqi officials said this system is widespread in many countries of the world with the expansion of business services and banking sector and that with the increasing volume of electronic transactions had to be applied.

They pointed out that the implementation of the project will contribute significantly to shorten the time, effort and cost in bank transactions and various financial dealings of citizens, in addition to reducing cash handling.

The appearance of Mohammed Saleh, the financial advisor to Prime Minister Haider al-Abadi, the resettlement of salaries project is going according to plans drawn to him by the government.

The appearance of Mohammed Saleh: The project aims primarily to raise the efficiency of the payments system and stimulate the banking sector

He explained that the project includes several objectives, including raising the efficiency of the payments system and revitalize the banking sector through the granting of loans and diversification of other services.

He said that "keep cash in the home and not traded in the market leads to significant losses of up to 8 percent of GDP, which is estimated at $ 12 billion."

He added that "state employees and pensioners' salaries and social welfare make up 50 percent of the state budget, equivalent to 25 percent of gross domestic product, which is an important gateway to make electronic salaries."

The number of Iraqis who are paid salaries and pensions, as well as monthly subsidies of about seven million people. The government hopes to enroll them e-card payment before 2020, while accurate figures on the private sector is not available.

Saleh believes that greater financial inclusion means to control government expenditures because it will lead to a shift from manual payment to the e-payment, in addition to knowing who trade criticism.

There are 19 government and private banks and foreign, involved in the localization process of salary, and the number of public sector employees who get paid about four million cards and one million employees in the private sector.

He said that "the plan ends in 2020 and that about 5 million Iraqis are currently between employees and pensioners, as well as social benefits use the card to get their salaries."

The public sector employees are paid annually more than 35 trillion dinars ($ 27.5 billion), according to an earlier statement of the spokesman for the Ministry of Planning and Development Cooperation Abdul Zahra al-Hindawi.

Tariq Ali: will open bank accounts for employees this week within the project localization salaries

Ali says Tariq, Executive Director of the Association of private banks in Iraq, said that the work continues in the project localization of employees' salaries, which aims to develop the banking sector.

He explained that it was agreed with the ministries of health, electricity, and will start opening accounts for employees during the current week, pointing out that the shopping process will be through credit cards without any deduction, can also be used ATMs deployed in the country's mechanism.

The World Bank monitors closely with the federal government in Baghdad, the issue of resettlement of salaries because it increases the level of economic activity.

He confirmed sacrificed Abdul Karim, Director of the Department of Payments in the Central Bank, the project localization of salaries, which is called for by the Council of Ministers and recommended its application, taking into account the great importance by the central bank.

She noted that the central bank first applied project localization salaries to its staff experience has been successful. She said that "the bank received a large guarantees from banks to work on the localization of salaries and any bank will be reluctant to distribute employees' salaries accounting."

The Ministry of Electricity, in a statement recently that the Bank of the Iraqi government trade cards will be issued "MasterCard" for the staff of the ministry for free once in the case of opening an account in the bank, and the second time the cost version will be $ 32 in the case of loss.

She stated that the bank will be placed ATMs at the ministry's headquarters to exchange staff salaries at the specified time when you send information to the bank by the ministry, that the cost of the withdrawal of two thousand dinars to be the employee's salary (less than two dollars), salary regardless of its value.

She explained that an employee is entitled to withdraw his salary from any ATM outside the ministry's headquarters to bear the cost of less than $ 3, if the bank outside the framework of the Iraqi Trade Bank.

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Iraq .. Payment cards displaces "dinar" pockets of employees

The Iraqi government is striving to expand reliance on electronic payment cards

08/10/2017 Baghdad

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Baghdad / Hadi Hassan / Anatolia , the

Iraqi government is striving to expand reliance on electronic payment cards (ATM), to give employees their salaries, thus paving the deal to reduce paper "dinar currency."

And adopt the Baghdad government plan to implement the "localization" (digitization) salaries, hopes to finish them full in the year 2020. This

means "localization of salaries", transforming the employees ' salaries private sectors or year of manual salaries received from their constituencies, to receive from banks , government banks or eligibility, through a special account opened for an employee of the bank and the withdrawal of it by electronic payment card, or cash receipt.

He said experts and officials, in separate conversations with Anatolia, the system is common in many countries of the world with the expansion of business and banking services and banks, and with the increasing volume of electronic transactions, had to be applied.

They pointed out that the application will contribute to shorten the time, effort and cost, in bank transactions and various financial dealings of citizens, in addition to reducing cash handling and risk.

** many goals

, said the appearance of Mohammed Saleh, financial advisor to Prime Minister Haider al - Abadi, said that the settlement of salary project " is going according to set his plans by the government, because it includes many goals , including raising the efficiency of the payments system, and stimulate the banking sector through the granting of loans and diversification of other services ".

The appearance, the Anadolu, that "keep cash in the home and not traded in the market, leading to significant losses of up to 8% of gross domestic product ( GDP ) , estimated at $ 12 billion."

He continued: "State officials and the salaries of retirees and social welfare make up 50% of the state budget, equivalent to 25 percent of gross domestic product, which is an important gateway to make electronic salaries."

** coverage of Mali

pointed out that " the biggest financial inclusion means to control government expenditures because it will lead to a shift from manual payment, to the e - payment in addition to knowing who trade criticism".

Saleh said that the settlement of salary plan ends in 2020, especially that 5 million Iraqis, currently using the card to get salaries between employees and pensioners, as well as social benefits.

He added: " The World Bank is watching with the government , the issue of resettlement of salaries because it increases economic activity."

There are 19 government and private banks and foreign, involved in the localization process of salary, and the number of public sector employees who get paid about four million cards, and one million employees in the private sector.

The public sector employees are paid annually more than 35 trillion dinars (27 billion and 500 million dollars), according to previous statements by Abdul - Zahra al - Hindawi, a spokesman for the Ministry of Planning and Development Cooperation.

The number of Iraqis who are paid salaries and pensions, as well as monthly about 7 million people of subsidies, the government hopes to join them into electronic payment cards before 2020, while accurate figures on the private sector is not available.

** development of the sector

for his part, said Tariq, Executive Director of the Association of private banks, that " the work continues in the resettlement project staff, which aims to develop the banking sector salaries."

Tariq added that it was agreed with the ministries of health and electricity, will start opening accounts for employees during the current week.

He explained that the shopping process will be through credit cards without any deduction, as well as it can be used ATMs deployed in Iraq.

In turn, he sacrificed Abdul Karim, Director of the Department of Payments in the Central Bank confirmed that the draft settlement of salaries, which is called for by the Council of Ministers and recommended its application, taking into account the great importance by the central bank.

Abdul Karim added that the central bank first applied project localization salaries to its staff experience has been successful.

She stressed that the bank received a large guarantees from banks to work on the localization of salaries and any bank will be reluctant to distribute employees ' salaries accounting.

In this regard, it announced the Ministry of Electricity, in a statement, the Trade Bank of Iraq (government) will be issued MasterCard cards to the staff of the ministry for free once in the case of opening an account in the bank, and the second time will be the cost of version 40 thousand dinars (32 dollars) in the case of loss.

The ministry added that the Trade Bank of Iraq will be placed ATMs mechanism at the headquarters of the Ministry of Electricity to pay the salaries of staff time limit when sending information to the bank by the ministry, that the cost will be the withdrawal of the employee 's salary is 2,000 Iraqi dinars (less than two dollars), the total salary, regardless of its value .

She explained that an employee is entitled to withdraw his salary from any ATM outside the ministry 's headquarters, to bear the cost of less than $ 3, if the bank outside the framework of the Iraqi Trade Bank.

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Thanks, Rocky, they're growing up and it won't be long now with the news about Ch. 7 - keep praying.