The central bank prevents electronic payment companies from lending to anyone
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The Central Bank of Iraq decided on Tuesday to prevent electronic payment companies authorized to lend to anyone.
The bank said in a statement received by Alsumaria News that "it was decided not to allow authorized electronic payment companies to lend to any person, whether natural or moral, and not to borrow from shareholders in the company or from banks only after obtaining the approval of the Central Bank."
The bank added that "this will be allowed after providing reasons for the justification and clear the reason for borrowing, similar to all banks approved in Iraq and companies to mediate the sale and purchase of foreign currencies."
The Central Bank of Iraq was established as an independent bank under its law of 6 March 2004 as an independent body responsible for maintaining price stability and implementing monetary policy. It supervises 10 commercial banks, 26 private banks and 16 Islamic banks, as well as 19 foreign banks. 6 financial institutions and 31 financial transfer companies.