Central Bank of Iraq depends modern system of payments

by **Rocky** Sun 07 Sep 2014, 11:02 am

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Central Bank of Iraq depends modern system of payments

by Rocky Sun 07 Sep 2014, 11:02 am

Central Bank of Iraq depends modern system of payments

Sun Sep 07 2014 0:05 | (Voice of Iraq) - Naseer Goldfinch - Dar Al-Hayat decided the Iraqi Central Bank and government institutions, work b «payments system talk», adding that «of advanced systems that rely means of electronic payment and provide the speed, accuracy and security in transport Money ». He pointed out that the system «Sechtzl ratio of effort and time to more than 7 percent of what is currently employed». came the decision of the Central Bank of Iraq after the aggravation of crimes of burglary, theft and embezzlement in Iraqi banks, especially in areas that had fallen to the militants «Islamic state». According to information that a government banks in the town of Fallujah, west of Baghdad subjected to embezzlement worth two billion dinars. The sources indicate that the accused of embezzlement used papers governmental forged, as a duly authorized one of the companies contracting with the government for the completion of some projects. exacerbated scandals embezzlement another in Baghdad and the provinces, but it is difficult to ascertain the procedures used to prosecute the defendants. saw experts in the field of banking, that this system will reduce corruption, and will reflect positively on the reality of the economy, as it will allow investors to accomplish their financial transactions away from the routine. And participate in the payments system 45 banks, including the government and branches of foreign banks, and a large number of private banks. consists payment systems Iraqi of three parts represented in the settlement system overall in real time, and the system of automated clearing and registration system of government securities. The Central Bank of Iraq run settlement accounts and management among the participants to ensure the safety of payment systems and clearing and efficiency. officials hope that contributes to this system in the transformation of the economy, totalitarian and access to a market economy, after the reduction of routine operations and complicated administrative procedures computerization of information and automate settlement processes of checks and salaries. announced Central Bank of Iraq, seeking to limit the use of cash in the country, to meet the challenges of geographical and security problems, including the difficulty eases the transfer of money in parts of Iraq and its exposure to risks. And decided to «shift amounts to the state departments of the Ministry of Finance through the payments system». explained one of the directors of private banks in a statement to «life», that «the system on only governmental banks because it was originally applied by private banks». He noted that the Central Bank of Iraq «deliberately to restrict the work of private banks after committed ministries and government departments not to open any accounts in which». It also decided to «not allow to give letters of guarantee for foreign companies investing or responsible for implementing the projects, and they have made them a banking offices, they buy the dollar auction of the bank and sell it to customers». The source confirmed, that «the new system will face many difficulties, including the failure to keep up with government banks for modern systems».

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