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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Central Bank: Electronic payment will be circulated to the public and private sectors

    Rocky
    Rocky
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    Central Bank: Electronic payment will be circulated to the public and private sectors Empty Central Bank: Electronic payment will be circulated to the public and private sectors

    Post by Rocky Sun 22 Jan 2023, 4:43 am

    POSTED ON[You must be registered and logged in to see this link.] BY [You must be registered and logged in to see this link.]

    [size=52]Central Bank: Electronic payment will be circulated to the public and private sectors[/size]

    [size=45]The Central Bank of Iraq confirmed, yesterday, Saturday, that the use of electronic payment tools will be circulated in the government and private sectors in a binding manner.[/size]
    [size=45]The deputy governor of the bank, Ammar Hamad Khalaf, said in a statement to the official news agency, that “the cabinet’s decision to activate electronic payment in all joints aims to reduce the use of cash and increase dealing with funds electronically through the use of cards, which is an important complement to the salary localization project that began to be implemented several years ago.” ".[/size]
    [size=45]Khalaf added, "The decision will enable the bank to implement a mechanism that enables employees to receive their salaries through the payment cards currently used, such as MasterCard, and to be filled into their bank balance without the need to receive cash."[/size]
    [size=45]He continued, "The Central Bank will intensify its efforts to increase the use of payment cards in markets and shops, and the Cabinet's decision will oblige government institutions and all spending units in the public and private sectors to find electronic payment devices in their dealings."[/size]
    [size=45]Khalaf stressed, "Payment via electronic devices will reduce cash circulation, and it is better in terms of saving money and safer than transferring it."[/size]
    [size=45]Khalaf pointed out, "The government's decision to activate electronic payment in all joints represents an important support for the Iraqi bank and economy, reducing the costs of transferring paper money, as well as making it safe."[/size]
    [size=45]And he stated, “The bank has been working to put this service into effect for years as a basic business strategy to complement the salary settlement project that began years ago, and it supports reducing money exchange outlets (cash) as a case that does not serve the Iraqi economy.”[/size]
    [size=45]And he stressed that “electronic payment has great positive effects on citizens, merchants and banks, as for the citizen it will reduce the costs of obtaining a salary or revenue due to the money he pays through cash payment tools, and for the merchant, the movement of his money will be safe instead of carrying it with him or stacking it in places and be It is exposed to circumstances beyond its control, which leads to its damage.”[/size]
    [size=45]Khalaf stated, "All cards owned by citizens, such as Visa and MasterCard, can be used through the payment device, and there will be no need to issue new cards for those who own them."[/size]
    [size=45]He pointed out, "These cards can also be used outside Iraq and will enable the citizen to obtain an exchange rate in the currency of the country he is visiting that is higher than the exchange rate for cash."[/size]
    [size=45]Khalaf added, "The card will enable the citizen to buy the dollar at a price of 1465 dinars from the outlets provided by the Central Bank, which is better than buying it in cash at a higher price."[/size]
    [size=45]As for the devices used for payment, Khalaf said, “These devices exist, but they are few, and now, after the Cabinet’s decision, the Central Bank will take measures to provide them and reduce the costs of obtaining them for companies, shopping outlets, and merchants, and decisions will be issued by the bank to achieve this goal.”[/size]
    [size=45]And on how to encourage citizens to use this service, he stressed that "the issue will encourage citizens after the use is generalized in commercial stores, because awareness alone is not sufficient."[/size]
    [size=45]And Khalaf went on to say that "the decision of the Council of Ministers obligated the owners of projects and shops to use the electronic payment device, otherwise they will not be granted a license, and this will help to popularize this method.[/size]
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