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How will the "POS" system reduce the problem of financing deficit for housing projects?
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Economy News - Baghdad
On Saturday, the Central Bank of Iraq clarified the importance of applying the (POS) system in the field of economic activity and combating money laundering and financing terrorism, and while specifying the ministries and institutions covered by the system, it confirmed that points of sale (POS) will be spread in all institutions that contain collection.
And the Central Bank said, “Points of sale (POS) will spread to all institutions that contain collection, that is, the inclusion of every institution, ministry, authority, and companies contracting with ministries that have collection or have delivery or receipt of money, which will be covered by the application of the (POS) system.”
The bank added, according to the official news agency, that "the (POS) system is optional, but it will be compulsory for ministries and institutions to provide these devices, because all credit cards will be used for the purpose of payment."
He pointed out that "the ministries covered by the system are the Ministry of Interior, Electricity, Transport, Oil, and the Hajj Authority, in addition to other ministries that will use the credit card for the purpose of electronic payment instead of (cash), which will reduce the risk of carrying money," noting: "If the card is lost, it can be disabled." And get a new card.
He explained, "The adoption of the (POS) system will raise the economic level of the country, and dealing with the bank will greatly expand, and it will transfer funds from funds hoarded in homes to funds stored in banks, which will reduce the problem of the deficit in financing housing projects or housing loans and economic projects."
And he stated, "The adoption of the draft (POS) system was personally adopted by Prime Minister Muhammad Shia'a Al-Sudani through the meetings of the Council of Ministers and its decisions that obligated ministries to use the (POS) system."
He pointed out that "the (POS) system will be used in the future, even in restaurants and delivery, and the company and shop owners will be punished if the devices are not provided, especially those that collect a lot of money."
And he continued, "There is a decision that obliges everyone who sells a house that exceeds 500 million, to enter this money into the bank, and the owner of that money is asked about the source of the money, through the KYC account opening form, in order to get rid of the issue of money laundering and terrorist financing."
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Added 04/29/2023 - 1:58 PM
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Economy News - Baghdad
On Saturday, the Central Bank of Iraq clarified the importance of applying the (POS) system in the field of economic activity and combating money laundering and financing terrorism, and while specifying the ministries and institutions covered by the system, it confirmed that points of sale (POS) will be spread in all institutions that contain collection.
And the Central Bank said, “Points of sale (POS) will spread to all institutions that contain collection, that is, the inclusion of every institution, ministry, authority, and companies contracting with ministries that have collection or have delivery or receipt of money, which will be covered by the application of the (POS) system.”
The bank added, according to the official news agency, that "the (POS) system is optional, but it will be compulsory for ministries and institutions to provide these devices, because all credit cards will be used for the purpose of payment."
He pointed out that "the ministries covered by the system are the Ministry of Interior, Electricity, Transport, Oil, and the Hajj Authority, in addition to other ministries that will use the credit card for the purpose of electronic payment instead of (cash), which will reduce the risk of carrying money," noting: "If the card is lost, it can be disabled." And get a new card.
He explained, "The adoption of the (POS) system will raise the economic level of the country, and dealing with the bank will greatly expand, and it will transfer funds from funds hoarded in homes to funds stored in banks, which will reduce the problem of the deficit in financing housing projects or housing loans and economic projects."
And he stated, "The adoption of the draft (POS) system was personally adopted by Prime Minister Muhammad Shia'a Al-Sudani through the meetings of the Council of Ministers and its decisions that obligated ministries to use the (POS) system."
He pointed out that "the (POS) system will be used in the future, even in restaurants and delivery, and the company and shop owners will be punished if the devices are not provided, especially those that collect a lot of money."
And he continued, "There is a decision that obliges everyone who sells a house that exceeds 500 million, to enter this money into the bank, and the owner of that money is asked about the source of the money, through the KYC account opening form, in order to get rid of the issue of money laundering and terrorist financing."
Views 93
Added 04/29/2023 - 1:58 PM
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