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Electronic payment reduces the printing of currency in the coming years
The first 02/26/2024
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ula Wathiq
The Central Bank of Iraq expects that electronic payment operations will reduce the printing of paper currencies in the coming years, explaining that the absence of regulations for government banks was a primary reason for problems with these operations.
The Director of the Operations and Settlements Department in the Information Technology and Payments Department, Zaid Hamid Rashid, said in an interview with “Al-Sabah”: “The bank provided the infrastructure for electronic payment operations, by spreading culture and awareness of this issue and implementing the decisions of the Council of Ministers,” noting that “this Decisions can be applied through settlement systems to activate the reciprocity through which these decisions are implemented.”
He added, "Every new business may face some obstacles, problems, and mistakes at the beginning, and we are working to find solutions to these obstacles," pointing out that "holding workshops and meetings in this regard, to review a number of numbers that proved the project's success and citizens' acceptance of it."
Rashid continued, "Any problem or obstacle is a complete cycle, and every party has a role in it, such as the central bank and government banks that lacked their own systems, which was the main reason for these problems."
Rashid explained that "electronic payment will reduce the process of printing paper currency, in addition to the strategic benefits for the state in general and the citizen in particular."
Edited by: Wael Al-Maluk
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