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Do electronic payments reduce the printing of paper currencies in Iraq?
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Economy News - Baghdad
The Central Bank of Iraq expected, on Monday, that electronic payment operations will reduce the printing of paper currencies in the coming years.
The Director of the Operations and Settlements Department in the Information Technology and Payments Department, Zaid Hamid Rashid, said in a statement followed by Al-Iqtisad News Agency, that 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, indicating that “ These decisions can be applied through settlement systems to activate the reciprocity through which these decisions are implemented.”
He added, "Every new work may face some obstacles, problems, and errors at the beginning, and we are working to find solutions to these obstacles," pointing out, "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 the presence of their own systems, which was the main reason for the occurrence of these problems."
He explained that "electronic payment will reduce the process of printing paper currency, as well as the strategic benefits for the state in general and the citizen in particular."
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Added 02/26/2024 - 10:58 AM
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Economy News - Baghdad
The Central Bank of Iraq expected, on Monday, that electronic payment operations will reduce the printing of paper currencies in the coming years.
The Director of the Operations and Settlements Department in the Information Technology and Payments Department, Zaid Hamid Rashid, said in a statement followed by Al-Iqtisad News Agency, that 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, indicating that “ These decisions can be applied through settlement systems to activate the reciprocity through which these decisions are implemented.”
He added, "Every new work may face some obstacles, problems, and errors at the beginning, and we are working to find solutions to these obstacles," pointing out, "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 the presence of their own systems, which was the main reason for the occurrence of these problems."
He explained that "electronic payment will reduce the process of printing paper currency, as well as the strategic benefits for the state in general and the citizen in particular."
115 views
Added 02/26/2024 - 10:58 AM
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