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[size=36]The Central Bank of Iraq announces the volume of Iraqi funds circulating in international digital banks[/size]
economy | 12:16 - 09/14/2024
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Mawazine News - Baghdad
The Central Bank of Iraq announced, today, Saturday, the volume of Iraqi money circulating in international digital banks.
The Governor of the Bank, Ali Al-Alaq, said during his speech at the Electronic Payment Conference, that "the establishment of digital banks is important and indicates the transformation with the digital development that serves the many operations." He added, "The amount of money circulating in international digital banks is 5 trillion dollars and is expected to reach 7 trillion dollars," noting that "60 to 70 banks are the size of the banks that have advanced to establish digital banks in Iraq." Al-Alaq continued, "The experience of government and private banks and the challenges and circumstances they face have resulted in the necessity of evaluating the existing reality and reformulating it in the necessary manner, and there are plans to restructure government banks to keep pace with all the steps of the company specialized in this matter." He pointed out that "by the end of this year, there will be a preliminary plan to implement what was agreed upon regarding the reform of government banks, and that these plans will work to reform the banking sector in Iraq." He explained that "the advancement and development of the infrastructure of the banking sector is important for the Central Bank, and that the Central Bank has made great strides by establishing the National Payments Company." He explained that "the national company will be at a level that is consistent with our ambitions to develop electronic payment." He added: "There is a great focus on measuring the degree of compliance with any of the operations." Al-Alaq confirmed: "We follow up on all cards, even personal ones, and know whether they comply with official standards and prevent hacking and fraud."
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