Iraqi bank achieves “achievement” in electronic transactions

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[size=52]Iraqi bank achieves “achievement” in electronic transactions[/size]

[size=45]An Iraqi bank has achieved financial collection, which it described as an “accomplishment,” through the electronic payment system, in the context of government efforts aimed at establishing a culture of electronic financial dealings, to prevent the smuggling of the US dollar and to control money laundering.[/size]
[size=45]The government-owned Rafidain Bank announced the total amounts of financial settlements related to electronic collection movements from state institutions and departments during nine months, amounting to 3 trillion Iraqi dinars, about 2.3 billion US dollars.[/size]
[size=45]The figure includes settlements of bills and fees from beneficiaries electronically, using bank cards and POS devices.[/size]
[size=45]The bank described the amount as an “achievement” that represents the great interaction using electronic payment in financial transactions, and ensuring the preservation of money movement paths in a safe and transparent environment.[/size]
[size=45]About two years ago, the Iraqi government began to shift to electronic payment and educate about it, and created an electronic platform for foreign financial transactions, in an attempt to control the movement of the US dollar, which Washington says is “smuggled to Iran.”[/size]
[size=45]Washington supports Baghdad’s move to electronic payments, and welcomed its approval of the electronic payment system last April. In May, US Ambassador to Iraq Elena Romanovsky described the approval as “paving the way for a modern financial system and economic growth.”[/size]
[size=45]During the workshop on enhancing electronic government collection, organized by the Iraqi Banks Association (a non-governmental organization) last April, the Governor of the Central Bank, Ali Al-Alaq, said that “electronic collection contributes to enhancing government resources.”[/size]
[size=45]He explained that “collection of taxes is carried out through a reliable, secure and transparent environment due to the payment systems, electronic payment platforms provided by the Central Bank, and licensed payment service providers.”[/size]
[size=45]During the same workshop, Director General of the Payments Department at the Central Bank of Iraq, Adnan Asaad, indicated that “558 government agencies use electronic payment tools in their departments.”[/size]
[size=45]He revealed that "the number of cards issued until September 2023 amounted to more than 18.5 million cards," according to data published by the official website of the Iraqi Banks Association.[/size]
[size=45]Asaad said, “The total collection using electronic payment for government institutions in 2023 amounted to 418.3 billion dinars (approximately 319 million US dollars) through 586.8 thousand transactions.”[/size]
[size=45]The volume of financial transactions via electronic payment devices increased during the past year to 9 trillion and 800 billion Iraqi dinars (about 7.63 billion US dollars), according to the Information Technology and Payments Department at the Central Bank of Iraq.[/size]
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