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Central: directed to provide services in currencies such as «yuan or euro»
Economical 2023/04/16
Baghdad: morning
The Deputy Governor of the Central Bank of Iraq, Faisal Al-Haimus, stated that the
bank has a tendency to expand the network of correspondent banks to provide services in different currencies, indicating that
there is a desire by solid international banks to enter the Iraqi banking sector and work inside the country.
Al-Haimus said that the Central Bank is striving to bridge the gap between the official and parallel rate, and
our supervision continues over all banks, by
increasing confidence in the local market and
cooperating with international institutions. And he added,
“We noticed a reluctance to enter the electronic platform launched by the Central Bank of Iraq by merchants, and
there were delays due to the recent experience by banks dealing with the bank, and we noticed that
some banks do not carry out the transfer for a long time and arrive at the bank late, and
we check it and ensure the safety of the parties.” Dealing with the window,
we implement it in a record period, and
then release the money.
Al-Haimus also noted that the number of employees of the electronic platform is sufficient in the current situation, and
the number will be increased and the
work will be shifted to morning and evening shifts in the event of an increase in the demand for remittances in the platform.
He pointed out that due to inquiries about money laundering and other issues related to the auditing authority, the period for releasing the electronic platform’s funds to the beneficiary who owns the transfer is prolonged, stressing that the
US Federal Reserve does not work on auditing, but rather the
Central Bank of Iraq is responsible for that through the auditing company contracting with us.
He went on to say that there is a
development in the Iraqi banking sector to achieve the objectives of the feasibility studies and the
expansion of the network of correspondent banks to provide service in different currencies such as the yuan or the euro.
There is also an agreement with banking institutions regarding yuan transfers.
After a short pause, there is also a desire from solid international banks to enter the Iraqi banking sector and work inside the country.
Al-Haimus denied that there is a directive from the bank to limit the withdrawal ($250) per day, saying:
It is the prerogative of the bank issuing the card or the owner of the ATM, and
there is no cash limit if the purchase is through electronic payment devices (POS).
The Iraqi banking official indicated that there is a
great tendency to deal with cards and electronic payment devices (POS), and there is a
big plan to increase the confidence of the beneficiary of these services, and
we confirm the presence of great support from the Iraqi Council of Ministers in many executive decisions, as well as the support by Parliament in this aspect.
He stressed that the
Central Bank of Iraq is working to stop networks that issue cards
with forged documents or
to deceased persons, and
use these cards to smuggle currency out of Iraq, which affects the Iraqi economy.
https://alsabaah.iq/75354-.html
Economical 2023/04/16
Baghdad: morning
The Deputy Governor of the Central Bank of Iraq, Faisal Al-Haimus, stated that the
bank has a tendency to expand the network of correspondent banks to provide services in different currencies, indicating that
there is a desire by solid international banks to enter the Iraqi banking sector and work inside the country.
Al-Haimus said that the Central Bank is striving to bridge the gap between the official and parallel rate, and
our supervision continues over all banks, by
increasing confidence in the local market and
cooperating with international institutions. And he added,
“We noticed a reluctance to enter the electronic platform launched by the Central Bank of Iraq by merchants, and
there were delays due to the recent experience by banks dealing with the bank, and we noticed that
some banks do not carry out the transfer for a long time and arrive at the bank late, and
we check it and ensure the safety of the parties.” Dealing with the window,
we implement it in a record period, and
then release the money.
Al-Haimus also noted that the number of employees of the electronic platform is sufficient in the current situation, and
the number will be increased and the
work will be shifted to morning and evening shifts in the event of an increase in the demand for remittances in the platform.
He pointed out that due to inquiries about money laundering and other issues related to the auditing authority, the period for releasing the electronic platform’s funds to the beneficiary who owns the transfer is prolonged, stressing that the
US Federal Reserve does not work on auditing, but rather the
Central Bank of Iraq is responsible for that through the auditing company contracting with us.
He went on to say that there is a
development in the Iraqi banking sector to achieve the objectives of the feasibility studies and the
expansion of the network of correspondent banks to provide service in different currencies such as the yuan or the euro.
There is also an agreement with banking institutions regarding yuan transfers.
After a short pause, there is also a desire from solid international banks to enter the Iraqi banking sector and work inside the country.
Al-Haimus denied that there is a directive from the bank to limit the withdrawal ($250) per day, saying:
It is the prerogative of the bank issuing the card or the owner of the ATM, and
there is no cash limit if the purchase is through electronic payment devices (POS).
The Iraqi banking official indicated that there is a
great tendency to deal with cards and electronic payment devices (POS), and there is a
big plan to increase the confidence of the beneficiary of these services, and
we confirm the presence of great support from the Iraqi Council of Ministers in many executive decisions, as well as the support by Parliament in this aspect.
He stressed that the
Central Bank of Iraq is working to stop networks that issue cards
with forged documents or
to deceased persons, and
use these cards to smuggle currency out of Iraq, which affects the Iraqi economy.
https://alsabaah.iq/75354-.html
