Home
Including the growth of banking liquidity.. A government advisor reveals 3 goals for electronic payment
economy Yesterday, 15:20
Baghdad - INA - Amna Al-Salami
Today, Monday, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, revealed three goals for the transition from cash payments to electronic ones, while noting that it will achieve growth in banking liquidity.
Saleh told the Iraqi News Agency (INA):
“The shift from cash payments to electronic payments will undoubtedly achieve three basic goals in modernizing digital life in Iraq at the same time,
the first of which is maximizing the level of cash flows to the banking system,
which only accounts for 15%.” “of the total currency issued in circulation,
which leads to reducing the phenomenon of bank liquidity risks and uncertainty and celebrating idle hedge liquidity.” He added,
"The second goal will result in growth in banking liquidity that leads to the growth of monetary credit and achieving a higher level of financial depth, and what is linked to the rise in credit indicators to the GDP does not exceed 11% of the GDP, which is considered very low according to the international standard." One of the indicators of financial depth is providing long-term financing, managing risks, and offering diverse investment options.” Saleh continued,
“The third goal is to increase and regular government cash revenues, or what is called cash flows to the public treasury, in an accelerated manner, within the framework of developing the treasury single account, which is one of the most important goals of financial reform in Iraq.
In light of the above, the country will witness a technical conference.” For electronic payments, all stakeholders concerned with electronic payment will come together to conduct a comprehensive assessment of the stage of transformation towards digital payments, chart future paths, evaluate the successes achieved, and come up with an integrated vision for moving to the next digital stage in payments in our country.” He pointed out,
“The digital payments policies launched by the government a year ago are considered one of the most important issues that the government program came up with in the scope of applying the principles of electronic governance, as its most important arms are modernizing the efficiency of payment systems in our country, in the transition from cash payments to digital payments.”
The applications of this accelerated transformation have been supported by many positive factors, including the growing number of electronic payment companies throughout the country to approximately 17 payment companies, and most of them are active in the economic work arena.” Saleh added,
“One of the positive factors that supported this conversion is the trend towards electronic banking by approving a number of active digital banks in this regard, in addition to the development of the digital infrastructure related to electronic payment that the Central Bank of Iraq maintains and is developing rapidly, including the application Standard supervisory and regulatory standards for digital payments, accompanied by the expansion of the use of electronic payment devices, and finally the Council of Ministers’ adoption of facilitating legal instructions and controls to regulate the payments sector and digital transformation, as well as the shift of collection operations for government institutions towards electronic collection.” He continued,
"Digital payments have risen at government gas stations and others, for example, to more than 60% of their payment operations currently, and they are in an increasing movement for the stations to complete all digital collection requirements until the end of this year.
Government electronic collection has also been completed in the joints of government activity."
All and according to the same timeline in the shift towards electronic collection, the
results expected from the spread of digital payments are represented by an increase in the number of bank accounts to approximately 16 million bank accounts, which cover about 50% of the number of adults in our country, and that
the goal is for every adult citizen to have a bank account.". Saleh stated,
“This boom in the number of adult bank accounts was reinforced by the use of electronic payment cards, which touched approximately 20 million citizens holding electronic payment cards, meaning that adult electronic payment card holders touch approximately 60% of the total number of those adults, despite the dominance of electronic payment cards.”
Prepayment, which is linked to the accounts of the issuing bank companies, as it requires that electronic payment cards be linked directly to a personal bank account, which reflects the necessity of the rapid growth of the goals of digital financial inclusion, and
the aspiration for banking services that touch the poorest and most vulnerable groups in society by expanding the scope of use. Digital or electronic payment cards.
https://www.ina.iq/216536--3-.html
economy Yesterday, 15:20
Baghdad - INA - Amna Al-Salami
Today, Monday, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, revealed three goals for the transition from cash payments to electronic ones, while noting that it will achieve growth in banking liquidity.
Saleh told the Iraqi News Agency (INA):
“The shift from cash payments to electronic payments will undoubtedly achieve three basic goals in modernizing digital life in Iraq at the same time,
the first of which is maximizing the level of cash flows to the banking system,
which only accounts for 15%.” “of the total currency issued in circulation,
which leads to reducing the phenomenon of bank liquidity risks and uncertainty and celebrating idle hedge liquidity.” He added,
"The second goal will result in growth in banking liquidity that leads to the growth of monetary credit and achieving a higher level of financial depth, and what is linked to the rise in credit indicators to the GDP does not exceed 11% of the GDP, which is considered very low according to the international standard." One of the indicators of financial depth is providing long-term financing, managing risks, and offering diverse investment options.” Saleh continued,
“The third goal is to increase and regular government cash revenues, or what is called cash flows to the public treasury, in an accelerated manner, within the framework of developing the treasury single account, which is one of the most important goals of financial reform in Iraq.
In light of the above, the country will witness a technical conference.” For electronic payments, all stakeholders concerned with electronic payment will come together to conduct a comprehensive assessment of the stage of transformation towards digital payments, chart future paths, evaluate the successes achieved, and come up with an integrated vision for moving to the next digital stage in payments in our country.” He pointed out,
“The digital payments policies launched by the government a year ago are considered one of the most important issues that the government program came up with in the scope of applying the principles of electronic governance, as its most important arms are modernizing the efficiency of payment systems in our country, in the transition from cash payments to digital payments.”
The applications of this accelerated transformation have been supported by many positive factors, including the growing number of electronic payment companies throughout the country to approximately 17 payment companies, and most of them are active in the economic work arena.” Saleh added,
“One of the positive factors that supported this conversion is the trend towards electronic banking by approving a number of active digital banks in this regard, in addition to the development of the digital infrastructure related to electronic payment that the Central Bank of Iraq maintains and is developing rapidly, including the application Standard supervisory and regulatory standards for digital payments, accompanied by the expansion of the use of electronic payment devices, and finally the Council of Ministers’ adoption of facilitating legal instructions and controls to regulate the payments sector and digital transformation, as well as the shift of collection operations for government institutions towards electronic collection.” He continued,
"Digital payments have risen at government gas stations and others, for example, to more than 60% of their payment operations currently, and they are in an increasing movement for the stations to complete all digital collection requirements until the end of this year.
Government electronic collection has also been completed in the joints of government activity."
All and according to the same timeline in the shift towards electronic collection, the
results expected from the spread of digital payments are represented by an increase in the number of bank accounts to approximately 16 million bank accounts, which cover about 50% of the number of adults in our country, and that
the goal is for every adult citizen to have a bank account.". Saleh stated,
“This boom in the number of adult bank accounts was reinforced by the use of electronic payment cards, which touched approximately 20 million citizens holding electronic payment cards, meaning that adult electronic payment card holders touch approximately 60% of the total number of those adults, despite the dominance of electronic payment cards.”
Prepayment, which is linked to the accounts of the issuing bank companies, as it requires that electronic payment cards be linked directly to a personal bank account, which reflects the necessity of the rapid growth of the goals of digital financial inclusion, and
the aspiration for banking services that touch the poorest and most vulnerable groups in society by expanding the scope of use. Digital or electronic payment cards.
https://www.ina.iq/216536--3-.html
