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Central Bank (range): 2015, will witness the introduction of the National Distributor
Date: Thursday, 16.08.2012 9:07
BAGHDAD / Ahmed Abed Rabbo
Central bank announced the initiation of the first phase of the project system divided between the national government and private banks in the country, pointing out that the end of the last phase of the project will be the year 2015.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh (range): This project is one of the plans of the Iraqi Central Bank within the program of financial sector development as it serves the infrastructure for the payments system, particularly retail or single under the supervision of the Central Bank and with support from USAID.
Saleh added: that the system includes all government and private banks by calculation system is connected to all banks by withdrawing units are distributed to regions and provinces are easy to work.
For his part, praised the director of the Association of private banks wholesome Elias Abou, the central bank to take over responsibility for overseeing the system divided the national rather than foreign companies, which will bring great prosperity in the work of banks.
Said Elias Abou said the central bank to oversee the work of the national system will split is booming for the work of banks in Iraq, the best of the foreign companies that provide service with a small scale.
And that the system divided between the national focal point will serve as the bank accounts into which all the year round and will work on the reconciliation of bank accounts of the creditor banks and the condemned is located so as not to banks losing money.
He noted that the use of the divider will sing the national banking sector from dependence on foreign companies will reduce costs and risks of dealing with foreign companies.
He continued that the banking sector will witness the entry of sophisticated technology through the use of the Visa card that will allow the holder to get the money wherever it is.
In the meantime, confirmed Director of the balance of payments in central bank sacrificed slave, to complete all preparations in collaboration with the Association of Banks of the adoption of the national system divider.
Abdul added that the system will be applied in all Iraqi banks during the first half of next year, which provides for the adoption of advanced payment systems and open the gates with advanced banking systems adopted by private banks and access to services in the global payments system.
She noted that the system needs to split the national competent international companies in this regard, where the contract has been signed with international companies have the ability to manage the system.
Director and demanded the balance of payments in central bank of private banks to submit their proposals in a detailed training on competencies for this card-based system in the management of capital held by the person, as well as the adoption of mobile money transfer in a subsequent step. Separately, the central bank stressed that the sale of the dollar for the banks intended to withdraw liquidity from the market as is the case in most of the world's central banks.
A statement by the bank that most of the markets where the price of an official and the price of a parallel, and the bank seeks to minimize the difference between the two rates through the inspection teams, to comply with the instructions of the Central Bank, which sells the dollar to all government and private banks and branches of foreign banks and not for the banks, civil only.
He explained that the policy followed by the Bank since 2004 and so far is one of the successful policies, as it led to a reduction in inflation from 50% to 5.8% and falling prices and the stability of the result of the tools that were in place, which was to invest the night and deposits for the duration (7, 14 and 30) days of the dinar, as well as investment and deposits of the night-term (7 and / 30 and / 90) days of the dollar.
He added that the bank canceled the tools mentioned with the exception of deposits for seven days of the Iraqi dinar only to encourage banks to grant credit for industrial projects, agricultural, residential, and pointed out that this monetary policy was welcomed by the International Monetary Fund.
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