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Central Bank of Iraq depends modern system of payments
Sun Sep 07 2014 00:05 | (Voice of Iraq)
Naseer Goldfinch - Dar Al Hayat
Iraqi Central Bank decided and government institutions, working with «modern payments system», adding that it is «of advanced systems that rely electronic payment methods and provide speed, accuracy and security in the transfer of funds». He pointed out that the system «Sechtzl ratio of effort and time to more than 7 percent of what is currently employed».
The decision by the Central Bank of Iraq after the aggravation of burglary, theft and embezzlement in Iraqi banks, especially in areas that had fallen to the militants «Islamic state». According to information that a government banks in the town of Fallujah, west of Baghdad subjected to embezzlement worth two billion dinars. The sources indicate that the accused of embezzlement used forged papers state, and as a legally authorized from one of the companies contracting with the government for the completion of some projects.
And aggravated embezzlement scandals in Baghdad and other provinces, but it is difficult to ascertain the procedures used to prosecute the defendants.
And saw experts in the field of banking, that this system will reduce corruption, and will reflect positively on the reality of the economy, as it will allow investors to accomplish their financial transactions away from the routine. And participate in the payments system 45 banks, including branches of government and foreign banks, and a large number of private banks.
And payment systems consist of three parts of Iraq is the gross settlement system in real-time, and automated clearing system, and the system of registration of government securities. The Iraqi Central Bank to run and manage the accounts of the settlement between the participants to ensure the safety of payment systems and clearing operations and efficiency.
Officials hope that this system contributes to the transformation of the economy and totalitarian access to a market economy, after the reduction of routine operations and administrative procedures of complex information computerize and automate settlement processes of checks and salaries.
And declared the Iraqi Central Bank, seeking to limit the use of cash in the country, to meet the challenges of geographical and security problems, including the difficulty eases the transfer of money in parts of Iraq and its exposure to risks. And decided to «shift amounts to the state departments of the Ministry of Finance through the payments system».
He explained one of the directors of private banks in a statement to «life», that «the system on only governmental banks because it was originally applied by private banks». He noted that the Central Bank of Iraq «deliberately to restrict the work of private banks after committed ministries and government departments not to open any accounts in which». It also decided to «not allow to give letters of guarantee for foreign companies investing or responsible for implementing the projects, and they have made them a banking offices, they buy the dollar auction of the bank and sell it to customers». The source confirmed, that «the new system will face many difficulties, including the failure to keep up with government banks for modern systems».
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Sun Sep 07 2014 00:05 | (Voice of Iraq)
Naseer Goldfinch - Dar Al Hayat
Iraqi Central Bank decided and government institutions, working with «modern payments system», adding that it is «of advanced systems that rely electronic payment methods and provide speed, accuracy and security in the transfer of funds». He pointed out that the system «Sechtzl ratio of effort and time to more than 7 percent of what is currently employed».
The decision by the Central Bank of Iraq after the aggravation of burglary, theft and embezzlement in Iraqi banks, especially in areas that had fallen to the militants «Islamic state». According to information that a government banks in the town of Fallujah, west of Baghdad subjected to embezzlement worth two billion dinars. The sources indicate that the accused of embezzlement used forged papers state, and as a legally authorized from one of the companies contracting with the government for the completion of some projects.
And aggravated embezzlement scandals in Baghdad and other provinces, but it is difficult to ascertain the procedures used to prosecute the defendants.
And saw experts in the field of banking, that this system will reduce corruption, and will reflect positively on the reality of the economy, as it will allow investors to accomplish their financial transactions away from the routine. And participate in the payments system 45 banks, including branches of government and foreign banks, and a large number of private banks.
And payment systems consist of three parts of Iraq is the gross settlement system in real-time, and automated clearing system, and the system of registration of government securities. The Iraqi Central Bank to run and manage the accounts of the settlement between the participants to ensure the safety of payment systems and clearing operations and efficiency.
Officials hope that this system contributes to the transformation of the economy and totalitarian access to a market economy, after the reduction of routine operations and administrative procedures of complex information computerize and automate settlement processes of checks and salaries.
And declared the Iraqi Central Bank, seeking to limit the use of cash in the country, to meet the challenges of geographical and security problems, including the difficulty eases the transfer of money in parts of Iraq and its exposure to risks. And decided to «shift amounts to the state departments of the Ministry of Finance through the payments system».
He explained one of the directors of private banks in a statement to «life», that «the system on only governmental banks because it was originally applied by private banks». He noted that the Central Bank of Iraq «deliberately to restrict the work of private banks after committed ministries and government departments not to open any accounts in which». It also decided to «not allow to give letters of guarantee for foreign companies investing or responsible for implementing the projects, and they have made them a banking offices, they buy the dollar auction of the bank and sell it to customers». The source confirmed, that «the new system will face many difficulties, including the failure to keep up with government banks for modern systems».
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