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CBI adopts a project to reduce the risks of retained securities


k98nights
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CBI adopts a project to reduce the risks of retained securities

6:16:02 4.17.2016 | (Voice of Iraq) - Baghdad , Iraqi private banks association said that the recommendations of the workshop payment system mail and collection adopted by the «Central» Iraq is a project aimed at developing banking products and reach out to the world.The President of the Association meek Handal that «These recommendations are gaining great importance it focuses the shift towards electronic payment of various tools and payment via cell phones and the internet andother products ». He stressed that« issuing banks andcard operation will be part of their future plans to reduce the cash trading and change carry cash habits and reduce the dangers saved, as well as spreading the culture of theacquisition of alternative tools , including in line with the central Iraqi law and the law of Iraqi banks and thesystem of electronic payment of funds No. 3 of 2014 ».He Handal to the importance of direct international institutions to benefit from the potential of banks licensed companies from the central bank, to provide electronic payment services under contracts take into account the competition, transparency and good performance, and encourage ministries and institutions and public and private mixed deposit of salaries and wages earned for Mnzbehm in their accounts at thebanks, that the rules set by the bank to control theliquidity of the banks to ensure their ability to pay ,while the demand, and prevent the delay or loss ofdeposits staff. The institutions may beneficiary contract with the banks , which in turn draw providers ofelectronic payment services licensed by the central aim of finding treated trustee for the salaries of associates.He Handal, in an interview carried by the «life» international electronic, to the importance that the «bank holds with the payment service providers and collection and working with them, put mechanisms of action commensurate with the nature of the service and ensure the smooth flow of work and comprehensive POS and places ATM ». He explained that« the supply of payment and collection companies and information technology services companies, including telecommunications companies, is not entitled to exercise business banking ,which is one of the core competence of banks and restricted their work as a subcontractor the licensed banks by the central bank, to ensure the existence ofpublic deposits exclusively in banks, so the banks are theguarantors of the rights of the customers are and take thecentral function routine monitoring liquidity risk of banks and other management indicators ». and that« theresponsibility of the central bank include control liquidity and to control money supply on and customized banking companies engaged in banking activities, and recipients Caldoair institutions of various banking services in terms of payment and collection and other commercial banks. » He added that «those who collect funds may use different types of incentives to encourage citizens to electronic payments, such as an opponent proportions of the amounts», adding that « therecommendations called for licensed companies from the Central Bank to develop systems linking the levy pay-service, and to be an important factor in the field ofcompetition to get contracts from the beneficiaries governmental or civil ». the Executive Director of theAssociation of Ali Tariq described the recommendations the task because they convey the movement of banking transactions to advanced levels, and distance it from many dangers, especially that the recommendations favored the wage - date and prices of payment not be subject The collection, to determine the absolute, but leaves it to banks, companies and providers of support service. in addition, the Association proposed theestablishment of my knowledge center for inventory finance receivables for the Iraqis, while confirming theneed to unify the tax procedures between the two governments, the central and the Kurdistan region, to prevent double taxation. Handal said in a statement that «Association held a joint seminar with the General Authority for taxes in the presence of figures from theCentral Bank of Iraq and the government and the House of Representatives» saying « the need to deepen theprospects of bilateral cooperation and the role of theprivate sector as a true partner in the development process in the country». He added that «Association confirmed the holding of joint quarterly meetings every three months to follow up bilateral cooperation with thetax authority issues». He stressed during the seminar « the need for Iraq to move to international accounting standards, especially with regard to the work of theGeneral Commission for Taxes», suggesting «create informative center contains rules data for all Iraqis to confine financial receivables. » the phenomenon ofcorruption« the biggest challenge »facing Iraq as well assecurity, particularly the levels reached a level paying aspecialized international organizations to put Iraq among the most corrupt countries in the world, also led to popular protests successive recently in July 31, 2015, to demand the fight against corruption and improve services.

Read more:http://www.sotaliraq.com/newsitem.php?id=327486#ixzz464s6BPO4

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