The central bank plans to activate the electronic systems to minimize the cash trading process

[yota691]

The central bank plans to expand the application of electronic trading

The central bank gives the government banks until September to adapt itself to the electronic systems

 

Author: ASJ, BS 
Editor: BK, BS 01.08.2016 12:48 Number ofViews: 231 
 

 

Long-Presse / Baghdad

Iraqi Central Bank revealed on Monday, all give him the government banks until next September, to adapt itself to electronic systems and transactions, while among the beneficiaries and users proportion of those dealings in Iraq, "not to exceed" ten percent, favored the possibility of the contribution of orientations to expand their use and take advantage of 77 percent of the money supply in the possession of citizens outside the banks, get rid of the cash circulation problems.

The governor of the central bank and the agency, on the Keywords, in an interview (range Press), "The payment system is an important pillar of the banking and financial sector," noting that it "consists of two phases first is related to the large total transactions between banks and companies within a system to settle and make clearing operations and liquidation of the great number of daily banking transactions. "

He Keywords that "the second phase of a retail of transactions daily for individuals to pay their obligations through electronic or mobile phone and other card payment system," noting that "the role of the central bank is monitoring and supervision beyond the field to the presence of problematic in banking transactions at the country level and the requisite large size of the precise organization. "

He explained the governor, that "the role of the central bank may be an operator or partner or used for system electronic banking," stressing that "the future role of the Central Bank is to supervise the system to be entrusted to operating the task to a company or a group belonging to the private sector companies."

Keywords and saw that "the application of electronic trading requires work to provide the infrastructure required," pointing out that such "legislative legal structure governing the banking services to all its details."

He said the central bank governor, that "the Central Bank conducted a comprehensive review of the laws of banking and regulations in force and to develop an initial draft of the required legislation in this area, and issued an electronic payment system and controls subscribe to the infrastructure of the payment system retail," noting that "the amount of $ 20 trillion dinars are being handled by a month under this system, a fast, accurate and support the national economy, away from a lot of problems. "

Promised Keywords, said that "very cool and sophisticated retail payment system and helps the bank to follow all these processes and to prevent violations and abuses, which is updated through the end of 2015, which are no problem," pointing out that "the Central Bank is currently working with the World Bank to review and evaluate the national payments system, where it was formed three locations of the data in the whole of Iraq, as well as one location outside Iraq to recover from the risks. "

He went on, saying the central bank governor, said that "Iraq needs a comprehensive banking systems, followed by the banking system to be able to achieve its objectives," revealing "a lack of State-owned banks for such an electronic system even though it has hundreds of branches."

And gave Keywords "State-owned banks until next September, to adjust their positions within this electronic system," Mstrsla that "the central bank takes the organizational side by issuing controls the use of electronic credit cards and there are plenty of companies that submitted bids for work on the processing of these cards the bank to the fact that the center has divided National, which regulates these processes, and represents an incubator electronic banking operations. "

Continued conservative, that "the Bank has developed a court will be launched in early 2017 to regulate such operations plan," and expressed regret that "as a result of the low percentage of beneficiaries and users in Iraq who do not exceed ten percent, and eight percent of these are very limited operations such as receiving only salary, and that only two percent of Iraqis are using smart cards ".

He expressed the Keywords, believed that "the trends in will help expand financial inclusion through the entry of more citizens to these systems and thus take advantage of in the possession of people's money supply which amounts to 77 percent outside the system, as well as get rid of the cash circulation problems."

The governor of the central bank and the agency, identified in (the thirtieth of July 2016), the next year in 2017, as the date for the launch of the electronic currency through the mail or e-dinar cards, he returned that will facilitate transactions between government departments.

[ChuckFinley]

Seems to build the support for Oct till Jan 2017 time frame.  Love that they put the pressure on.  

[Gypsygirl11]

[King Bean]

...only 2% use smart cards. Makes sense as it's fairly tough to swipe at the checkout POS keypad when there's no electricity. They've got a long ways to go....just to catch up with the LAST century.

Edited August 1, 2016 by King Bean

[yota691]

CBI gives, government banks until next September, to adapt itself to electronic systems

 

 

It gave the Central Bank of Iraq, on Monday, the government banks until next September, to adapt itself to electronic systems and transactions, while between the percentage of beneficiaries and users of those dealings in Iraq, "not to exceed" ten percent, favored the possibility of the contribution of orientations to expand their use and benefit from 77 percent of money supply held by citizens outside the banks, get rid of the cash circulation problems. The governor of the central bank and the agency, on the Keywords, in an interview Monday, said that "the payments system is an important pillar of the banking and financial sector," noting that it "consists of two phases first is related to the large total transactions between banks and companies within the system is settled and conducting operations clearing and liquidation of the great number of daily banking transactions. " He Keywords that "the second phase of a retail of transactions daily for individuals to pay their obligations through electronic or mobile phone and other card payment system," noting that "the role of the central bank is monitoring and supervision beyond the field to the presence of problematic in banking transactions at the country level and the requisite large size of the precise organization. "   He explained the governor, that "the role of the central bank may be an operator or partner or used for system electronic banking," stressing that "the future role of the Central Bank is to supervise the system to be entrusted to operating the task to a company or a group belonging to the private sector companies." Keywords and saw that "the application of electronic trading requires work to provide the infrastructure required," pointing out that such "legislative legal structure governing the banking services to all its details." He said the central bank governor, that "the Central Bank conducted a comprehensive review of the laws of banking and regulations in force and to develop an initial draft of the required legislation in this area, and issued an electronic payment system and controls subscribe to the infrastructure of the payment system retail," noting that "the amount of $ 20 trillion dinars are being handled by a month under this system, a fast, accurate and support the national economy, away from a lot of problems. " Promised Keywords, said that "very cool and sophisticated retail payment system and helps the bank to follow all these processes and to prevent violations and abuses, which is updated through the end of 2015, which are no problem," pointing out that "the Central Bank is currently working with the World Bank to review and evaluate the national payments system , which was formed three locations of the data in the whole of Iraq, as well as one location outside Iraq to recover from the risks. " He went on, saying the central bank governor, said that "Iraq needs a comprehensive banking systems, followed by the banking system to be able to achieve its objectives," revealing "a lack of State-owned banks for such an electronic system even though it has hundreds of branches." And gave Keywords "State-owned banks until next September, to adjust their positions within this electronic system," noting that "the central bank takes the organizational side by issuing controls the use of electronic credit cards and there are plenty of companies that submitted bids for work on the processing of these cards to the fact that the central bank has divided National, which regulates these processes, and represents an incubator electronic banking operations. " He went conservative, saying that "the Bank has developed a court will be launched in early 2017 to regulate such operations plan," and expressed regret that "as a result of the low percentage of beneficiaries and users in Iraq who do not exceed ten percent, and eight percent of these are very limited operations, such as received salary only, and that only two percent of Iraqis are using smart cards ".   He expressed the Keywords, a belief that "the trends in will help expand financial inclusion through the entry of more citizens to these systems and thus take advantage of in the possession of people's money supply which amounts to 77 percent outside the system, as well as get rid of the cash circulation problems." The governor of the central bank identified in 2017, as the date for the launch of the electronic currency through Dinaralaketrona or electronic tags, returned that will facilitate transactions between government departments.
Views 124   Added 01/08/2016 - 13:43   Last updated 08/01/2016 - 16:12   No. Content 4599

 

 

 

[TennesseeCherokee]

1 hour ago, King Bean said:

...only 2% use smart cards. Makes sense as it's fairly tough to swipe at the checkout POS keypad when there's no electricity. They've got a long ways to go....just to catch up with the LAST century.

 I think it would be much easier fot these folks to start out with those little POS scanners that plug into a smart phone.....electricity....it looks like an electrician's nightmare over there.....friggin wires running here and there. They're not gonna be hiring any U.S. union electricians until they get rid of all those spiderwebs of wires.

 

Edited August 1, 2016 by TennesseeCherokee
Spelling error

[EagleEye]

1 hour ago, TennesseeCherokee said:

think it would be much easier fot these folks to start out with those little POS scanners that plug into a smart phone.

now THAT will work my Cherokee brother....wonder if anyone over there has thought of that ....especially given that I have seen articles about cell phones for years now....

[Laid Back]

Getting ready for a new monetary reform in January 2017

Go CBI 

Go dinar

Go new monetary reform

Go increase exchange rate 

Go $1:1

[10 YEARS LATER]

 Been waiting since 2004 . Anyone else grown old enough now to grow ear hair ? 

[SnowGlobe7]

yea

[SnowGlobe7]

[chess]

4 minutes ago, 10 YEARS LATER said:

 Been waiting since 2004 . Anyone else grown old enough now to grow ear hair ? 

....AND, BRAIDED NOSE HAIR.......cash'n in some dinar for some good ear/nose trimmers!!!!

[SnowGlobe7]

[SnowGlobe7]

[SnowGlobe7]

[magawatt]

I like the CBI telling the Gov what to do and when!!

[Sage449]

Nice little hopium here. Like! 

BTW the nose hair jobs are icky. 

[easyrider]

This is HUGE imho this is basically saying get ready for the new system.  Wit a new up to date modern system must come new value and a new reality rate for their local currency all in my opinion of course. Also take note "Next" means this coming september in Iraq. Translation issue.

Edited August 1, 2016 by easyrider

[ChuckFinley]

11 minutes ago, easyrider said:

This is HUGE imho this is basically saying get ready for the new system.  Wit a new up to date modern system must come new value and a new reality rate for their local currency all in my opinion of course. Also take note "Next" means this coming september in Iraq. Translation issue.

I like your thinking Easy. Have not drop you a line lately. Trust everything is going well.

[easyrider]

2 minutes ago, ChuckFinley said:

I like your thinking Easy. Have not drop you a line lately. Trust everything is going well.

Hey chuck been a while yes been busy with work. Yes things are good could be better but hey cant complain.. hope you are well. I do really like what the CBI said to their banks "Get Ready" we are leaving the old and bringing in the NEW system. Lets hope they are serious about change.

[ChuckFinley]

Thanks man. Things are going ok for now. Looking for the BIG New Year . There seems to be a lot of positive things taken place. I think we could see this done by the end of the year or early 2017.  (Hoping). 

[TennesseeCherokee]

3 hours ago, 10 YEARS LATER said:

 Been waiting since 2004 . Anyone else grown old enough now to grow ear hair ? 

I hate to admit it, but I am right there with ya bro.....

[TennesseeCherokee]

3 hours ago, SnowGlobe7 said:

As Jerry Clower used to say, "that's one of them souped-up bobcats"......."shoot up here in amongst us....one of us gotta have some relief".

[freeroy]

8 hours ago, TennesseeCherokee said:

 I think it would be much easier fot these folks to start out with those little POS scanners that plug into a smart phone.....electricity....it looks like an electrician's nightmare over there.....friggin wires running here and there. They're not gonna be hiring any U.S. union electricians until they get rid of all those spiderwebs of wires.

 

[freeroy]

You mean like in india???