Central Bank announces the launch of the National Payments Council

[DWS112]

The Association of Iraqi Private Banks praises the establishment of the National Payments Council

04/06/2018

   

 

Economy News Baghdad:

The Association of Iraqi Private Banks praised the establishment of the Central Bank of the National Payments Council, which will increase banking services.

The governor of the Central Bank of Iraq, Ali al-Alaq, chaired the first meeting of the National Payments Council, which includes the Central Bank of Iraq, government banks, the Association of Iraqi Private Banks, electronic payment companies and representatives of the security services .

 

"The establishment of the National Bank of Payments by the Central Bank of Iraq is a very important step that will make the private sector contribute to determining the future vision and strategy and achieving banking reforms, in addition to increasing coordination and cooperation with the authorities," Wadih al-Hanalal, head of the Iraqi Private Banks Association, told Al-Iktissad News. "The National Payments Council also aims to monitor and develop the banking legal environment that contributes to the application and development of payment and settlement systems and means of payment."

 

He explained that "the tasks of the National Payments Council are based on supporting the infrastructure of the payment system that is in line with the recommendations of the Basel Committee for Payment and Settlement, the International Monetary Fund, the World Bank and others." He added that "the National Payments Council will follow up clearing systems and the depository and transfer center to settle transactions in the stock market and contribute In the development of electronic payment methods. "

 

On the other hand, the Governor of the Central Bank Ali Al-Alaq said during the meetingthat " the National Payments Council will strengthen the strong relationship with the banking sector." He pointed out that "the Council will be the guide that evaluates and monitors the system of payments through the inclusion of visions and proposals by members of the Council . "

For his part, the representative of the World Bank said that the meeting, said that " theCouncil of National Payments attended an advanced step , especially since there is a 40%؜ from the central bank has a board payments , " expected to "contribute through international participations support payments system in Iraq" .

 

 

 

Date Added 06/04/2018

[6ly410]

[yota691]

Central Bank announces the launch of the National Payments Council

 

Monday 4 June

 

Alsumaria News / Baghdad announced that the Central Bank of Iraq , on Monday, for the launch of the National Council of payments, while stressing the bank 's governor Ali Mohsen Ismail that the Council did not pursue only after provide the main base for the construction of technical infrastructure and legal systems of payments in Iraq .  The bank said in a statement Alsumaria News received a copy of it, " The Governor of the Central Bank of Iraq , chaired the first meeting of the National Council of payments , which includes the membership of the Central Bank of Iraq , government banks and the Association of Iraqi private banks and companies electronic payment and representatives of the security services and the Iraqi Stock Exchange and the Information and Communication and the Ministry of Finance ".     "A World Bank representative was hosted at the meeting, which showed that the National Payments Board is an advanced step, especially as 40 percent of the central banks in the world have established payment boards in their countries," he said. in Iraq".  "The members of the Board of Directors welcomed the launch of its work, expecting to contribute to support electronic payment projects by drawing up a national strategy for payments and overcoming the obstacles facing the work of the beneficiaries of these systems," the bank said in a statement.  For his part, the Governor of the Bank Ali Mohsen Ismail at the opening of the Council of Advocates, according to the statement, "the importance of this Council to build a close relationship between stakeholders with the financial sector and banking," pointing out that "the Council did not start only after the availability of the basic basis for the construction of technical infrastructure And legal systems of payments in Iraq ". "The council will be the guide that evaluates and monitors the payment systems through the participation of visions and proposals by members of the council," Ismail said.

[yota691]

 

The Central Bank launches the National Payments Board

 

17:03

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BAGHDAD (Reuters) - 

Central Bank Governor Ali Mohsen Al-Alak said on Monday the first meeting of the National Payments Council, which includes its members (the Iraqi Central Bank, government banks, the Association of Iraqi Private Banks, electronic payment companies, Ministry of Finance).

"The Central Bank Governor, Ali Al-Aalak, presided over the first meeting of the National Payments Council, which includes its members (the Central Bank of Iraq, government banks, the Association of Iraqi Private Banks, electronic payment companies and representatives of the security services and the Iraqi market)," the Central Bank said in a statement. "Stressing the importance of this council to build a strong relationship between the stakeholders with the financial and banking sector, pointing out that" the Council did not start only after the availability of the basic rule to build the technical and legal infrastructure of the payment systems In Iraq. " 

He said the governor , according to the statement that" the Council will be the guide , which assesses and monitors payments systems through the participation of visions and proposals by members of the Council. "

Members of the Board also welcomed the launch of its work, which is expected to contribute to supporting electronic payment projects through the development of a national payment strategy and overcoming the obstacles facing the work of beneficiaries of these systems. 

A representative of the World Bank, who was hosted at the meeting, said that "the National Payments Council is an advanced step, especially that 40% of the central banks in the world have established payment boards in their countries." Iraq".

[6ly410]

[yota691]

Central announces the establishment of the National Payments Council

06/6/2018 12:00 am  To make the private sector contribute to determining the future vision   Baghdad / Sabah The Central Bank of Iraq announced yesterday the establishment of the National Payments Council in order to build a close relationship between stakeholders with the financial and banking sector. The Governor of the Central Bank, Dr. Ali Alalak, the first meeting of the National Payments Council, which includes the Central Bank of Iraq and government banks and the Association of Iraqi private banks and electronic payment companies and representatives of the security services and the Iraqi market for securities and the media and communication   and the Ministry of Finance. A statement from the Central Bank of Iraq confirmed the importance of this council "to build a strong relationship between the stakeholders with the financial and banking sector, noting that the Council did not start until after the availability of the basic rule for the construction of technical infrastructure And legal systems of payments in  Iraq ". "The council will be the guide that evaluates and monitors the payment systems through the participation of visions and proposals by members of the council," he said. Members of the Board of Directors also welcomed the start of its work, expected to contribute to the support of electronic payment projects by drawing up a national strategy for payments and overcoming the obstacles facing the work of the beneficiaries of these systems. Payments Systems has been a guest representative of the meeting of the World Bank that " the National Payments Council , a step forward, especially as there are 40 percent of the world 's central banks have established councils of payments in their countries, expected to contribute through international participations support payments systems in  Iraq." For its part, praised the Association of Iraqi private banks, the establishment of the Central Bank Council of National Payments, which will increase the provision of  banking services . "The establishment of the National Payments Council is a very important step that will make the private sector an important factor in determining the future vision, strategy and achieving banking reforms," said Wadih al-Hanalal, head of the Iraqi Private Banking Association.  In addition to increased coordination and cooperation with internal and external banking authorities and institutions  of  government. " Banking environment and added that" the National Payments Council , its goal is also to pursue and develop the legal banking environment that contribute to the application and development of payment systems  , settlement and means of payment. " He explained that" the National Council of payments functions based support The infrastructure of the payment system, which is in line with the recommendations of the Basel Committee for Payment and Settlement, the International Monetary Fund, the World Bank  and others.  "He added that" the National Payments Council will follow up clearing systems and the Depository and Transfer Center to settle transactions in the stock market and Contribute to the development of  electronic payment methods . "

[Big_J]

[skeetdog]

Thanks DWS112/Yota...Looks like the CBI is moving to an 'open-economy' to support the newly established private sector...by establishing support to manage the economic and financial transactions...jmho