The Central Bank of Iraq decides to localize private sector salaries

[6ly410]

 

The Central Bank of Iraq decides to localize private sector salaries

Tuesday 26, December 2023 21:04 | EconomicalNumber of readings: 308

The Central Bank of Iraq decides to localize private sector salaries (ninanews-com.translate.goog)

Baghdad /NINA / The Central Bank of Iraq decided today, Tuesday, to localize private sector salaries.

According to a book by the bank, "Based on the letter of the General Secretariat of the Council of Ministers, and based on the role of the Central Bank in encouraging the use of electronic payment tools and achieving financial inclusion, it was decided to localize the salaries of private sector employees at banks participating in salary localization services in accordance with the approved contexts." /End 8



 

[6ly410]

The Central Bank of Iraq directs the localization of private sector salaries (document)

البنك المركزي العراقي يوجه بتوطين رواتب القطاع الخاص (وثيقة) - شفق نيوز (shafaq.com)

2023-12-26 10:32

Shafaq News / The Central Bank of Iraq directed, on Tuesday, to localize the salaries of private sector employees.

According to a letter addressed by the bank to licensed private banks and non-banking financial institutions, seen by Shafaq News Agency, "Based on the letter of the General Secretariat of the Council of Ministers, Department of Cabinet Affairs and Committees No. S.Z.L./1/10/Circular/61010 on 14/12/2023, issued in coordination with this bank, and based on the role of this bank in encouraging the use of electronic payment tools and achieving financial inclusion, it was decided to localize the salaries of your employees with banks participating in salary localization services according to contexts. and let us know your current position on that."

On Monday, November 14, 2023, the Central Bank of Iraq directed the banks participating in the salary localization project with a number of work mechanisms, indicating that they will work on the safety and stability of the Iraqi payment system.

Deputy President of the Central Bank Ammar Hamad Khalaf said in a document addressed to banks participating in the salary localization project to work on reforming the salary payment mechanism system and obtained by Shafaq News Agency that "the programs of the salary localization project are not integrated with the cash withdrawal service and are not included in any of the offers submitted by you."

The document added that "the commission for cash withdrawal through cash withdrawal machines is fixed at the amount of (6) thousand dinars and a minimum of (2000) dinars.

Another document signed by the bank's vice president added that "the validity period of the electronic payment card that will be issued to the beneficiaries of the salary localization project is (3) years as a minimum."

 

[horsesoldier]

Okay, this has gotta be huge!!

[Laid Back]

"The Central Bank of Iraq directed, on Tuesday, to localize the salaries of private sector employees".

 

This is compensation approach intended to integrate the employee into the local market structure by paying him or her according to the local market rate.

 

GOOD NEWS!!!

 

Go Stronger Dinar

Go 2024

[BETTYBOOP]

@Laid Back  thanks . I do value your opinion and insights

[Officiallytook]

Control control control...the rate...easy to change it after that no?

[Laid Back]

@BETTYBOOPthanks.!!!