Economic Reports

[audigger]

Union: the Deputy Governor of the Central Bank of the appearance of Mohammed Saleh said that "the central bank put continuing studies of how to use new technologies in banking," likely that during the next three years will be the banking business in Iraq is different from what it is now.

. Revealed Mohammed Saleh told the (news) about the existence of a study at the Central Bank using a new technique called 'banks telephone ", that is, the process of converting the bank account are made by your mobile phone" Mobile, "noting that" (80%) of the citizens do not deal with banks in the process of bidding farewell to convert their accounts, "but there are (80%) of the citizens have a mobile, so this technique was introduced by mobile.

. "The study is still a list and think about how to control this technology, do you by the telecommunications company itself or introduction of a new company specializing in this work in collaboration with telecommunications companies in Iraq," stressing that the monitoring and follow-up work done by the Central Bank. . Saleh pointed out that the system of divided national or so-called "key national" When are direct him will open cabins for the withdrawal of funds in public places, but this process needs time to use it because it is not easy to put money in the street and Iraq is still not secure.

. He acknowledged the deputy governor of the Central Bank of the existence of deficiencies in the education and guidance of the citizen, noting that this process needs the concerted efforts between Iraqi banks and the Central Bank as well as the media to educate citizens and encourage the use of these technologies.

. For their part, stressed the specialists in banking need to introduce modern technology in the banking field, similar to some of the advanced countries of the world, as it facilitates the work of Iraqi banks, calling for the importance of developing outreach programs and awareness of the citizen in order to know how to use this new technology. The director of the Association of private banks Abdulaziz Hassoun that "the process of using new technology in the work of Iraqi banks is very important as it facilitates the exchange of instruments and payments among themselves, as well as it will help get rid of the mass withdrawal of cash through the bank balance and turning." Hasson pointed out that "the central bank for the banks created an electronic communication system is connected to communications between banks, but things need some technical arrangements in terms of credit cards and set up electronic networks among themselves."

The banking expert said Mohsin Ali on the importance of accelerating the introduction of new technology in the work of Iraqi banks, as knowledge balance the bank by cell phone, or to withdraw funds through the cabins are available in places and public squares, similar to some developed countries, as it facilitates a lot of things on in the banking . He said that "some of the conditions of Iraqi banks, especially community does not allow the introduction of such new technologies as a process dependent on electronic technology and ignorant of many of these techniques, this process needs to have plenty of time to work out."

. The other hand, central bank sales in the opening of its weekly, Sunday, a rise of up to $ 293 million in the auction for the sale and purchase of foreign currencies, the highest rate of sale since the beginning of this year, which is a continuation of the process of pumping currency in order to bring the exchange rate to rates, after rising the past two weeks. The bulletin issued by the bank that "the total volume of demand on the dollar stood at 293 million and 990 thousand dollars, covered by the central bank at an exchange rate basis was 1170 dinars to the dollar."

. And exceeded the central bank sales over the past week quarter million dollars a day on average, after the exchange rates of U.S. dollar, a high figure for the average Iraqi market needs of the dollar, which range between 150-180 million dollars. . The exchange rate increased during the past two weeks to up to 1235 dinars per dollar back to 1210 dinars per dollar, after it was between 1190 and 1200 dinars per dollar during the past few months. . Specialists, which attributed to the influence of citizen concern about the U.S. withdrawal, which resulted in savings in foreign currency in case of any emergency security, while the Central Bank commented on the high exchange rate, saying that "price bubble" resulting from an internal cause of concern is the citizen of the retreat of the security situation because of the circumstance security and political, and turned the Iraqi trader and broker to re-export of goods due to regional conditions and thereby increase demand and high price of the dollar. . But at the same time the Central said that the exchange rate will not be back soon, because of the ability of the Central Bank to pump large amounts of foreign exchange to the domestic market thanks to the large cash reserve, which enjoyed.

[onerighthand]

Thanks audigger

Isn't the statement about the rise of the rate, actually a devalue? more dinars per dollar is lower, isn't it?

Very interesting but not liking the last sentence very well

Go RV

[tilak]

They are doing the same thing here but they said cell phones were to insecure....we will see.

[onerighthand]

They are doing the same thing here but they said cell phones were to insecure....we will see.

I think it is the way the world will go, regrettably. Especially when there are people that want a cashless society. It's one way to get more people into banking though

I don't even like the fact that medical records are or will be digital. Way to easy to get past the front gate. Everything can be hacked and there is nothing we can do in the end. So I do not want to participate. Pull the proverbial bus over here and let me out.

Oh no! my post number is 666 for now!