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Electronic dinar raises cash in banks block size

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Electronic dinar raises cash in banks block size

Writer:Yasser Metwally
03/8/2016 12:00 am
Baghdad-Iraq's PM Chai

Invited experts and are interested in financial and Economic Affairs to the need to expedite the issuance of electronic dinar and apply modern systems in business dealings because of its positive effects on overall economic life and development of the reality of the banking sector in particular being provides financial sources for the State by increasing the money supply in the banking system.

This came during a seminar organized by the Institute for development policy and the progress I attended the» morning» under the title «enter e-currency trading: the economic importance and direct semantics» in the presence of the Iraqi Central Bank Governor Dr on the relationship and the speaker of the Iraqi national action Dawood Abd ROAR and General Manager of Rafidain khawla al-Asadi and large number of business and economics.

Electronic system

The Symposium began with a word for the Institute's Director, Dr Mehdi Hafedh Ben, during which the importance of subjecting the currency system, because of its significant economic goals that serve the country's economy,

pointing out that talk about banking reform exists without reaching concrete results,

adding that the country needed to undertake the development of the banking sector both Government and community in accordance with the means and mechanisms are subjected to currency reform electronic system.

For his part, between the Iraqi Central Bank Governor Dr on the relationship, the importance of the payment system as a pillar of the banking and financial sector, indicating that the system consists of two phases, the first large total transactions between banks and companies, with the second phase consists of retail payment system,

pointing out that the role of Central Bank control and surveillance process. Added the relationship to apply electronic transaction system requires to provide the required infrastructure, including legal and legislative structure that regulate banking in all its details,

noting that the Central Bank undertook a comprehensive review of banking laws and regulations in force and an initial drafting of required legislation enacted in this area not to mention the complete version of the electronic payment system and controls the subscription payment system infrastructure.

Cash trading

Meanwhile the relationship between the proportion of beneficiaries and users in the country accounting for 10% and 8% of them are as simple as receiving salary with a 2% only of using smart cards, are low on pointing out that existing trends will help to expand financial inclusion through more citizens to these systems and thus benefit from the money in their possession which amounts to 77 percent outside the system as well as get rid of cash circulation problems.

Paper-based system

Iraqi National Business Council Chief Daud Abdul ROAR banking system followed the old systems that expired 100 years ago and is a paper-based system at the time of the world arrived to the non electronic dinar trading would provide financial resources for the Government being encouraged to aladkharobzelk turn money stashed away to JD electronics have high flexibility in dealing

Or sale. There were roughly 77% of the national currency outside the banking system and having 23 percent only, moving within the system of government deposits mastedai need to enter e-currency trading Banking.

Currency market

The Central Bank called for registration of the Iraqi dinar in the currency market,

although the country possesses a giant Federal Reserve, which would block the draft deal, calling the importance of benefiting from the Kuwaiti experience in this field after the company was formed to manage file handling and issuance of smart cards,

stressing the need to replace the local currency especially the 25 000 result smuggled out to ensure her return to dealers and subjecting the new standards.

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