Payments Council Inc
30/8/2017 12:00 am
Expansion of Iraq's financial dealings with the different countries led to the development of specialized institutions that take upon themselves the task of organizing the working mechanisms and channels money trails right away from all forms of manipulation and murders occurring in the money market.
Prospects for cooperation
And decided to establish the Iraqi national payments Council to support the working mechanisms of the Central Bank of Iraq in achieving its objectives the strategy.
General Manager of payments in Central Bank gave Abdul Karim reported interview for "morning" that Iraqi money sector is expanding constantly, to opening the country to the outside world after a long break in new cooperation prospects contributes with different economic blocs which in turn makes it imperative that Iraq possesses an advanced payment proportionate to the size of its economy and promising in the international arena.
It added that Iraqi payment systems expansion and its link with third parties and local organizations and bodies for the purpose of putting alstratigiat to develop payment systems and settlement and followed up this Council was established in order to improve international best practices and ensure the safety and efficiency of financial markets and systems infrastructure
Iraqi money sector saw the sophisticated global institutions and pointed him us Treasury through its representative in Iraq.
She pointed out that the objectives and tasks of the Council to facilitate cooperation and coordination between the regulatory and supervisory authorities and between banking and non-banking institutions and stakeholders involved in the payment and settlement systems, and the proposal to establish a national strategy for the development of settlement and payment systems and the introduction of modern payment instruments, as well as the promotion of joint initiatives to develop the infrastructure of the payment and settlement systems with the participation of the parties concerned to follow up the implementation of the strategies and programmes of national reform and development of payment systems and settlement.
Standardization of systems
It also contains goals facilitate and encourage the exchange of information and data between the various parties involved in the settlement and payment systems, and promote the standardization of systems and procedures in place in the State on payments and settlement system, as well as increased awareness and knowledge of the issues and requirements for development of payment and settlement systems and tools, as well as to promote cooperation with regional and international institutions and organizations related to payment and settlement systems.
Composition of the Board
And on the institutional framework of the Council formations and Abdul Karim said: the Council is composed of representatives of several ministries and bodies according to their level of representation where consists of Iraqi Central Bank Governor and Director General Department of payments in the Iraqi Central Bank Executive Director and under Secretary of the Treasury and Chief Member represents communications and Media Commission or a Member State, a Bank Director who is nominated by the Mayor and President of the Association of private banks in Iraq or a member and representative of the National Intelligence Director General of a member as well as a representative of the labour market Iraq Stock Exchange General Manager of degree a member and representative of electronic payment service providers chosen by the Governor.