Home
Al-Rafidain...a new mechanism to eliminate counterfeiting
May 19, 2024
Baghdad/Iraq Observer
Today, Sunday, the Director General of Al-Rafidain Bank, Ali Karim Hussein, outlined
three basic goals for using electronic payment systems in Iraq, indicating that they
aim to eliminate cases of counterfeiting banknotes and
protect them from theft. Hussein said,
“In cooperation with the Oil Derivatives Distribution Company,
fuel cards were issued, as this comes
in order to avoid dealing with banknotes and relying on payment cards and electronic payment systems.” He added,
“Rafidain Bank was the first initiator, with direct support from the Governor of the Central Bank, in
issuing specialized cards, including
cards for gas stations, as well as
cards for oil depots.” He pointed out that
“there are some challenges facing the bank,
but they will be permanently resolved, and solutions will be developed with exceptional speed,” indicating that
“the primary objectives of using electronic payment systems are to create a monetary mass within the banking sector, and
this will give the concerned authorities an opportunity to exploit this Funds to support development projects.” He continued:
“Electronic payment systems will
increase the monetary supply and
support development plans in addition to
financing projects,” pointing out
“The great benefit is
eliminating cases of counterfeiting banknotes and
protecting them from theft.” He pointed out that
“the process of issuing the card will also help ensure the presence of money
in the banking sector and
in the citizen’s wallet at the same time, meaning that
it is present on the card as electronic currency, and
also present as a real cash block in bank vaults,” according to the official agency.
https://observeriraq.net/الرافدين-آلية-جديدة-للقضاء-على-التزوي/
May 19, 2024
Baghdad/Iraq Observer
Today, Sunday, the Director General of Al-Rafidain Bank, Ali Karim Hussein, outlined
three basic goals for using electronic payment systems in Iraq, indicating that they
aim to eliminate cases of counterfeiting banknotes and
protect them from theft. Hussein said,
“In cooperation with the Oil Derivatives Distribution Company,
fuel cards were issued, as this comes
in order to avoid dealing with banknotes and relying on payment cards and electronic payment systems.” He added,
“Rafidain Bank was the first initiator, with direct support from the Governor of the Central Bank, in
issuing specialized cards, including
cards for gas stations, as well as
cards for oil depots.” He pointed out that
“there are some challenges facing the bank,
but they will be permanently resolved, and solutions will be developed with exceptional speed,” indicating that
“the primary objectives of using electronic payment systems are to create a monetary mass within the banking sector, and
this will give the concerned authorities an opportunity to exploit this Funds to support development projects.” He continued:
“Electronic payment systems will
increase the monetary supply and
support development plans in addition to
financing projects,” pointing out
“The great benefit is
eliminating cases of counterfeiting banknotes and
protecting them from theft.” He pointed out that
“the process of issuing the card will also help ensure the presence of money
in the banking sector and
in the citizen’s wallet at the same time, meaning that
it is present on the card as electronic currency, and
also present as a real cash block in bank vaults,” according to the official agency.
https://observeriraq.net/الرافدين-آلية-جديدة-للقضاء-على-التزوي/
