CBI seeks to reduce the use of cash in the country with technology

Said the Iraqi Central Bank seeks to reduce the use of cash (CASH) in the country, because of geography and the challenge of security issues that make the transfer of money within the country is difficult and risky.

The bank said in a statement carried by (and independent Iraqi News Agency) “heading efforts to automate the processes of settlement of checks and payroll systems, and activate the automation of electronic card, to keep more cash in bank accounts.”

“The central bank is currently working with local bodies and external in order to pass a law specific to each electronic payment systems to be working within a legal environment healthy,” adding that “Iraq has one of the most payment systems, electronic art in the world, the system responsible for the exchange of payment orders between banks automatically using the network safe and effective “and that” responsibility for the operation and management of the accounts of the settlement between the participants to ensure the safety and efficiency of payment systems and clearing be limited to the central bank itself.

“and that” the payment systems of Iraq is made up of the settlement system total real-time system and clearing mechanism and system registration of securities of government. “and that” the automation of the primary market for the system of government securities, which began work on it by the Bank and in consultation with the Finance Ministry in 2008, while seeking to automate the activities of secondary market commercial, which will hopefully work on it soon. “