CBI seeks to reduce the monetary circulation of the currency and replace it with credit card

Said the Iraqi Central Bank seeks to reduce the use of 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 today, “going 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. “

“The responsibility for the operation and management of accounts settlement between participants to ensure the safety and efficiency of payment systems and clearing operations are limited to the central bank itself.”

Noting that “Iraq’s payment systems consist of gross settlement system in real-time clearing system and automatic registration system and government securities. “

He pointed to the completion of “automation system for the primary market 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 the secondary market trade, which will hopefully work on it soon. “

The central bank said earlier that “the proposed divider or the National Retail payment system is one of the fundamentals of the financial infrastructure of the new Iraq. “

The deputy governor said the appearance of Mohammed in a press statement that “this project will provide a large banking service to citizens through the consolidation of all banks, whether civil or government, divided the national system, which aims to improve the payments system in Iraq. “

He explained that “this system is working credit card, which will be available to all citizens in order to facilitate internal financial transfers between individuals in all provinces.”

He added: “This system enables withdraw and transfer money from retail outlets or points allocated to the system for all banks, which will be spread across parts of Iraq. ” He pointed out that “the work on the project which does not require the enactment will start soon.”

He said that the Central Bank Act allows the issuance of regulations and regulations concerning the payment system and special projects as a project divided by the national banks, which links all government and private network, unified communications.