The Central Bank announces a package of reforms in electronic payment operations and the banking sector
The Central Bank announces a package of reforms in electronic payment operations and the banking sector
3-4-2023
Information/Baghdad…
The Central Bank announced, on Saturday, that the current year will witness a significant, remarkable and tangible development for the banking sector, and while it indicated the tendency to use cash machines and reduce cash, it confirmed the existence of a clear commitment in the anti-money laundering law.
The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, said in a speech during the forum and exhibition of banking and commercial services for merchants and businessmen, that “the banking sector is witnessing clear reforms that started with the pressure of external transfers,” noting that “we are continuing reforms at all levels, and there is a reform in electronic payment.” .
He added, “The state’s orientation in general is to use cash devices and reduce the use of cash in the process of exchanging the banking sector, which suffers from some old problems,” noting that “the Central Bank continues in the reform process with these challenges that direct public and private banks that have an important role in meet the needs of the banking sector.
He continued, “The Central Bank has worked on facilities for financing merchants and external transfer of trade, and there is a clear commitment in the Anti-Money Laundering Law to Financing Terrorism,” pointing out that “the banking sector is the main sector in any economic development, and the infrastructure in the financial sector is a fundamental pillar of any development.” and economic growth.”
He stated that “the current year will witness a significant, remarkable and tangible development for the banking sector and the electronic payment process,” pointing out that “there are extensive procedures within the powers of the Central Bank, but there is also an important aspect that falls on the ground in need of legislation, and therefore the issue of the exchange rate that occupies all citizens and its stability Everyone’s responsibility.”
He stressed that “the Central Bank works, legislates, and issues instructions and orders to facilitate proper access to foreign currency, whether they are travelers or merchants,” pointing out that “this meeting will be the beginning of continuous communication between the real sector and the banking sector to reduce the challenges and problems facing the two sectors, and we will be present as a central bank and listen.” To any challenges and to overcome all difficulties.
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