CBI UPDATE 9:48 AM EST
Posted by EXOGEN on August 30, 2014 at 9:00am
Adminsa 8.30.2014 9:48 a.m.
Brother - Baghdad
Called the CBI all ministries and departments not associated with the Ministry to work with this system for the purpose of the speed of completion of work instead of the old mechanisms in order to activate the work of the new Iraqi payments system.
The bank said in clarifying seen by the Agency for News News (et) that this system is one of the advanced systems that rely means of electronic payment and provides speed, accuracy and security in the transfer of money, stressing the proven efficiency of this system where he Sechtzl ratio of effort and time to more than 7 percent of what is currently employed.
In this context, the economic state of the researcher saw just that this system could limit of corruption as well as reflect positively on the reality of where the economy will allow investors to complete their financial transactions away from the routine, which complicates things and streamlines.
She added that if the commitment ministries instructions of the Central reported by the Ministry of Finance, it would be easy to transfer money to accounts in banks in line with international banking standards and seek to boost confidence in the economy through the creation of a safe environment and a sound banking system amid a competitive environment accessible to all. And participate in the payments system 45 banks, including state banks and branches of foreign banks, along with a large number of private banks.
And payment systems consist of three parts of Iraq are gross settlement system in real-time, and automated clearing system, and the system of registration of government securities. The Iraqi Central Bank to run and manage the accounts of the settlement between the participants to ensure the safety and efficiency of payment systems and operations Almqash.wachart just that the activation of the system of payments at the level of ministries will contribute a lot in the transformation of the economy, totalitarian and access to a market economy after resampling routine operations and administrative procedures complex computerization of information and automation settlement processes of checks and salaries and activation of automation systems for electronic card, to keep more cash in bank accounts.
This comes at a time when it is seeking keen and the Iraqi Central Bank to reduce the use of cash(CASH ) In the country, to meet the challenges of geographical and security issues, thus alleviating the difficulty of transporting money across the country, and its exposure to risk. "
He said the CBI emphasis on the importance of the introduction of payments to keep abreast of developments in the banking system for the purpose of providing the best banking services where this system has proved its efficiency and its adoption by the Ministry of Finance and the banks participating in the process of exchanging financial transfers among themselves and all of its location.
He has decided to do the state departments to transfer funds to the Ministry of Finance through the payments system in accordance with the mechanism which include sending districts a letter to the unit of payments in the bank's president open account has or one of its branches include the refund amount to be credited revenue of the Finance Ministry's account at the Central Bank and we have calculated in Branch President Aulfra open their account and the account number with the show to clarify what amount. He noted that the unit of payments in the branch president will take the necessary action.
He pointed out that this mechanism does not require the state administrative procedures or requirements or approvals, but it provides the time and effort and sings for regulating instruments as well as the speed of implementation and security aspects.
And that's where the commitment currently relates to the amounts transferred to the Ministry of Finance, the rest of the circuit can now implement transfers among themselves in the same manner and to compel it to operate while the new system of payments. Ended p.