CBI Announced new Retail Payment System to Control Market

The Iraqi Central Bank has issued new instructions for mobile phone companies and ordered them to adopt the new regulations. It would be beneficial in accordance with the work in the developments for the retail payment system. It will confirm the possibility of expanding electric payment activities. The CBI has announced modernization in the rules of participation in the infrastructure of the retail payment system. The Bank also stressed the need to adopt new regulations and work under it. CBI stressed the possibility of expanding in the work of Iraqi banks and financial transfer companies and mobile phone companies and the practice of any electronic payment activities, in the event they wish to operate electronic payment system of funds No. 2 for the year 2014. An economic researcher Lubna Al-Shammari said about the importance of the work of this latest system said. She added that the Bank’s call for banks and companies to work with updates of the new system.

CBI Announced new Retail Payment System to Control MarketThis new system brings infrastructure the pursuit of the development of the system of public payments in Iraq through the adoption of modern technology. It would ensure the service delivered quickly and qualitatively far from the complexity of routine. Al-Shammari informed in a press interview that the central bank of Iraq was keen to implement plans aimed at facilitating the transition to a market economy and liberating itself from the totalitarian regime. It has become totally incompatible with the requirements of the current stage. She said that the Central Bank of Iraq announced earlier about its readiness to develop banking work through the announcement of the draft national division and invite foreign companies for the purpose of contracting with them and agreed on its implementation. The work of advanced banking systems with the participation of mobile phone companies will allow citizens to transfer funds from their assets to any bank or branch or someone else. It would save time and cost and efforts in order to reduce the security risks of trading cash in large amounts in their business transactions.

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