CBI has announced Deadline of September for all Government Banks

The Iraqi Central Bank issued a statement that CBI has given the time until September to all governmental banks to implement electronic systems for transactions in their banks.

CBI also said that withdrawal should not be exceeded from 10 percent for all their users and beneficiaries, because at least 77 percent of the money supply should be available to Iraqi citizens dealing outside the banks in order to overcome the problems of cash circulation. The Governor of the Iraqi Central Bank said in an interview that the payment system has been considered one of the important factors in the financial and banking sector. He pointed out that it will be done in 2 phases, first phase is regarding to the large amount of transactions between the banks and the companies in order to perform clear fluidity operations for a large number of daily banking transactions.

CBI

He continued that the 2nd phase is related to the daily retail transactions for people in order to pay their requirements through mobile phone, electronic system and other card payment systems. He pointed out that the major role of Iraqi Central Bank will be supervision and monitoring the system, and to find the problems in the banking transactions nationwide. He further explained that another role of Iraqi Central Bank will be as an operator or partner used in the electronic banking system. He stressed that CBI would supervise the system in the future for a company or a financial group related to the companies in the private sector. He said that the implementation of electronic trading system needs a handsome work in order to provide the specific infrastructure.

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