On Monday, the Iraqi Central Bank has directed all banks operating in Iraqi to provide services via mobile phone. The CBI said in a statement that the Bank has directed all licensed banks to provide mobile banking in light of the bank’s strategy to achieve financial inclusion. It will improve digital banking services and modern technologies in order to ensure these services are easily accessible to various segments of society. The statement also said this service ensures the facilitation of banking service for beneficiaries, and ensure the availability of protection and confidentiality systems for them. It will be implemented within a specified period of time from the issuance of instructions from this bank.
It is noteworthy that the Iranian Islamic Shura Council has approved a draft law to reform the monetary and banking system. It includes the deletion of 4 zeros from the national currency. The Iranian websites have indicated that the adoption of the draft law of the monetary and banking system came through the session of parliament on Sunday afternoon, with the approval of 124 deputies, 76 opposition and 3 abstentions. The head of the Association of private banks in Iran said about the issuance of an Iranian bank license to open 7 branches in Iraq, in the framework of export subsidies.
On Sunday, Kurush Prozian said in a speech at the Forum on Export Finance for the Iraqi Market. Prozian said the private Iranian bank did not mention its name, has obtained the essential licenses from the Central Bank of Iraq to open 7 branches in the country. The bank has established 2 branches with a capital of 50 million U.S dollars for each branch. The president of the Association of private banks and credit institutions of Iran said that the Association is ready to form a consortium to finance export projects such as technical and engineering services for Iraqi people.