National Council of Payments announced by the Central Bank

The Central Bank of Iraq has announced the start of the National Council of Payments on Monday. It will supposedly include the membership for the Iraqi Central Bank, banks of the Iraqi government, the Iraqi Private Banks Association, Electronic Payment Companies, the Iraqi Stock Exchange, Iraqi Finance Ministry, the Media & Communication, and the representatives of the Security Services. The first meeting of the National Council of Payments was headed by the Governor of Iraqi Central Bank, Ali Mohsen Al-Allaq. This meeting was attended by its members, including the Central Bank of Iraq, governmental banks, the Association of Iraqi Private Banks, Security Services representatives, and the Electronic Payment companies. The Iraqi Information & Communication Authority, Iraqi Finance Ministry, and the Iraqi Stock Exchange also participated in this important meeting. The Governor of Iraqi Central Bank, Ali Mohsen Al-Allaq said during the meeting that this Council has its own importance in building a close relationship between the financial & banking sectors and stakeholders.

National Payments Council

The Council will not start its working until the availability of basic infrastructure for establishing the legal and technical infrastructure regarding the payment systems in the country. Mohsen Al-Allaq added that the Council will also provide the guideline in order to monitor and evaluate the specific payment systems through the contribution of proposals and perspectives by the members of the Council. The members of the National Council of Payments admired the start of its working. They are expecting to participate supporting the electronic payment projects by preparing a national strategy for payments. It will also contribute eliminating the obstacles experiencing during the work of beneficiaries of these systems. A representative from the World Bank was also introduced in the meeting and it has been considered an advanced step. It is important that 40% of the central banks in the world have established payment boards in their own countries.

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