July 12, 2014
in Dinar news
Tomorrow’s Press / BAGHDAD: Iraqi Central Bank on Saturday, starting with the financial systems of payments in settlement of accounts and bank transfers between accredited institutions and individuals.
The bank governor Abdul Basit Turki said for “Tomorrow’s Press,” that “the Bank begin using the financial payments system in settlement of accounts and bank transfers approved between institutions and individuals, because it allows safer and speed in financial transactions and to facilitate whatever the mechanics of financial savings.”
Turki added that “the Ministry of Finance also adopted this system in obtaining the financial dues of institutions and individuals in a move aimed at dissemination of these systems to include all financial transactions.”
Turki said that “the adoption of the payment systems eliminate the need to bring cash instruments or carry large sums of money and endangerment,” noting that “the central bank will manage and operate the accounts of the settlement between the participants to ensure the safety and efficiency of bank payment and clearing systems.”
The Central Bank of Iraq announced, earlier, wished to adopt the methods of mechanization and reduce manual financial trading , which costs time and considerable effort in Iraqi banks, government and private.
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