CBI - IRAQ IS A LAW OF ELECTRONIC BANKING

Source: Dar Al-Hayat - 21/01/2010
«Central» Iraq is a law of electronic banking

The Director-General of the unity of the banking and credit of the Central Bank of Iraq and Idi Walid Abdul-Hussein said in a statement to the «life», the central bank is a law of electronic banking, and submitted to the State Advisory Council for discussion and approval, in addition to preparing a new system of payments helps to provide advanced banking services, referring to the topic to facilitate handling of the provisions of Article 28 of the Banking Act which identified some activities are not allowed for private banks, and try to correct them to serve the Iraqi economy and banks.

He pointed at a seminar organized by the company «the money for electronic banking services» to discuss products, electronic banking and banking constraints in Iraq, the central bank has developed a system of 5 points, raising the level of assessment allows the banks that provide quality services, which assist him in obtaining a loan contract with an external State agencies and funds referred to him by «Trade Bank of Iraq».

He stressed that the central bank seeks to enhance the contribution of banks to GDP, which currently does not exceed 7 per cent.

He called on Chief Adviser to the Prime Minister and former oil minister Thamer Ghadhban, to «a more vital role to the finance sector and banking activity which is a very important sign, in domestic economic activity», and to develop financing mechanisms required for development in the country. He explained that the private sector has an important and vital, particularly in the banking activity in the mechanisms and the introduction of modern methods.

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