TO FACILITATE BANKING PROCEDURES…THE IRAQI CENTRAL BANK TAKES 6 NEW STEPS (DOCUMENTS)
Today, Wednesday, October 25, 2023, the Central Bank of Iraq took 6 new steps to facilitate banking procedures, in a letter addressed to all licensed banks.
According to the book, a copy of which Al-Sumaria News obtained, banks must act according to the following all approved banks
M/ Facilitating banking procedures
good greeting…
Addendum to our circulars No. 2/9/275, 9/2/119, and 9/2/126 on 1/7/2019, 23/23 and 2/26/2023, regarding facilitating the procedures for opening accounts and marketing banking services, given the connection between the performance of banks. And their profitability with those products and services, which is reflected in the growth and development of the Iraqi banking sector, expanding financial inclusion, and increasing confidence in this sector. Therefore, bank departments must work on the following:
1.Consider taking into account the interest and return rates for savings accounts – deposits that encourage attracting funds to the sector. The Iraqi banker, in accordance with the monetary policy of this bank.
2.It is necessary for the awareness, media and relations departments in your banks to carry out a media campaign through official websites, as well as on social networking sites, and all official channels and newspapers for the purpose of attracting customers and advertising all the products and services provided by the bank, as well as carrying out external financial transfer operations at the official exchange rate in all branches of your bank and preparing Your employees, which motivates customers to enter the banking sector and enjoy these services.
3.It is necessary for you to work on what your banks offer through (our bank application), in Raqia Private Tennis, (might be a bad translation) and to promote this through all newspapers and social media.
4.Holding awareness workshops, seminars and conferences that encourage customers to enter the banking sector.
5.The necessity of working to expand the procedures related to the process of promoting the deposit insurance company further through the use of the official websites of your banks, or holding meetings with a sample of merchants and investors in order to reassure customers that there is insurance for your banks in the deposit insurance company, and thus the deposits will be returned to them in the event of the bank’s insolvency. In accordance with the instructions and controls issued in this regard.
6.A link is attached to the account opening forms for individual accounts, as well as (merchant accounts), (corporate accounts), and (joint accounts) to work according to, which makes it easier for customers of all types to open accounts with ease and ease, provided that (the form organizer – the liaison officer in the branches) Or the director of the reporting department or his assistant at the main branch – the branch manager – signs the form, and the form data is updated and the Anti-Money Laundering and Terrorist Financing Office is informed in the event of suspicions, without notifying the client of this.
Working in accordance with the requirements of the stated directives will be a critical criterion in evaluating the performance of banks in order to serve the national economy, the banking sector, and the public, with the Central Bank’s readiness to provide support and support to achieve this.
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