Economy News – Baghdad
The Governor of the Central Bank of Iraq, Ali Al-Alaq, on Thursday, described the subject of electronic levies as “the important link”, and while referring to the advantages of the levy, he stressed the commitment of the Central Bank to support this initiative.
Al-Alaq said in a speech during a workshop organized by the Association of Iraqi Private Banks, and attended by the correspondent of “Economy News”, “The launch of the electronic levetation project comes as a translation of the commitment of the Central Bank, banks and financial institutions under the control of the Central Bank to implement its vision and strategic objectives to develop the banking financial sector in Iraq.”
He added, “The project will contribute significantly to enhancing government resources and collecting them in a reliable, secure and transparent environment, relying on the infrastructure in payment systems and electronic payment platforms provided by the Central Bank and providing payment services.
Al-Alaq explained that “this project generally targets all government ministries as well as non-governmental, unions and associations in which the amounts are collected,” pointing out that “this project will enable the automation of all collection processes, the adoption of electronic payment tools and the reduction of cash transactions, which in turn will help to alleviate the shoulders of citizens by accelerating the completion of transactions.”
The governor of the central bank explained that “customers can choose the time and place they want to pay the bills and that this would save time and effort and provide payment services to citizens through multiple payment channels with a high degree of confidence and security.”
He pointed out that “this increases collection rates, reduces costs, reduces the risks of cash dealing, raises the efficiency of the service provided to the citizen and obtain integrated data and reports,” considering “electronic collection is an important link that seeks to reduce the phenomenon of the monetary economy, which the Central Bank seeks to work on at several levels in order to optimize the use of transport and expand financial inclusion.”
Al-Alaq stressed that “the Central Bank affirmed its full commitment and partnership with its colleagues to support this initiative by supporting the growth and use of the local economy while maintaining its stability and status through cooperation and a meaningful challenge.”
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