The Governor Of The Iraqi Central Bank Identifies The Advantages Of “Electronic Collection”: A Very Important Episode, 24 FEB

 The Governor Of The Iraqi Central Bank Identifies The Advantages Of “Electronic Collection”: A Very Important Episode

Economy News – Baghdad  Today, Thursday, the Governor of the Central Bank of Iraq, Ali Al-Alaq, described the issue of electronic collection as an “important episode,” and while he pointed to the advantages of collection, he stressed the Central Bank’s commitment to supporting this initiative.

Al-Alaq said in a speech during a workshop organized by the Iraqi Private Banks Association, and attended by an “Al-Iqtisad News” correspondent, that “the launch of the electronic collection project comes as a translation of the commitment of the Central Bank and the banks and financial institutions subject to the supervision of the Central Bank to implement its vision and strategic objectives to develop the financial banking 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 stated, “This project generally targets all governmental ministries, as well as non-governmental ministries, unions, and associations from which the amounts are collected,” pointing out that “this project will enable the automation of all collection operations, the adoption of electronic payment tools, and the reduction of cash transactions, which in turn will help reduce the burden of burden on citizens by accelerating the completion of transactions.”

The Governor of the Central Bank explained, “Customers can choose the time and place they want to pay bills, and this will save time and effort and provide services to pay citizens through multiple payment channels with a high degree of trust and security.”

He pointed out that “this matter increases collection rates, reduces costs, reduces the risks of cash dealing, raises the efficiency of the service provided to the citizen, and obtains integrated data and reports,” considering that “electronic collection is an important link among the links seeking to reduce the phenomenon of the cash economy, which the Central Bank seeks to achieve.”