"ANALYSIS OF IRAQ NEWS: Central Bank Governor Ali Al-Alaq calls for making private sector collections through electronic payment" BY FRANK26, 4 MARCH

 KTFA

FRANK: "KTFA FAMILY... EPS AT ITS BEST FOR THE MONETARY REFORM!!!"..........F26

Central Bank Governor Ali Al-Alaq calls for making private sector collections through electronic payment

3/1/2024

 

The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed today, Friday, the presence of great interest and interaction by Prime Minister Muhammad Shiaa Al-Sudani, urging state institutions to make electronic payments, while noting that the volume of funds collected from state institutions indicates the success of the electronic collection project.

Al-Alaq said, “We are standing on an important station at the national level, which is electronic payment,” indicating that “the issue relates to economic, regulatory, supervisory, and stimulating aspects of investing resources or funds instead of being outside the banking and financial system.”

He pointed out that "electronic collection is an important pillar in activating electronic payment because of the presence of institutions, multiple services, fees and fees, and many services that can save costs, organize and control them through electronic payment methods for which the Central Bank provides the infrastructure and makes it applicable."

He added, "There is an effort at the national level that requires the combined efforts of all institutions, and there is great care, interest, and interaction from the Prime Minister, who is following up with the Central Bank and the concerned authorities to urge ministries and state institutions to interact with this major project."

He stressed that "the numbers mentioned regarding the use of electronic payment indicate that the launch was very successful, and reflect that the issue is moving in the right direction by including all state institutions concerned with collection with the application of electronic payment."

He explained that "the numbers reflected all state institutions and provided electronic collection, and the amount of funds indicates success," expressing his hope that "the scope of application will expand to include all private sectors."

He pointed out that "there is a great response from the federations and concerned private and public economic bodies to advance this large national project and its multiple episodes," stressing that "the Central Bank is working on multiple levels in order to reach important leaps."

LINK