MEMBER OF THE PARLIAMENTARY FINANCE COMMITTEE REVEALS TWO PROPOSALS TO DEVELOP THE BANKING SECTOR
Member of the Finance Committee in the House of Representatives, Hussein Mounes, revealed today, Monday, two proposals from the committee to develop the banking sector in Iraq.
Mounes told the Iraqi News Agency (INA): “The digitization of the banking system in Iraq is part of the government program voted on in the House of Representatives, so it is a necessity that must be adopted, and we see that there is a major transformation and it is an opportunity to ensure the principle of transparency, limit the amounts of money and reduce banknotes, and it is also a necessity that must be taken into account, given that there is a global trend in the issue of digitization and the adoption of bank transfer companies. ”
(Mnt Goat- but does digitization include going as far as a total digital currency? I think he means just electronic transfers and payments.)
He pointed out that “the Finance Committee is following up on the process of financial digital transformation and is in contact with the Central Bank to develop plans to resolve this issue,” indicating that “we have no choice as a country trying to launch its banking system except to proceed quickly and expedite the resolution of matters.”
Mounes added that “the Finance Committee has two proposals: the first is to amend the law of private banks; to ensure their participation and raise the efficiency of local banks, and we have a proposal to adopt the Federal Revenue Control Authority, and these two legislations are very important for developing the banking system in Iraq.”