Central Bank: six banks had introduced electronic clearing

Central Bank: six banks had introduced electronic clearing
02/03/2011 21:31

Baghdad, February 2 (Rn) - The adviser to the CBI on Wednesday that the government and private banks began using the electronic clearing system.

He said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the central bank began a practical way to activate the Automated Clearing System through activation of instruments, computing and operating according to the system magnetization and encryption between banks within the program of electronic links between banks participating in this system."

He pointed out that "banks, which now operates within this system is the six private banks, is expected to work with all government and private banks in this system in July (July) next year."

He continued that "the electronic clearing system will reduce manual transactions, and banks will raise the capacity of electronic business transactions and will pay cash in Iraq toward a modern banking technologies."

Saleh explained that "the work according to the electronic clearing system will enhance the central bank's ability to reduce corruption and manipulation of financial operations as it is an important step in the development of banking capabilities."

And the World Bank allocated $ 10 million for the restructuring of state banks and activate the electronic dealings.

The Ministry of Finance of Iraq for its efforts during the next year to develop an integrated plan to develop e-government banks and financial relations in the activation of this aspect.

The Iraqi government is still limited in its financial transactions on the government banks approved by 85%.

And called on the Ministry of Finance earlier in the Iraqi Central Bank to take resolute action in granting licenses for the establishment of private banks.

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Payment Systems
http://www.cbi.iq/index.php?pid=PaymentSystems

Now this is good news. Thanks Rocky