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Monday, June 4, 2018

KTFA UPDATE, 4 JUNE

KTFA:

Samson:  National Bank of Iraq

 2nd June, 2018

Smart Chip technology offers an electron visa card from the Iraqi civil bank additional protection against fraud when using card at sales points or Atms that support smart chip technology.   LINK
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Samson:  The Association of Iraqi Private Banks praises the establishment of the National Payments Council

 4th June, 2018

The Association of Iraqi Private Banks praised the establishment of the Central Bank of the National Payments Council, which will increase banking services

The governor of the Central Bank of Iraq, Ali al-Alaq, chaired the first meeting of the National Payments Council, which includes the Central Bank of Iraq, government banks, the Association of Iraqi Private Banks, electronic payment companies and representatives of the security services

"The establishment of the National Bank of Payments by the Central Bank of Iraq is a very important step that will contribute to the private sector in defining the future vision and strategy and achieving banking reforms, "The National Payments Council also aims to follow up and develop the banking legal environment that contributes to the application and development of payment and settlement systems and means of payment," he added

He explained that "the tasks of the National Payments Council are based on supporting the infrastructure of the payment system that is in line with the recommendations of the Basel Committee for Payment and Settlement, the International Monetary Fund, the World Bank and others." 

He added that "the National Payments Council will follow up clearing systems and the depository and transfer center to settle transactions in the stock market and contribute In the development of electronic payment methods. "

On the other hand, the Governor of the Central Bank Ali Al-Alaq said during the meeting that " the National Payments Council will strengthen the strong relationship with the banking sector." 

He pointed out that "the Council will be the guide that evaluates and monitors the system of payments through the inclusion of visions and proposals by members of te Council . "

For his part, the representative of the World Bank said that the meeting, said that " the Council of National Payments attended an advanced step , especially since there is a 40% from the central bank has a board payments , " expected to "contribute through international participations support payments system in Iraq   LINK

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