The Central Bank of Iraq expected that electronic payment operations would reduce the printing of fiat currencies in the coming years.
The Director of the Operations and Settlements Department at the Bank’s Information Technology and Payments Department, Zaid Hamid Rashid, said in a press statement that “the bank has provided the infrastructure for electronic payment operations, by spreading culture and awareness of this subject and applying the decisions of the Council of Ministers,” noting that “these decisions can be applied with settlement systems to activate a mutual through which these decisions are applied.”
He added that “every new work can face some obstacles, problems and mistakes at the beginning, and we are working to find solutions to these obstacles,” pointing to “establish workshops and meetings in this regard, to review a number of figures that proved the success of the project and the acceptance of citizens.”
Rashid continued that “any problem or disap is a complete cycle and each party has a role in that, such as the central bank and government banks that missed the existence of their own systems, which was the main reason for these problems,” Rashid continued.
“E-payment will reduce paper currency printing operations as well as the strategic benefits for the state in general and the citizen in particular,” Rashid explained.
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