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Shredd: I also like the point that the existing system is incompatible with the stage they are CURRENTLY at! Not the stage they want to get to, the stage they are CURRENTLY at!

So, they are ready NOW to transition to a market economy.    Awesome article!

Tlm724: The central calls for new controls for the retail payment system

17/9/2017 12:00 am   Confirmed the possibility of expanding electronic payment activities
Baghdad / Mustafa Hashemi

The Central Bank called on mobile phone companies to adopt the new regulations issued by them to work in accordance with the developments of the work of the retail payment system.

The Central Bank announced the modernization of the rules of participation in the infrastructure of the retail payment system, stressing the need to adopt and work under it, at a time when he stressed the possibility of expanding the work of banks and financial transfer companies and mobile phone companies and the practice of any electronic payment activities in the event they wish to operate electronic payment system of funds No. 2 For the year 2014.
The importance of the work of this system said economic researcher Lubna Al-Shammari: The Bank’s call for banks and companies to work with updates of the new system and infrastructure comes through the pursuit of the development of the system of public payments in Iraq through the adoption of modern technology Which ensures that the service is delivered quickly and qualitatively far from the complexity of routine.

Al-Shammari told al-Sabah that the central bank was keen to implement plans aimed at facilitating the transition to a market economy and liberating itself from the totalitarian regime, which has become totally incompatible with the requirements of the current stage.

She pointed out that the Central had earlier announced its readiness to develop banking work through the announcement of the draft national division and invite foreign companies for the purpose of contracting with them and agree on its implementation.

The academic economist d. Majid al-Baydani said earlier that “the work of advanced banking systems with the participation of mobile phone companies will allow citizens to transfer funds from their assets to any bank or branch or someone else, which saves time and cost and efforts as well as reduce the security risks of trading cash in large amounts When conducting business transactions.

The Central Bank called about two years ago, wishing to banks and companies that have licenses to expand the work of banks and financial transfer companies and mobile phone companies and the practice of any electronic payment activities in the event they want to operate the system of electronic payment services, stressing that they must submit formal requests to practice these Service is a requirement to comply with the requirements of the system and provide all documents.

As for the companies that do not have a license from the bank and want to work as an electronic payment service provider, a source at the bank explained at the time that it is necessary to obtain a license from the Directorate General of Banking and Credit Control of the Center and to comply with the requirements. Besides, the capital of the service provider is 10 billion dinars, 3 years after the issuance of instructions.

He pointed out that the fee of granting the license is 5 million dinars paid one time when granting the license, as well as providing a letter of guarantee of 15 percent of the capital is renewed annually, adjusted the ratio in light of the company’s budget issued after the end of the fiscal year.

The source added that the applicant must pay the fees to study the application to participate in the retail payment project and the national division and the two million and 500 thousand dinars are not refundable.

http://www.alsabaah.iq/ArticleShow.aspx?ID=144333

tlm724:   Very Happy love it when they take control !!

Shredd:    Whoa whoa whoa..

…the central bank was keen to implement plans aimed at the transition to a market economy and liberating itself from the totalitarian regime, which has become totally incompatible with the requirements of the current stage.

If that’s not what we’re looking for, I don’t know what is! The part we should be excited about is a market economy has a floating rate currency. This confirms the Central Bank’s aim to transition to a market economy.

A market economy is an economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country’s individual citizens and businesses. There is little government intervention or central planning.

I also like the point that the existing system is incompatible with the stage they are CURRENTLY at! Not the stage they want to get to, the stage they are CURRENTLY at!

So, they are ready NOW to transition to a market economy.    Awesome article!

tlm724:   Thank you so much Shredd !!! I have been watching over the last several weeks as the focus shifted from “security” to “economic ” and it is very exciting indeed ! Here’s a good one from today:

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Tlm724:   IMF calls for the restructuring of the rational and Rafidain Bank   ​

money and business   Economy News _ Baghdad

The International Monetary Fund (IMF) on Monday called on the Iraqi authorities to restructure the Rasheed and Rafidain banks and strengthen the legal framework of the central bank, calling for the cancellation of the remaining entry on the dinar exchange rate.

The Iraqi Business Council said in a press statement received by “The Economist News” that “the head of the mission of the International Monetary Fund in Iraq, Christian Joss, discussed in the Jordanian capital Amman with the delegation of members of the Iraqi Business Council the latest developments in the Convention on credit readiness with Iraq and the challenges facing the Iraqi private sector” .

​”The IMF urged the Iraqi authorities to take further measures to strengthen oversight and implement plans to restructure state-owned banks that control the banking system, including the Rashid and Rafidain banks, strengthen the legal framework of the Central Bank, and eliminate the remaining restriction on the exchange rate and the practice of multiple exchange rates , And the implementation of measures to combat money laundering and the financing of terrorism and fight corruption.

“The International Monetary Fund stressed the importance of implementing structural reforms to improve the investment climate and diversify the economy to encourage private sector activity and improve the business environment,” the statement quoted Jos as saying.

“Integrity in Iraq does not need new laws, but rather to implement existing laws strictly to combat corruption. The international community should help Iraq in this regard,” he said.

Views 34   Date Added 18/09/2017
http://economy-news.net/content.php?id=9046

Shredd:   Yes! Eliminate the remaining restriction on the exchange rate!   Outstanding!

RCS1947:   Very Happy Very Happy Very Happy

brown sugar:   Wow !!! This is getting gooooooood

http://www.bondladyscorner.com/t184702-the-central-calls-for-new-controls-for-the-retail-payment-system