Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, confirmed that the Prime Minister is focusing on the electronic payment system as a modern step for development.
In his speech at the Iraqi banking conference, which was attended by the National Iraqi News Agency (NINA), he said: “The security stability prompts us to open the doors of investment by diversifying the annual revenues.”
Al-Alaq added: “Our country is witnessing a regional and international movement for construction, reconstruction and investment because of its natural resources.”
He explained: The Central Bank of Iraq is working on financial stability, and its initiatives to finance economic activities since 2015 amounted to 13 trillion dinars.
Al-Alaqi said: “Electronic payment enhances financial inclusion in our country in partnership with international expertise and with direct support from the World Bank and other international bodies to improve revenues, justice, and financial and economic stability.”
He continued: “We are working on achieving advanced policies to ensure the implementation of processes to protect systems and user data by adopting modern frameworks. We seek to achieve an integrated system through private and public financial institutions to prevent monopoly. We look forward to joint business partnerships for electronic payment and are committed to full support to achieve an advanced electronic payment system that promotes growth and sustainable development.”
Al-Alaq announced: “Work is now on establishing a Riyada Bank for Social Development to support youth. It will be the first bank in Iraq to take care of vulnerable groups and owners of small projects and to support women.”
He added: “We are working on establishing a loan-granting company and preparing a national strategy for bank lending, and we will launch the Finance and Business Center in Baghdad as an integrated financial city, and the Prime Minister instructed the Municipality of Baghdad to allocate suitable land for the project in addition to the contribution of the Association of Private Banks, and we are working to achieve reform in government banks and we have provided specialized studies in this regard in order to reach tangible results.
Source: National Iraqi News Agency