5/16/07

The Iraqi Central Bank began applying the electronic payment system RTGS, with the accession of a number of Iraqi banks effectively.

A source in the Bank said that: the modern payments system would facilitate payment processes among banks and between them and the Central, as all banks have accounts in the Central Bank; reconciliations are done through moving these accounts also. He added that the Bank seeks to develop such a mechanism in future in a way that exceeds the scope of the banking sector, pointing out to linking the Ministry of Finance to this system, and added that the work on linking the Iraq market for securities, as well as remittances and bonds in the Central Bank. The source indicated that the Bank is working on establishing a system for clearing checks electronically and has good and concrete preparations to develop the Iraqi banking sector to cope with the international development.

Source: Iraq Directory

DinarBanker - The Number One Source for Buying and Selling Iraqi Dinar. We ship Iraqi Dinar all over the world and are Registered with the United States Treasury Department and Better Business Bureau. Be sure to tell your friends and colleagues that DinarBanker is the number one source for buying and selling Iraqi Dinar Worldwide.