Tuesday, January 11, 2011

Central Bank of Iraq announced the introduction of electronic clearing

Posted: January 10, 2011 by CURRENCY NEWSHOUND – Just Hopin in Iraqi Dinar/Politics 10.01.2011
Mohammad Karim
Knew bankers clearing as the discount part of religion and higher-value between two people, both creditor and debtor at the same time, in other words, “truncated the religion of another religion, the highest value of it,” It is one of types of transactions recognized between banks through instruments of paper, which is still in force in the largest number of Iraqi banks through manual adjustment of the books of account.
The consultant said the Iraqi Central Bank the appearance of Mohammed in his interview with Radio Free Iraq, this changed dramatically at the present time, after the bank announced the start of work-based electronic clearing based on the use of instruments, magnetic read special equipment associated with the “information network for the banking system of Iraq,” to provide to the banks concerned and the Central Bank within seconds of each of the financial position as editor of the instrument as the holder of the debtor and creditor alike, to take place during the process of clearing after a few seconds after that was to last for days, weeks, even months in some cases.
Shows the benefit of the clearing system of the new participation of two government banks and four of their counterparts civil as well as government ministries, will provide safety, speed and accuracy in completing the financial settlements, as well as promote a culture of dealing DRAMS money, which means instruments and the like for payment processing and payment.
Some banks, Iraqi civil confirmed its part, willingness and readiness of full hand available on the systems, technologies and human resources to enter the clearing system is electronic, “says a member of the Association of private banks, the banking Abdul Aziz Hassoun that” private banks invested a large portion of their funds to upgrade the Bbnaha infrastructure to cope with what is universally applicable, and is eager to use these structures in their work. “
However, the economics professor Mustansiriya University Dr. Abd al-Rahman al-Mashhadani is believed that private banks are not ready as it should for the application of the clearing system electronic in its operations during the six-month period set by the central bank, because they are still experiencing weakness in their human resources to qualify along with other problems related to the availability of electric power .
http://www.iraqhurr.org/content/article/2271731.html

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