BAGHDAD, Iraq -
Iraq seeks to develop its banking sector by launching a system to transfer funds or withdraw the mobile phone used by 70 percent of Iraqis, while 20 percent of them have only a bank account.
This project aims to allow banking operations, while reducing the movements of individuals in the country is witnessing acts of violence almost daily, and is among the world's most corrupt.
Supervisors say the plan, which is due to come into force during the year, this step will be an additional source of income for banks because it would double the number of financial transactions. He said the Iraqi Central Bank Governor Sinan al-Shabibi a news conference in Baghdad on Monday that the project which is supported by the U.S. Agency for International Development "is very important to strengthen the capacity of the private banking sector." He stressed that "the most important thing in the financial sector speed of the movement and exchange of information", hoping to take the project through implementation "within a year from now." According to unofficial estimates that 20 percent of Iraqis only have bank accounts, compared with a rate of 28 percent of the adult population in developing countries, and 81 percent in developed countries, according to a report issued by the World Bank in 2010.
Iraqi officials and justifies this by saying that there is no confidence among the citizens of Iraqi banks, along with other reasons, including the security situation.
He said the Indian expert: working with the Trade Bank of Iraq Andrajit Roy Chowdhury told AFP that "a long period of war and international sanctions and isolation, as well as the security situation, which imposes restrictions on the movements and the low prevalence of banks and distribution factors, prevented the development of the banking sector." Receives most of the Iraqis paid in cash by hand, do not feel the need to embark on the steps a bank, return them boring, you start settling their monthly salary, as have other checks prefer to spend immediately, rather than deposited in a bank account. According to Chowdhury said, "This situation is slowly breakthrough with the opening of bank branches further her in the provinces, and the payment of salaries through bank transfer, and provide new financial arrangements concerned with the needs of individuals. "
Iraq relies on the popularity of the mobile phone, which uses 70 percent of the population of the country's roughly 30 million, in order to push towards the development of the banking sector. He says financial adviser Karl specialist Rosanquest that "experience has shown that financial services via mobile phone of interest to young people before they develop gradually to reach the generations more advanced in age
http://www.alsabaah.com/ArticleShow.aspx?ID=7602
Iraq seeks to develop its banking sector by launching a system to transfer funds or withdraw the mobile phone used by 70 percent of Iraqis, while 20 percent of them have only a bank account.
This project aims to allow banking operations, while reducing the movements of individuals in the country is witnessing acts of violence almost daily, and is among the world's most corrupt.
Supervisors say the plan, which is due to come into force during the year, this step will be an additional source of income for banks because it would double the number of financial transactions. He said the Iraqi Central Bank Governor Sinan al-Shabibi a news conference in Baghdad on Monday that the project which is supported by the U.S. Agency for International Development "is very important to strengthen the capacity of the private banking sector." He stressed that "the most important thing in the financial sector speed of the movement and exchange of information", hoping to take the project through implementation "within a year from now." According to unofficial estimates that 20 percent of Iraqis only have bank accounts, compared with a rate of 28 percent of the adult population in developing countries, and 81 percent in developed countries, according to a report issued by the World Bank in 2010.
Iraqi officials and justifies this by saying that there is no confidence among the citizens of Iraqi banks, along with other reasons, including the security situation.
He said the Indian expert: working with the Trade Bank of Iraq Andrajit Roy Chowdhury told AFP that "a long period of war and international sanctions and isolation, as well as the security situation, which imposes restrictions on the movements and the low prevalence of banks and distribution factors, prevented the development of the banking sector." Receives most of the Iraqis paid in cash by hand, do not feel the need to embark on the steps a bank, return them boring, you start settling their monthly salary, as have other checks prefer to spend immediately, rather than deposited in a bank account. According to Chowdhury said, "This situation is slowly breakthrough with the opening of bank branches further her in the provinces, and the payment of salaries through bank transfer, and provide new financial arrangements concerned with the needs of individuals. "
Iraq relies on the popularity of the mobile phone, which uses 70 percent of the population of the country's roughly 30 million, in order to push towards the development of the banking sector. He says financial adviser Karl specialist Rosanquest that "experience has shown that financial services via mobile phone of interest to young people before they develop gradually to reach the generations more advanced in age
http://www.alsabaah.com/ArticleShow.aspx?ID=7602
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