New Electronic System would improve Financial Condition in Iraq: Finance Committee

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A member of Iraqi Parliamentary Finance Committee Majida Al Tamimi has confirmed that Iraqi Central Bank is considering seriously for the application of collection and payment of cyber project in the coming period.

She further added in her press statement that the Office of Iraqi Prime Minister arranged a workshop in collaboration with the Central Bank of Iraq regarding the electronic payment and collection system. She explained that e-cards will be used for electronic transactions for salaries of employees, payment and collection of taxes. This new system would provide an ease and more people will be involved in the Iraqi banking system. Al Tamimi also pointed out that Iraqi Central Bank has guaranteed for the success of this project, so CBI should study all related issues regarding this project.

Al Tamimi further explained that there are a number of international companies showing their experiences for this project and various companies are getting license for this project such as Asia Cell. She also pointed out about reforms and said that Iraqi government should take some serious and accurate measures for the implementation of reforms packages. She added that Iraq is experiencing more severe economic and financial situation, and it has reached at very dangerous position due to declining in state revenues. It is important that continuous decline in the global oil price reflected negative impacts on the Iraqi economy. She added that decreasing state revenues and increasing expenses in the war against terrorism has made Iraqi financial and economic condition more problematic.

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