Called on the Iraqi Central Bank, private banks and money transfer companies to shift towards the adoption of smart card system in the settlement of financial and banking operations, both among themselves and with public customers and expand the use of this system on par with what is universally applicable.
The central bank adviser appearance of Mohammed Saleh, told Radio Free Iraq that the invitation came “because the use of smart card system of positive impact on monetary policy and operations of currency management, which has become expensive and require considerable effort to control the large size of the block of cash currently in circulation and protection from risk of theft and storage, let alone for the costs of which are issued to ensure the transition towards the adoption of smart card alleviate much of the burden ” , as he put it.
As the advisor for that calls for the central bank to adopt the smart card might seem at first glance a leverage on the private banking sector, but it falls at the end of the day under the direction of the Central to push the sector towards the adoption of payment instruments Financial modern “which in fact is not only the step of shift towards a market economy, which imposes a strong banking institutions adopt advanced systems in the management of its activities. “
For its part, welcomed a group of private banks at the invitation of the Central Bank but called for its part to enact legislation to ensure legal to give confidence to customers from the public and private sectors alike to handle the smart card. In this regard, stressed the director of the National Bank of guidance and a member of the Association of private banks, Iraqi Abdul Aziz Hassoun that “without a law regulating the smart card work and ensure the rights of dealers by the invitations to use pure wishful thinking will not only” as he put it.
The economic expert as Abdul Hadi, he believed that the high costs of the technologies required for the operation of the smart card system and the weakness of banking awareness among the general public to it , “obstacles are essential was the first Central Bank to think first how to bypass them before heading with his calls to spread the use of smart card”