Financial Advisor: Salary settlement reaches financial services for all

by **claud39** Sun Feb 10, 2019 1:36 pm

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[size=36][rtl]Financial Advisor: Salary settlement reaches financial services for all[/rtl][/size]

Saturday, 09 February 2019

Financial Advisor: Salary settlement reaches financial services for all Alsabaah-5497

Baghdad / Al-Sabah

The financial adviser to Prime Minister Dr. The appearance of Mohammed Saleh: "For the first time at the level of banking organization in Iraq take salaries and wages and pensions and payments associated with social welfare, relief and other way through bank accounts or the settlement of salaries," pointing out that the Central Bank granted freedom to the employee and retired in choosing the bank for the purpose of settling his salary.

He added that "Emiratisation has two main purposes: first, to identify data for real natural persons who are entitled to wages, salaries, pensions and other payments, and to represent a distinctive representation of the governance of financial management and to address the manifestations of corruption and waste of public funds; and the other is to strengthen the capabilities of financial inclusion by providing banking and financial services, To the most vulnerable segments of the community, which has never dealt with banks or dealing with the banking system.

Enabling savings

He pointed out that "the bank accounts of the adult population in Iraq rose from 11 percent to increase today to 25 percent, which means maximizing the cycle of income and enable savings and bank liquidity, to take their way to sustain economic activity and address the recession, as well as the granting of resettlement beneficiaries and through the role The guarantor of bank accounts open to them from the good and positive use of direct access to bank credit or loans to ensure the cash income of the home his own salary strengthens the aggregate demand and supports economic activity, especially investment, because of the increased liquidity of banking and A small amount of compactness and for the benefit of savings, which meets the need for investment through operations performed by banks.

The cost of borrowing

"This reduces the cost of borrowing by shifting important economic groups from the (unorganized) financial market to the financial and banking markets, Which is a large income flowing through the banking system and its tools and mechanisms, "and may be the settlement of salaries and payments of joint stock companies and large companies from outside the government activity in a harmonious development between government resettlement and nationalization.

A quantum leap

"The developments in the field of payments are aimed at providing the best service to citizens and enable them to obtain products that match their daily needs, which led the Central Bank to move towards the project of settling salaries for employees and retirees," said Ahmed Kazem, In order to make a qualitative leap in financial performance serving the national economy. "

He stressed that the smart card issued 10 years ago in partnership with the public and private sectors (mixed) aimed to enable the General Pension Authority to distribute pensions safely through the electronic financial system, and reduce the proportion of manipulation and bribery, and then developed the stages of work through specialized teams follow global developments And has been providing service to more than 7.5 million cardholders with low rates of deduction, and is working in cooperation with Rafidain Bank active partner to continue to provide new services, in line with the instructions of the Central Bank to develop the system of payments and make transactions are conducted electronically.

Important step

He pointed out that "the project to settle salaries is an important step to promote the financial sector and change the form of financial transactions, and raise confidence between the citizen and the banking system."

The Central Bank of Iraq granted freedom to employees and retirees in choosing the bank for the purpose of settling his salary, which enhances competition and makes the attractions a standard for the orientation of the employee who will head towards the institution that has the most products.

"The evolution of payments enhances economic activity and creates stability in its overall operations, especially as the retail banking industry is developing to benefit the customers by settling salaries," the financial adviser said in a statement.

Positive results

Saleh praised the "partnership between Rafidain Bank and KI, where the first represents the public sector and the second mixed sector, and what we are concerned about the results, and we can point to the positive results of such a national partnership that strengthens the money market with new products that harmonize and the need of the family economy and move it to a better stage by adopting advanced technology National economy ".