Localize staff salaries. The last day of the paper in the Iraq Dinar



Economy news Baghdad:

The Iraqi Government started to actively implement the salary domiciliation project delivery through electronic payment cards staff salaries issued by banks operating in the country through cuts of up to two thousand dinars.

Financial advisor to the Prime Minister, Mohamed Saleh, look for “news”, “economy project resettlement salaries going according to plans by his Government because it includes several objectives including the payments system efficiency and revitalize the banking sector through the granting of loans and other services diversification,” adding that “keep cash at home and not traded in the market leads to significant losses of up to 8% of GDP estimated at 12 billion dollars.

“The salaries of State employees and retirees and social welfare are 50% of the State budget, which represents 25% of GDP, is an important gateway to make electronic paychecks,” pointing out that “financial inclusion the biggest way to control government spending because it would switch from manual payment to payment in addition to knowing who handle cash and competencies”, adding that “the Cabinet decided that the 20% of State employees receive their pay in next October through electronic means of payment.”

He noted that “the salary domiciliation plan ending in the year 2020, especially that 5 million Iraqis currently use the card getting paid”, noting that “the World Bank is watching with government payroll localization issue because it increases economic activity up to 2% of GDP.

And involved in the process of settling Government and private bank 19 salaries and foreigners, with a staff of about four million people earn annually more than 35 trillion dinars.

For his part, said the Executive Director of the Association of private banks, to Gibraltar, “news”, “economy work is ongoing in the draft resettlement staff salaries, which aims to develop the banking sector,” adding that “ongoing work with ministries of health, electricity and staff accounts will begin this week.

The shopping process going through credit cards without any deduction, plus he can use ATMs deployed in Iraq by the national system “.

She was Director of payments at the Central Bank, Abdul Karim said in an interview he sacrificed to Economics News, that “the draft settlement of salaries called by Cabinet applied recommended taking into account as much importance by the Central Bank of Iraq”, stating that “the Central Bank first to pay staff localization project dish and prospered.

Abdul Karim added that “the CBI took big guarantees from banks for payroll localization project and will hold any bank fail to distribute employee salaries”, noting that “no fear on salaries in Enterprise localize salaries.”

Abdelkarim affirmed that “choice ministries to banks based on criteria set by the Central Bank of Iraq in this project and each is free to choose for banks set by the Central Bank.

While the electricity Ministry said in a press release received “news” economy “, the Iraqi trade bank master card cards will be issued to Ministry staff free for once if you open an account within the Bank, and the second time will be the cost of issuing master Kart (40,000 thousand dinars) in case of loss.

“The Iraqi Trade Bank ATMs will be at the Ministry of electricity to pay employees on time when you send information to the Bank by the Ministry and the cost of pulling the employee’s salary is (ID 2000) total salary salary shall be divided into approximately 750 thousand dinars per employee have the right armor that is drawn from his salary as he wants.”

“The employee is entitled to draw his salary from any ATM outside the Ministry and will be cost (2500%) Of compensation if a bank outside Iraqi bank framework of trade “, indicating that” the deals included advances to staff ranging from 10 to 100 million dinars and different interest rates plus loans approaching reality apartments (4%) that does not exceed 75 million amount in 15 years, as well as auto loans to no more than (60 million) and interest (8%) For a period (4 years), certificates of deposit (500,000 thousand dinars) leads to pull up to awards (100 million).




One thought on “Localize staff salaries. The last day of the paper in the Iraq Dinar

  1. Ok, help me out here…I am “thinking” that this article is telling us about baby steps leading up to the major change we are looking for.
    Salaries on smart cards/ATM Cards will stop putting paper money on the streets, the
    IQD and USD. So…I see this as de-dollarizing and deleting zeros (large denoms) off the streets, electronic money. Eventually there will be lower denominations.
    They are also trying to get the “chunky money” (hidden under mattresses) back into the bank.
    I hope all this is the case and I am not reading it incorrectly.
    Comments welcomed!
    Mrs. G


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