2023-12-26T17:32:57+00:00
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/ The Central Bank of Iraq directed, on Tuesday, to localize the salaries of private sector employees.
In a letter sent by the bank to licensed private banks and all non-banking financial institutions, viewed by Agency, it was stated: “Based on the letter of the General Secretariat of the Council of Ministers, Department of Cabinet Affairs and Committees, No. S.L./1/10/Imams/61010 in 12/14/2023, issued in coordination with this bank, and based on this bank’s role in encouraging the use of electronic payment tools and achieving financial inclusion, it was decided to localize the salaries of your employees with banks participating in salary localization services in accordance with the approved contexts, and inform us of your current position on that.”
On Monday, November 14, 2023, the Central Bank of Iraq directed the banks participating in the salary localization project with a number of work mechanisms, indicating that they will work on the safety and stability of the Iraqi payments system.
The Vice President of the Central Bank, Ammar Hamad Khalaf, said in a document addressed to the banks participating in the salary localization project to work on reforming the salary payment mechanism system and obtained by Agency, “The programs of the salary localization project are not integrated with the cash withdrawal service and are not included in any of the offers presented.” “By you.”
The document added that “the commission for cash withdrawal through cash withdrawal machines is fixed and amounts to (6) thousand dinars, with a minimum of (2000) dinars.”
Another document signed by the bank’s vice president added that “the validity period of the electronic payment card that will be issued to the beneficiaries of the salary localization project is (3) years as a minimum.”