Innovations of modern payment systems and the effectiveness of monetary policy With particular reference to experience the Central Bank of Iraq

Abstract

That the spread of Settlement Systems of Electronic Payments brought about a fundamental change in the mechanism of settlement of payments &direct them towards electronic means of non-monetary means &systems used to transfer cash balances from one account to another &settle payments between banks in order to keep pace with global economic developments have been taken by monetary authorities representative of Iraq's Central Bank set of actions & measures which were based on a number of pillars of artistic &technical legislative to create the future trends towards the development of settlement system of payments of Iraq particularly since the Central Bank usually owns all the propulsion systems of high-value &determine the rules &principles that govern these systems, as well as the importance of their role in ensuring &providing the security &effectiveness payment systems of all kinds. The (Iraqi Payment System – I.P.S) which started the Iraq's Central Bank Its application & supervision of its implementation since (2004) an integrated system for the settlement of payments between Iraqi banks &works according to the best mechanisms & international standards & consistent with the requirements of the financial environment & the global banking modern-dependent information & communication technology in order to promote the Banking Sector of Iraq & risk reduction & prevention of movements is safe for cash flow & put it on a competitive basis from which to sustain its competitiveness & keep pace with changes the New Economy.