Study the impact of electronic means of payment on monetary policy tools in the Iraqi economy

Abstract

Owing to the technical progress in all the joints of life and the fact that the banking sector operates in a changing environment, it is imperative to keep pace with the technological development that is taking place. \"The electronic payment system is an advanced system and represents the future system of payment forms in all State institutions and in most countries. The speed and accuracy of financial transactions has a significant impact on the accreditation of these systems to the monetary and financial authority. However, it faces many difficulties, especially in Iraq, including the lack of the necessary infrastructure for its better functioning, Customers\' lack of confidence in dealing with this system, using traditional methods of working with it, as well as weak data and information protection, as the practical framework shows us that there are differences in dealing between 2018 and 2017, 2016 in transferring amounts and using different systems, The researcher has come to a set of conclusions, one of the most important of which is that technological advances exert many effects both on the economic and monetary levels. The emergence of electronic means of payment, which have affected monetary policy in general and monetary policy instruments in particular, has resulted in technical advances in banking. The system of armour and reconciliation in any country is closely linked to the central bank\'s main function of achieving and maintaining monetary stability. This is achieved through the operation and supervision of these systems by the monetary authority.