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Parliamentary Finance proposes a roadmap to end “chunky money” in homes


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Information / Baghdad

Member of Parliamentary Finance Committee MP Jamal Cougar, on Sunday, presented a road map to end the file of hidden funds in homes.

Cougar said in an interview with the "information", that "a large percentage of Iraqis intend to hoard money in homes and not deposit it in banks, whether financial or private for multiple reasons, stressing that compactness is a mistake and has significant economic damage."

He added that "pushing the government to adopt electronic payment through a smart card for all the salaries of its employees and to make dealing with it as a unified framework through the disbursement of loans and depositing receipts for the money to the departments will pay the citizens to transfer their money to the electronic trading file in paying its expenses, whether for government departments or the private sector."

He pointed out that "the file of the hoarding of funds will end up due to the road map that he put forward, which is the most influential and approved in almost all countries of the world, especially those with developed economies, pointing to the proposal to raise the interest rate has an impact, but our society is Islamic by 90% and does not interact with interest profits."

Iraq suffers from a large proportion of the money siphoned in homes despite the presence of dozens of government and private banks due to lack of confidence in them. 25 p. Ended

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Editing Date: 7/27/2020 20:16 • 167 read times
Parliamentary Finance proposes a road map to end the file "hoarding money" in homes
Ayna News - Baghdad,

a member of the Parliamentary Finance Committee, Representative Jamal Cougar, on Sunday presented a road map to end the file of hidden funds in homes.

Cougars said, “A large percentage of Iraqis are hoarding money in homes and not depositing them in banks, whether they are financial or private for multiple reasons, stressing that compactness is a mistake and has great economic damage.”

He added that "pushing the government to adopt electronic payment through a smart card for all the salaries of its employees and to make dealing with it as a unified framework through the disbursement of loans and depositing receipts for the money to the departments will pay the citizens to transfer their money to the electronic trading file in paying its expenses, whether for government departments or the private sector."

He pointed out that "the file of the hoarding of funds will end up due to the road map that he put forward, which is the most influential and approved in almost all countries of the world, especially those with developed economies, pointing to the proposal to raise the interest rate has an impact, but our society is Islamic by 90% and does not interact with interest profits."

Iraq suffers from a large proportion of the money siphoned in homes despite the presence of dozens of government and private banks due to lack of confidence in them.
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Just now, jeepguy said:

That's what I was also thinking, 

They push electronic cards , 

No need to release the chunkie money monster


Even If they call the notes due, they will exchange them and put the new notes back under the silky sheets. 

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So just to recap , to end the chunky money in homes the plan is to go cashless / digital so the citizens will not be able to keep money in homes in the future , is that what the articles are suggesting ? didnt exactly read any plan to draw the current cash stashed out ,

iraq's been after that cash for a very long time now wasnt it like 70% of cash is out of bank system ....... 

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@MEP01 - yeah, you didn't learn that in Sunday School?  Like cell phones too, they'll have you worshipping their SIMP cards and you'll start simping.  Bad stuff there, ya know? Next thing our cars' nav systems will be rising up and taking us over as well.  jus sayin, lol

 

Me, I'll stay with my chunky money, eatin' Ben & Jerry's Chunky Monkey thank you. Fuel up for a great RV!!

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regardless of what they do, they need to get cash from homes to banks. The only way to do this is to change the rate. Germany did it, and its the only. first hand accounts from articles in the trueman library reports rates of exchange were varied depending on security. so cash, cash in bank and loans were exchanged at different rates. I am not saying this will occur here but Germany was no different from Iraq. Under Saddams and Hitlers rule they were were not allowed to own businesses or have money in banks. It was forbidden. there was no trust in government owned banks. no difference with Iraq. Are they going to open up international on the isx without a rate change? NO

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the isx is part of the money cycle....it plays a very important role in the Arab world. The ISX will not fail. Same as Kuwait when that kicked off, government bailed them out and now look at the share prices. The richest Kuwait families running the isx were issuing securities, and over the top bank cheques. system failed. government bailed them.

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