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Economist: We are about to embark on a qualitative leap in financial transactions


6ly410
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Economist: We are about to embark on a qualitative leap in financial transactions

 

Information / Baghdad.Economic affairs researcher Hisham al-Baidani said on Friday that Iraq is about to embark on a qualitative leap in the quality of financial transactions, especially with the entry into force of electronic applications in many institutions in order to get rid of the inflation that the country suffers.
Al-Baidhani told Al-Maalouma that "Iraq, despite its late entry into the techniques of financial sciences and their applications, but the coming months will witness a wide boom in the applications of electronic financial transactions after decades of traditional monetary circulation."He added that "what happens from electronic transactions is only in implementation of the instructions of the Central Bank of Iraq to publish POS points, which would reduce the monetary mass in the country, which in turn is one of the reasons for rampant inflation."
He pointed out that "this step, which will begin in early June, will encourage Iraqis to save the value of their money electronically and start opening bank accounts that may increase the number of currently active accounts, which are estimated at seven million bank accounts." " Finished 25n

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10 hours ago, 6ly410 said:

He pointed out that "this step, which will begin in early June, will encourage Iraqis to save the value of their money electronically and start opening bank accounts that may increase the number of currently active accounts, which are estimated at seven million bank accounts." " Finished 25n

hmmm...JUNE! what wil cause the rush to the banks? what will cause them to use electronic transactions....LOGIC people!

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with 70% of cash being hoarded! what will encourage them to take the money to the bank? what will encourage them to save? if the new salary scale is based on a new rate and is part of the budget the budget will pass! if it doesnt it means the FML willl take effect but whats important is the June deadline, this is the month of have mentioned and other members numerous times for a whole bunch of reasons!

Edited by screwball
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