The United States urges Iraqis to have bank accounts - 1/03/2024

[ronscarpa]

The United States urges Iraqis to have bank accounts

EconomyAmerican EmbassyIraqisBank Accounts

 

2024-01-03 // 07:04

 

Shafaq News / The American Embassy in Baghdad announced on Wednesday that Iraqis are among the lowest countries in the region in possessing bank accounts, urging them to possess these accounts.

 

The embassy mentioned in a publication seen by Shafaq News Agency, entitled, “Did you know that less than a quarter of all Iraqi adults have an official bank account for the year 2021?”

 

She explained that "modern banking services contribute to increasing foreign investment, providing loans to Iraqis, and protecting them from financial crimes, theft and loss," indicating that "informal money transfer services harm the local economy."

 

She continued, "According to the World Bank, in 2021, the percentage of Iraqis over the age of 15 who owned an account in a financial institution was only 18.57%. This represents one of the lowest rates in the Middle East and North Africa region, which averages about 53%."

 

She said, "Iraq's reliance on cash and informal money transfer services is harmful to the economy because it reduces the opportunities for financial regulation necessary to convince prestigious international companies to operate in Iraq."

 

The US embassy continued, "Over the past two years, the United States government has worked with Iraq to restore confidence in the banking sector and reform transfer mechanisms related to imports financed by Iraqi banks. The new reforms encourage the correct registration of companies and increase the use of official banking outlets."

 

She explained, "According to the Central Bank of Iraq, the total deposits in Iraqi commercial banks have increased in the past two years by approximately 37%, and from 2021 to 2022, the total number of accounts in Iraqi banks has increased by 31%."

https://shafaq.com/ar/اقتصـاد/الولايات-المتحدة-تحث-العراقيين-على-امتلاك-حسابات-مصرفية

[screwball]

Anyone figured out why yet?

[Officiallytook]

👀

[Longtimelurker]

3 hours ago, screwball said:

Anyone figured out why yet?

To protect their extremely valuable currency??

[Goggles]

There's no way to make change when the RV rolls in. Lower denominations don't exist yet. Bank cards for merchant transactions is the way to go. On the other hand, carrying around all that dinar cash pre RV is ridiculous. I'm no expert, you decide. 

[haymon]

Better government control 

[horsesoldier]

By all means listen to what the US has to say 

[Laid Back]

The USA pushing for Financial Inclusion in Iraq 🇮🇶 

 

"modern banking services contribute to increasing foreign investment, providing loans to Iraqis, and protecting them from financial crimes, theft and loss," indicating that "informal money transfer services harm the local economy."

 

"Iraq's reliance on cash and informal money transfer services is harmful to the economy because it reduces the opportunities for financial regulation necessary to convince prestigious international companies to operate in Iraq."

 

May be because Dinar will have a higher value in the near future.!

 

Go Iraq 🇮🇶 

Go financial inclusion 

Go Stronger Dinar

 

 

[coorslite21]

Perhaps the "great satan" US suggesting to average Joe Iraqi that they need to be banked,  will have the opposite affect desired?

CL 

[horsesoldier]

Let's face it...the entire country is corrupt run by the corrupt.... every country is.

Makes it easier to get at everyone's cash. Agencies here seize bank accounts/safety deposit boxes making up excuses...or not, and good luck getting it back.

 

[wealthhound]

So I have been reading many articles on the world clock website. 
As far as the progressive steps laid out for a whole new banking system, and everything else attached to it, where do you think the world is as far as accomplishing these items? Excuse my ignorance! There is a lot of information there and U find if rather confusing at my pay grade, 😂!!

wealthhound

[horsesoldier]

32 minutes ago, wealthhound said:

So I have been reading many articles on the world clock website. 
As far as the progressive steps laid out for a whole new banking system, and everything else attached to it, where do you think the world is as far as accomplishing these items? Excuse my ignorance! There is a lot of information there and U find if rather confusing at my pay grade, 😂!!

wealthhound

I think the elitist end game might look a little like the Sci-fi classic Soylent Green. The gap widens between the haves & the have nots.

Look around gang, the world is in a world of shyte.

[screwball]

Because the cash provides liquidity which they need…they need the cash in the system as per gold asset backed or BRICS you can’t keep printing, the fiat debt system will not exist…..