Economic: Electronic payment will reduce the demand for foreign currency in Iraq

[RJG]

Economic: Electronic payment will reduce the demand for foreign currency in Iraq
Economy | 11:30 - 03/02/2024


Mawazine News - Baghdad
Economic expert Khaled Al-Shammari confirmed that electronic payment will increase investment opportunities by depositing money in banks, while he indicated that the ATM card increased to one million cards during this year.

Al-Shammari said in a televised interview followed by Mawazine News, “The process of switching to electronic payment reduces the cash payment of currency and thus reduces the demand for foreign currency and increases confidence in the local currency.”    

He added, "Only about 15% of Iraqis' cash is deposited in banks," noting that "the increase in bank deposits is used for investment purposes instead of disappearing among the citizen."  

Al-Shammari called for “the necessity of setting benefits for the bank deposit process for the purpose of encouraging citizens,” pointing out that “citizens fear hacking and forgery of electronic cards, so it must be directed to adding security elements such as adopting the iris fingerprint.”  

He stated that "the ATM card increased to one million cards during this year, and this indicates an increase in the rates of implementation of the electronic payment system."

https://www.mawazin.net/Details.aspx?jimare=243060

 

 

[rvmydinar]

9 minutes ago, RJG said:

increases confidence in the local currency.”  

How how how? Don't just keep talking without action. Prove it. The current rate 1,310 doesn't increase confidence, does it.

[screwball]

12 hours ago, RJG said:

He added, "Only about 15% of Iraqis' cash is deposited in banks," noting that "the increase in bank deposits is used for investment purposes instead of disappearing among the citizen."  

Yep…the Iraqs are waiting just like us…until they change the rate they won’t see this increase too much…have they started electronic payment for fuel yet? 

[RJG]

Central Bank: Using the best internationally approved systems and standards in the field of electronic payment

 Economy

 

•  Yesterday, 12:46

+A -A

 

Baghdad - IA

The Central Bank of Iraq announced today, Monday, the use of the best internationally approved systems and standards in the field of electronic payment, while indicating that it spends hundreds of millions of dollars annually to develop infrastructure systems to build an important base for the development of electronic payment in Iraq.

The Deputy Governor of the Central Bank, Ammar Khalaf, said in a speech within the first Iraqi Digital Economy Forum, attended by the Iraqi News Agency (INA) correspondent: “The digital financial transformation in Iraq began with the localization of the salaries of state employees and the opening of bank accounts, the primary purpose of which is to use payment. Electronic transactions in daily transactions, whether inside or outside Iraq.

Khalaf added, “Iraqi society prefers to rely on cash in daily transactions, but the government’s efforts to support digital transformation, especially in the financial sector and other sectors, gave a strong impetus to the Central Bank over the past year and it continues to encourage and activate electronic payment in Iraq by issuing many Among the laws, controls and instructions that encourage the use of electronic payment in Iraq.

He pointed out that "some ministries responded quickly to the directives of the Central Bank and the Iraqi government, especially the Ministry of Oil by making collections at gas stations and others via electronic payment, as well as the Passports Directorate, which obligated payment to be electronic, in addition to the General Traffic Directorate and other ministries." Stressing that "all this support gives a very strong and significant impetus to electronic payment."

He pointed out that "the Central Bank has been the only influencer for many years, as it has embraced the importance of digital transformation in most of its transactions, and spends hundreds of millions of dollars annually to develop infrastructure systems to build an important base for the development of electronic payment in Iraq through the use of the best

nternationally approved systems and standards in this field." ".

https://www.ina.iq/204362--.html

 

[Laid Back]

“Iraqi society prefers to rely on cash in daily transactions”

 

Go delete of 000

Go Lower Denomination notes 

Go Stronger Dinar

Go Purchasing power 

[RJG]

Economist: Implementing the automation system is a devastating blow to money smugglers
Economy | 07:31 - 03/05/2024



Mawazine News - Baghdad
Economic expert Abdul Hussein Tawfiq confirmed today, Tuesday, that implementing the automation system in the banking system is a devastating blow to money smugglers and corrupt people.
Tawfiq said in an interview with Mawazine News, “Implementing the electronic “automation” system is in the interest of Iraq and will generate abundant funds for it.”
He added, "The tone of Finance Minister Taif Sami was very nervous, which indicates the presence of parties obstructing the implementation of the automation system."
He pointed out that "implementing the automation system will enable the state to limit corruption and end smuggling operations."
Tawfiq pointed out that “implementing the automation system is a step in the right direction by the government.”
He continued: "We hope for the best if the automation system is implemented in Iraq and it will generate a lot of money for the state treasury."

https://www.mawazin.net/Details.aspx?jimare=243295