{Financial digitization}.. a factor to reduce inflation and absorb hoarded funds
Economical 03/10/2024
[You must be registered and logged in to see this image.]
Baghdad: Haider Falih Al-Rubaie
Economic affairs specialists have identified the most prominent advantages that digital transformation can achieve in banking, placing at the forefront of these advantages the elimination of inflation through the use of small denominations, and the absorption of citizens’ hoarded cash mass, estimated at more than 95 trillion dinars, while they praised the Central Bank’s measures. In providing the appropriate ground for achieving financial digital transformation, they stressed the necessity of doubling the distribution of points of sale and working to oblige all government and private institutions to operate with electronic cards.
“The electronic transformation of the use of money in daily transactions” is of utmost importance in the government’s directions, which is making great efforts to complete this direction, especially after “the Council of Ministers had previously obligated private educational institutions, universities, private colleges, fuel processing stations, centers and shops of all kinds, In addition to restaurants, pharmacies, private medical clinics, stores, all wholesale and retail marketing outlets, and professionals, there must be a minimum amount of their cash receipts through the electronic point-of-sale (POS) system.
Despite the short period of time during which it was officially decided to actually start using electronic payment methods (POS) in the country, “the World Bank believes that the infrastructure for electronic payment systems in Iraq is the best in the region,” praising during a previous meeting with the Governor of the Central Bank, Ali Mohsen Al-Alaq, Director of the World Bank Office in Iraq, Richard Abdel Nour, briefed on “the Central Bank’s procedures for facilitating financial transfers to different segments in Iraq.”
The process of “banking digitization” also represents a vital factor in achieving many economic advantages in the country, according to the banking expert and member of the Board of Directors of the Iraqi Association of Islamic Banks, Dr. Abbas Fadel Rahim, who stressed that “digital transformation has become an important factor in all countries of the world, and it is “This makes it imperative for all banking institutions in Iraq to use the latest knowledge in this field to keep pace with the development of banking work that most countries of the world have reached.”
In an interview with “Al-Sabah” on the sidelines of an economic symposium on the importance of digital transformation in banking, Abbas believes that “technical developments in banking can help financial institutions and individuals achieve a number of positives, including investigation, financial inclusion, security, profitability, and liquidity,” indicating that “All banks in Iraq, private and government, operate under the umbrella and laws of the Central Bank, which has made important steps in the field of electronic banking, and has worked to provide the appropriate ground for achieving electronic banking transformation, as well as enabling financial institutions to work and advance in this direction to be able to It provides advanced financial business.”
Abbas pointed out that the electronic transformation of banking carries a number of advantages that can be reflected positively on the economic reality in the country, especially in the field of absorbing part of the citizens’ accumulated cash mass, as the digital transformation will relieve citizens of the need to carry or hoard sums, in addition to that The transformation is able to play a vital role in reducing the high rates of inflation, due to the use of parts of the currency in electronic trading, and therefore the matter will save families sums of money that can meet other parts of their daily requirements when using electronic cards, indicating that trading in small denominations of less than 250 dinars is almost non-existent, so the use of electronic cards will use those amounts, noting at the same time that the high inflation rates are the result of many global factors that have greatly affected prices, especially the Russian-Ukrainian war.
Abbas also explained that among the advantages that the digital transformation of banking in Iraq can bring is the complete elimination of the circulation of counterfeit currencies, and the reduction of bribery operations due to reducing friction and direct dealing between citizens and employees, calling for intensifying efforts to increase electronic card sales stations ( POS).
In turn, the researcher specializing in economic affairs, Durgham Muhammad Ali, explained that there are a number of steps that would make electronic payment operations successful in Iraq, noting that among those steps is “the availability of promotional and procedural elements,” indicating that “the procedural elements are primarily based on encouraging economic activities.” From shops, restaurants, malls and markets to acquire electronic payment devices (POS) and provide financial privileges represented by granting tax allowances or other incentives to users of electronic cards.
Muhammad also stressed the importance of “facilitating the process of citizens obtaining electronic payment cards, by spreading more outlets for selling and charging these cards in residential and commercial areas outside banks,” pointing out at the same time that expanding the process of using electronic cards will achieve many positive economic factors. At the forefront of which is reducing the need for annual printing of cash, and increasing circulation in cash denominations of less than 250 dinars, which is reflected at the end of the month in the family budget.
The economic affairs specialist called for the necessity of “reducing the operator’s commission or paying it by the state to encourage the adoption of these technologies to increase financial inclusion in the country.”
[You must be registered and logged in to see this link.]
Yesterday at 2:18 pm by Rocky
» utube MM&C 4/26/24 Iraqi Dinar - US Treasury Exchange Rates- Focus - Banking Partnerships - Rate C
Yesterday at 2:17 pm by Rocky
» Parliamentary efforts to transform Iraq into a global market for transferring Internet capacities
Yesterday at 2:07 pm by Rocky
» A parliamentary committee that enriches the political forces: Stop plundering Iraq’s wealth and work
Yesterday at 1:56 pm by Rocky
» Politician: Salem Al-Issawi is the most likely to assume the presidency of Parliament
Yesterday at 1:55 pm by Rocky
» The price of the dollar is close to 145 thousand dinars؛ how much is $100 worth of transactions؟
Yesterday at 11:57 am by wciappetta
» Al-Sudani: The world today is witnessing crises whose impact has been reflected in the global econo
Yesterday at 9:50 am by Rocky
» The Federal Court responds to an inquiry by Al-Sudani regarding the powers of the provincial council
Yesterday at 9:40 am by Rocky
» Among them are the Iraqis... a list of the most sought-after immigrants to America
Yesterday at 9:38 am by Rocky
» An expert talks about the "biggest barrier" and the positives of merging Iraqi and Arab banks
Yesterday at 9:29 am by Rocky
» The House of Representatives adjourns its session
Yesterday at 9:24 am by Rocky
» Parliamentary demands to expedite the legislation of the Eid al-Ghadir holiday law (documents)
Yesterday at 9:23 am by Rocky
» Parliament adds the paragraph “Electing the Speaker of the House of Representatives” to its agenda
Yesterday at 9:21 am by Rocky
» Alsumaria publishes the text of the law against prostitution and homosexuality
Yesterday at 9:20 am by Rocky
» A parliamentarian reveals the reason for the failure of the Speaker of Parliament to pass during tod
Yesterday at 9:19 am by Rocky
» Al-Sudani: The government has launched many strategies and initiatives that will improve the reality
Yesterday at 8:42 am by Rocky
» International Business: Iraq has made progress in supporting businesses through investment and priva
Yesterday at 8:33 am by Rocky
» Association of Banks: Iraq is witnessing great development in the transition to electronic governmen
Yesterday at 8:25 am by Rocky
» The House of Representatives votes to add an item to its agenda (election of the Speaker of the Hous
Yesterday at 8:22 am by Rocky
» Parliamentary integrity: Combating corruption requires parliamentary legislation
Yesterday at 8:15 am by Rocky
» Al-Karaawi: America is trying to restrict Iraq
Yesterday at 8:13 am by Rocky
» The State of Law coalition moves to form the local government in Diyala
Yesterday at 8:12 am by Rocky
» The Sudanese and his battle against corruption.. Where is the fault with the government or with the
Yesterday at 8:11 am by Rocky
» Prime Minister's Advisor: We will see the dollar fall on the black market soon
Yesterday at 8:09 am by Rocky
» The Sunni blocs are resolute. The presidency of the Council is ours, away from Al-Halbousi
Yesterday at 8:08 am by Rocky
» Al-Sudani discusses with a workers’ organization his government’s steps in this field
Yesterday at 7:58 am by Rocky
» Parliament holds its session in the presence of 170 deputies
Yesterday at 7:57 am by Rocky
» In the presence of Nechirvan Barzani and Al-Sudani... the State Administration Coalition holds an “i
Yesterday at 7:55 am by Rocky
» The UAE company ADNOC resorts to Iraqi oil. Find out the reasons
Yesterday at 7:53 am by Rocky
» The Iraqi Parliament votes to add an item to elect a president to its agenda
Yesterday at 7:52 am by Rocky
» The Federal Court responds to an inquiry by Al-Sudani regarding the powers of the provincial council
Yesterday at 7:51 am by Rocky
» Al-Sudani: It is necessary to attract women to work as a productive energy that cannot be disrupted
Yesterday at 7:47 am by Rocky
» Zebari regarding targeting the Kormor field: a systematic attack on the economy of Kurdistan
Yesterday at 7:46 am by Rocky
» Saudi Arabia tops, and this is Iraq's rank... a list of major suppliers of crude oil to South Korea
Yesterday at 7:45 am by Rocky
» With a value of 125 million dollars.. Iraq is at the forefront of countries importing Iranian textil
Yesterday at 7:44 am by Rocky
» More than a billion dollars in sales from the Iraqi Central Bank within a week
Yesterday at 7:43 am by Rocky
» Al-Sudani stresses the need for the expertise of the International Labor Organization to legislate a
Yesterday at 7:29 am by Rocky
» Including the return of 21 wanted persons.. The Iraq Money Recovery Fund counts its achievements in
Yesterday at 7:27 am by Rocky
» The path to development is the criterion between true patriotism and political clowning.
Yesterday at 7:25 am by Rocky
» The file of the Presidency of Parliament is on the state administration table... this evening
Yesterday at 7:22 am by Rocky
» Director General of the International Labor Organization: Many challenges in the world of work and t
Yesterday at 7:20 am by Rocky
» Al-Sudani: The world is witnessing crises that reflect negatively on the Arab and international peop
Yesterday at 7:11 am by Rocky
» Prime Minister: Our government has provided great support for the success of the activities, program
Yesterday at 7:08 am by Rocky
» Al-Asadi: Iraq places the social protection file among its priorities
Yesterday at 7:07 am by Rocky
» Al-Sudani: Iraq is one of the first countries in the region to join the International Labor Organiza
Yesterday at 7:05 am by Rocky
» In the presence of Al-Sudani and Barzani, the State Administration Coalition holds an “important” me
Yesterday at 7:03 am by Rocky
» Appreciating the presence of Al-Sudani... Director General of the Arab Labor Organization: Here from
Yesterday at 5:29 am by Rocky
» Prime Minister: Our government has provided great support for the success of the activities, program
Yesterday at 5:28 am by Rocky
» Al-Sudani: The world is witnessing crises that reflect negatively on the Arab and international peop
Yesterday at 5:24 am by Rocky
» The Parliamentary Development Institute organizes a workshop on the political role of the representa
Yesterday at 5:22 am by Rocky
» With Arab and international participation. Tomorrow will be the start of the Fourth Baghdad Internat
Yesterday at 5:21 am by Rocky
» OPEC Secretary General: The end of oil is not on the horizon
Yesterday at 5:19 am by Rocky
» Closing a number of unlicensed offices and companies south of Baghdad
Yesterday at 5:16 am by Rocky
» Repercussions of the bombing...intensive government movements to resume work in the “Kormor” field
Yesterday at 5:15 am by Rocky
» In the presence of Al-Sudani...the opening of the Arab Labor Conference in its 50th session in Baghd
Yesterday at 5:14 am by Rocky
» Al-Sudani: We are working on drawing future visions regarding the “green and digital” economic secto
Yesterday at 5:13 am by Rocky
» Barzani after the Kormor attack: We are ready to coordinate with Baghdad to put an end to these atta
Yesterday at 5:10 am by Rocky
» Al-Sudani directs the formation of an investigative committee into the circumstances of the Kormo fi
Yesterday at 5:08 am by Rocky
» Bismayah is confused about the new electronic portal.. What about the landlord and the subcontracts?
Yesterday at 5:07 am by Rocky
» Kurdistan Government: Loss of 2,500 megawatts of electricity due to targeting the Kormor field
Yesterday at 5:06 am by Rocky
» Crisis in Kurdistan: 12-hour daily power outage and complaints of “confusion”
Yesterday at 5:05 am by Rocky
» The Supreme Anti-Corruption Commission demands Nineveh for the contracts concluded by “Najm Al-Jubou
Yesterday at 5:04 am by Rocky
» Al-Khanjar, Al-Samarrai, and Abu Mazen are hosted by Shaalan Al-Karim to discuss accelerating the se
Yesterday at 5:03 am by Rocky
» Iraq asks the countries of the world to respond to its requests to extradite wanted persons: We have
Yesterday at 5:02 am by Rocky
» “It is coming soon.” The Sudanese advisor sets the date for the referral of the Baghdad metro and th
Yesterday at 5:01 am by Rocky
» Al-Mubarqa: Iraq reserves its full right to respond to the Australian behavior
Yesterday at 5:00 am by Rocky
» Dollar exchange rates on Iraqi stock exchanges... recorded a decline, and this is the list
Yesterday at 4:58 am by Rocky
» Mr. Al-Sadr supports the position of American university students
Yesterday at 4:56 am by Rocky
» Iraqis are ranked 7th in the Arab world on the list of those most seeking immigration to America. He
Yesterday at 4:55 am by Rocky
» Soon.. 3 new hospitals will open in Baghdad
Yesterday at 4:52 am by Rocky
» Sponsored by Al-Sudani...the opening of the Arab Labor Conference in its fiftieth session in Baghdad
Yesterday at 4:51 am by Rocky
» Al-Shammari chairs a meeting at the controlling headquarters to review the results of the security o
Yesterday at 4:49 am by Rocky
» Arab Labor Organization: We commend Iraq's interest in the Arab Labor Conference
Yesterday at 4:48 am by Rocky
» Al-Sudani: The development road project will provide many job opportunities
Yesterday at 4:47 am by Rocky
» Sudanese advisor criticizes Kuwaiti analyzes regarding the development road project
Fri 26 Apr 2024, 2:21 pm by Rocky
» Al-Mandalawi stresses the need to strengthen economic and trade cooperation between Iraq and Poland
Fri 26 Apr 2024, 2:04 pm by Rocky
» Power maneuvers: America provides defensive weapons to Kurdistan in exchange for withholding from Ba
Fri 26 Apr 2024, 10:26 am by Rocky
» Kuwait is drilling an oil well near Umm Qasr, towards Iraqi territory
Fri 26 Apr 2024, 10:24 am by Rocky
» In the document... the first Iraqi ministry identifies the obstacles to changing the new official wo
Fri 26 Apr 2024, 10:22 am by Rocky
» Italian Institute: Iraq is stuck in its own crises, including Baghdad’s efforts to undermine the “au
Fri 26 Apr 2024, 10:21 am by Rocky
» The head of the Integrity Commission announces the holding of an international Interpol conference i
Fri 26 Apr 2024, 10:18 am by Rocky
» Planning: Iraqi companies are not efficient in conducting the population census
Fri 26 Apr 2024, 10:14 am by Rocky
» MM&C 4/25/24 National Bank of Iraq goes live with Temenos core banking and payments
Fri 26 Apr 2024, 8:06 am by Rocky
» A banking official indicates a "danger" to Iraq by depriving more than half of its banks of dollars
Fri 26 Apr 2024, 7:55 am by Rocky
» With the participation of the Association of Private Banks, investment opportunities are on the tabl
Fri 26 Apr 2024, 7:45 am by Rocky
» Within a month... an Iranian border crossing recorded a noticeable increase in exports of goods to I
Fri 26 Apr 2024, 7:44 am by Rocky
» The Association of Private Banks appreciates the efforts of the government and the Central Bank to c
Fri 26 Apr 2024, 7:43 am by Rocky
» Al-Maliki's coalition presents a third candidate for the position of governor of Diyala
Fri 26 Apr 2024, 6:57 am by Rocky
» Arab gathering: The Kirkuk problem is getting complicated and the Sudanese must intervene
Fri 26 Apr 2024, 6:56 am by Rocky
» Next week.. a Kurdish delegation will visit Baghdad to meet with the Minister of Finance
Fri 26 Apr 2024, 6:54 am by Rocky
» Under the pretext of salaries... Al-Party refrains from handing over port revenues to Baghdad
Fri 26 Apr 2024, 6:53 am by Rocky
» Association of Banks: For the first time, we are witnessing a clear targeting of depriving half of t
Fri 26 Apr 2024, 6:51 am by Rocky
» Parliament does not know the reason for the delay in sending the 2024 budget schedules: Voting takes
Fri 26 Apr 2024, 6:49 am by Rocky
» Applicants for the 2024 Hajj are demanding that the Central Bank secure the dollar for them through
Fri 26 Apr 2024, 5:09 am by Rocky
» Governmental and private banks will showcase their services tomorrow during Financial Inclusion Week
Fri 26 Apr 2024, 5:08 am by Rocky
» Iraq's oil exports rise despite OPEC+ cuts
Fri 26 Apr 2024, 5:06 am by Rocky
» A study explodes a "surprise"... Iraq is among the countries that export oil to "Israel": How is the
Fri 26 Apr 2024, 5:04 am by Rocky
» Al-Araji emphasizes working to strengthen national identity
Fri 26 Apr 2024, 5:02 am by Rocky
» Al-Sudani visits Saudi Arabia to participate in the World Economic Forum in Riyadh
Fri 26 Apr 2024, 5:01 am by Rocky