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{Electronic Transactions} a government approach to reduce corruption and paper circulation
Economical 01/19/2023
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Baghdad: Haider Fleeh Al-Rubaie
Hussein Thaghab
Specialists in economic affairs welcomed the Cabinet’s decision to convert financial transactions into electronic ones, stressing the importance of the step in eliminating various forms of corruption, as well as its potential to limit circulation of the “dollar” and reduce demand for foreign currency, while they stressed the need for banking reforms parallel to the decision. With the aim of enabling it to support the shift towards the comprehensive use of "electronic money", they underestimated the importance of the step in curbing the dollar and controlling the exchange rate.
The government decision, which obligated all governmental, non-governmental and mixed departments, trade unions, associations, and all centers in which funds are collected, to open bank accounts and provide point-of-sale devices, was welcomed by the Central Bank, which confirmed its ability to meet the requirements of the transition towards electronic transactions.
The Deputy Governor of the Central Bank, Dr. Ammar Hamad Khalaf, told "Al-Sabah": "The Central Bank has the capabilities that enable it to transfer financial transactions to electronic, and the infrastructure that helps in achieving the goals accurately."
Khalaf believes that "the government's approach towards electronic payment is one of the most important strategies of the Central Bank that began since the localization of salaries, which created a new culture of dealing with which the citizen interacted and began to reduce the uses of (cash) and move towards electronic dealing, albeit in a phased manner."
The Deputy Governor of the Central Bank indicated that facilitating the procedures for granting licenses to collect bank cards using points of sale (pos) represents a return to the right path, as it works to reduce costs for the citizen, and gives the Central Bank an opportunity to control trading, in addition to being a civilized issue and an important transition that will make Citizens interact more than they do now with electronic payment services.
And since the government's move also aims to limit the rise in the exchange rate, Khalaf stressed that "the central bank's tendency towards pricing sales to the private sector in dinars will also work to stabilize exchange rates, as transactions will take place in Iraqi dinars, which reduces the need or demand for dollars in the local markets." .
In its decision, the Council of Ministers also obligated all private schools, universities, private colleges, and fuel processing stations of all types and locations and throughout Iraq, to open bank accounts and provide point-of-sale devices for electronic payment (POS) and payment by bank cards to collect money and enable those who wish to pay with cards. While maintaining the cash receipt along with linking the renewal of work licenses and granting licenses to practice the profession by providing these devices.
In order to achieve the highest success rates from the government decision, the economist, Bassam Raad, indicated during his interview with "Al-Sabah" the importance of the step in supporting the digitization of payments, developing the financial sector, enhancing electronic payment and reducing cash transactions, but he stressed the need for that decision to be accompanied by a trend towards " Developing the infrastructure supporting activating the use of electronic channels and expanding in the field of financial services through the use of modern technologies (POS devices and automated teller machines (ATMs) and thus facilitating commercial transactions and reducing the costs of cash transactions.
In addition to the importance of the decision in digitizing the economy, expert Raad explained that "these decisions will also contribute to reducing dealing with cash and thus reducing manifestations of financial and administrative corruption, enhancing transparency in financial transactions and raising levels of financial inclusion, which will lead to positive change in all economic activities."
In order to reach advanced success rates from these decisions, the speaker stressed the importance of taking parallel, rapid and serious measures in order to reform the banking system and change the legal systems of banks and work to gain broad public confidence, pointing out by saying: If we do not reform the legal and internal systems of banks, then these procedures It will not play its part in the transition to a cashless society.
The economist, Nabil Jabbar Al-Tamimi, did not stray far from the previous opinion, when he indicated to “Al-Sabah” that “activating the use of electronic payment with cards is to create a base to which many services are linked, and it is an important point for transforming paper-based transactions in government departments and institutions towards automation, and establishing a culture of accounts.” bank finance instead of using direct cash.
Al-Tamimi explained that "the government's imposition of electronic payment on state institutions is the basis that leads to a wider spread of the use of payment cards on a large scale." However, the spokesman believes that "if the step is aimed at eliminating (dollarization), I do not expect it to be beneficial or feasible. Rather, the cards may expand to have bank accounts in dollars and others in Iraqi dinars.
Contrary to previous opinions, the economist, Manaf Al-Sayegh, believes that "the procedure is ill-considered and non-systematic, and perhaps it will exacerbate the situation with regard to the depreciation of the dinar against the dollar," pointing out during his interview with "Al-Sabah" that there is no ready banking system that allows the government to implement this. The decision on the speed with which the dollar can be reined in, considering the move too late.
Al-Sayegh expert believes that the decisions to confront the rise of the dollar are not sound as a result of not relying on a clear economic approach in accordance with the monetary and fiscal policies according to which public spending should be reduced and the tendency towards adopting the principle of controlling money and the exchange rate through the tools of those two policies, criticizing at the same time, the absence The clear economic approach, stressing by saying: The identity of the Iraqi economy is still distorted and unclear.
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