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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Economist: The electronic payment system in Iraq is a failure and underdeveloped

    Rocky
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    Economist: The electronic payment system in Iraq is a failure and underdeveloped Empty Economist: The electronic payment system in Iraq is a failure and underdeveloped

    Post by Rocky Fri 28 Jul 2023, 4:18 am

    [rtl]Economist: The electronic payment system in Iraq is a failure and underdeveloped[/rtl]

    economy  ,  2023/07/28 10:03  , Number of readings: 156 
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    [rtl]Baghdad-Iraq Today:

    Economic expert Ahmed Al-Hathal described the electronic payment system that was adopted in Iraq as (backward), while pointing out that any project launched (in reaction) to a specific procedure did not achieve its goal.[/rtl]
    [rtl]Al-Hathal said in a press interview, "The wrong decisions in monetary policies contributed to the deterioration of the economic situation inside Iraq, and this is what prompts taking measures that government agencies consider correct, but the reality is otherwise."[/rtl]
    [rtl]And Al-Hathal added, “After the dollar's exchange rate rose against the Iraqi dinar, the Iraqi government and the central bank resorted to launching the “POS” electronic payment project, in an attempt to remedy the failure to control the dollar's ​​rise, and limiting cash dealings to the local currency in commercial centers, gas stations, etc., which is a decision It came as a response to the rise in the dollar.[/rtl]
    [rtl]He added, “With the concept of the global market, it is not possible for any country with the same rentier system to rely on limiting monetary deals to one currency,” noting that “Iraq is still in the process of “partial dollarization.” and most of the commodities are denominated in dollars, and the merchant cannot sell his commodities in dinars at the prevailing bank rates. Therefore, the electronic payment system will fail and not achieve its goals, unless the unregulated merchants are liquidated and registered in the data of the chambers of commerce and support them at the official price through the system and use it correctly and settle (creditor and debtor ) in Iraqi dinars.[/rtl]
    [rtl]Al-Hathal continued, “Also, one of the factors for the failure of the electronic POS system is the lack of complete confidence between the citizen and the government regarding the adoption of such a recent system on the Iraqis, in addition to the absence of advanced technology and infrastructure that qualifies the adoption of this system as a means of electronic payment, all of which are factors.” It strengthened the loss of confidence in adopting such a system for cash transactions, adding to the case in one of the fuel filling stations, which shows the lack of interest among citizens for the electronic defense systems, which are (parked next to and covered with dust), which indicates the failure of this step inside Iraq, "as he put it.[/rtl]
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    [/rtl]
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