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Advisor to the Prime Minister: 116 trillion dinars, the size of the monetary supply
Economical 09/09/2023
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Baghdad: Hussein Thaghb Al-Tamimi
, advisor to the Prime Minister, Muhammad Al-Najjar, revealed that the monetary mass of the local currency has reached the barrier of 116 trillion dinars, indicating that initiatives to expand electronic payment are consistent with the government’s directions.
The Central Bank recently announced an expansion initiative to adopt electronic payment with the aim of encouraging society to benefit from the financial independence provided by the non-cash payments system and its economic impact in the country.
Al-Najjar said in a statement to “Al-Sabah”: “Electronic payment is an important axis for developing the Iraqi financial sector and moving it to an advanced stage in the country’s monetary policy,” noting that “the size of the Iraqi monetary mass amounts to 116 trillion dinars, of which circulating within the banking system is between 30 and 40 trillion dinars.”
He added, “The campaign to encourage electronic payment is in line with the directives of Prime Minister Muhammad Shiaa Al-Sudani to achieve safe financial transactions, and with the aim of achieving a great benefit for citizens, as electronic payment represents an important stage whose benefits everyone must realize.”
For his part, Director General of VISA in the Levant region, Mario Al-Makari, explained to “Al-Sabah” that “the campaign to support electronic payment in Iraq, which targets all segments of society without exception, has an important goal, which is to achieve a great benefit for the country, especially since it comes with the support of the Prime Minister and in cooperation.” With the Central Bank of Iraq.
He stated, “The campaign, which is being organized in cooperation with the Prime Minister’s Office, the Central Bank of Iraq, and the parties concerned with this matter in order to expand the circle of adoption of electronic payment and its secure paths, aims to educate Iraqi society about what electronic payment is and the benefits it brings to those who move to payments in all their forms from cash to electronic transactions.” .
He pointed out that the reality of electronic payment and financial inclusion within Iraq is constantly evolving, and this stems from the interest of the highest authorities in the country in this important financial axis, as we find Prime Minister Muhammad Shiaa Al-Sudani paying special attention to this detail and stressing the follow-up of work paths to adopt electronic payment in the country.
He pointed out that this trend brings great benefits to the citizen, the merchant, and the national economy in general, as it eliminates the need to trade a large volume of currency between all parties in cash, and compensates for it by adopting advanced technologies that work to complete financial transactions within a short time and in a safe manner.
He pointed out that the campaign targets the segment of merchants within the Iraqi market who have not yet entered the electronic payment cycle. This segment is important and we must stand by it, and explain the importance of electronic transactions locally and globally, and how funds are managed and employed in their trade safely without significant risks, benefiting from global experiences in This field, pointing out the training of the largest segment of merchants in cooperation with partners.
He stressed that Iraq is one of the important markets in the region and could be one of the most important and leading markets in the world, especially after a card was issued over the phone and does not require the plastic card that it can issue later. An electronic card that works in more than one currency and can be issued has also been issued. It can be used safely and securely in any country the cardholder visits.
He revealed the issuance of a Visa Direct card, which allows its holder to receive money and transfer it to the target outside Iraq, and this is in accordance with international and local controls, conditions and labor standards.
The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, had said earlier: “The transition to cashless represents our goal at the Central Bank, as it moves the reality of transactions to an important, safer stage.”
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