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November 27, 2023[You must be registered and logged in to see this link.]
Baghdad/Al-Masala Al-Hadath: The Governor of the Central Bank of Iraq, Ali Al-Alaq, denied on Monday that there was a scarcity in the stock of the Iraqi dinar, and while specifying the size of the dinar’s monetary mass and those in circulation, he revealed a broad strategic plan to expand the transition to electronic payment.
Al-Alaq said, “The state’s financial situation generally depends on its imports, which are currently at a good level as a result of the rise in oil prices,” stressing that “it is important to invest this money in a way that accelerates opportunities for construction, advancement, and development.”
He added, “The positive thing about the government’s work is that it is moving in this direction, and there is great emphasis and focus on completing projects,” noting that “there are a large number of projects that were stalled and stalled for many reasons, and there is work to address the situation and accelerate the projects, especially since they are mostly related to infrastructure.” Services, etc., and the government gives this matter great attention, priority, and diligent follow-up by the Prime Minister personally.”
He pointed out that “there is a wide movement regarding the demand for investment projects in the country,” noting that “a large number of companies and countries have begun to conduct studies and have identified some projects to start in Iraq.”
Al-Alaq said, “These are positive indicators that benefit from the state of stability in the country and the stability of the financial and monetary conditions,” pointing out that “the size of the monetary mass or the exported currency amounts to more than 100 trillion dinars, 70 percent of which is in circulation.”
He denied, “There is a scarcity in the stock of the Iraqi dinar,” adding, “We are responding to the demand for the Iraqi dinar or in relation to the dollar in dinar initiative for the purposes of the Ministry of Finance.”
He stressed that “the trend towards electronic payment aims to reduce the phenomenon of the cash economy, which has major negative effects on the Iraqi economy and consequences and effects with regard to managing liquidity and the costs of this liquidity from printing currency and controlling it,” explaining that “the government’s trend is to switch to electronic payment to reduce This phenomenon".
He stated, “There are trends at many levels in this context, and there is direct coordination between the government and the Central Bank. Electronic payment experiments and tools have begun to be circulated in many areas, and there is a broad and strategic plan at the Central Bank to expand in this field,” calling on citizens to “keep abreast of the developments that have occurred and are occurring.” In all countries of the world, to reduce the phenomenon of using cash.”
He pointed out that “keeping pace with development serves the citizen, the state, and the economy,” pointing out that “holding cash and hoarding only carries risks, and deprives the citizen of having these amounts in his accounts and being able to benefit from them in many areas.”
He noted that “the world is heading towards digital transformation, which is considered the fourth revolution in the world, and we must be close to these transformations to achieve the goals, objectives, benefits and positives that come from them.”
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