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[size=36]Economic: Electronic payment will reduce the demand for foreign currency in Iraq[/size]
Economy | 11:30 - 03/02/2024
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Mawazine News - Baghdad
Economic expert Khaled Al-Shammari confirmed that electronic payment will increase investment opportunities by depositing money in banks, while he indicated that the ATM card increased to one million cards during this year.
Al-Shammari said in a televised interview followed by Mawazine News, “The process of switching to electronic payment reduces the cash payment of currency and thus reduces the demand for foreign currency and increases confidence in the local currency.”
He added, "Only about 15% of Iraqis' cash is deposited in banks," noting that "the increase in bank deposits is used for investment purposes instead of disappearing among the citizen."
Al-Shammari called for “the necessity of setting benefits for the bank deposit process for the purpose of encouraging citizens,” pointing out that “citizens fear hacking and forgery of electronic cards, so it must be directed to adding security elements such as adopting the iris fingerprint.”
He stated that "the ATM card increased to one million cards during this year, and this indicates an increase in the rates of implementation of the electronic payment system."
Economic expert Khaled Al-Shammari confirmed that electronic payment will increase investment opportunities by depositing money in banks, while he indicated that the ATM card increased to one million cards during this year.
Al-Shammari said in a televised interview followed by Mawazine News, “The process of switching to electronic payment reduces the cash payment of currency and thus reduces the demand for foreign currency and increases confidence in the local currency.”
He added, "Only about 15% of Iraqis' cash is deposited in banks," noting that "the increase in bank deposits is used for investment purposes instead of disappearing among the citizen."
Al-Shammari called for “the necessity of setting benefits for the bank deposit process for the purpose of encouraging citizens,” pointing out that “citizens fear hacking and forgery of electronic cards, so it must be directed to adding security elements such as adopting the iris fingerprint.”
He stated that "the ATM card increased to one million cards during this year, and this indicates an increase in the rates of implementation of the electronic payment system."
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