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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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    Expert reveals the reasons for "electronic fraud" in Iraq

    Rocky
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    • Post n°1

    Expert reveals the reasons for "electronic fraud" in Iraq Empty Expert reveals the reasons for "electronic fraud" in Iraq

    Post by Rocky Sun 25 Aug 2024, 6:50 am

    Expert reveals the reasons for "electronic fraud" in Iraq
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    Baghdad Today - Baghdad
    Financial and banking expert Mustafa Akram Hantoush revealed, today, Sunday (August 25, 2024), the reasons for the increase in cases of "electronic fraud" in Iraq.
    Hantoush told Baghdad Today, "We must differentiate between the real electronic financial transactions provided by the Iraqi banking system and electronic payment and transfer companies licensed by the Central Bank of Iraq and the electronic financial transactions provided by companies that claim to be international companies or licensed by international financial exchanges or platforms."
    He added that "there are no international companies operating in any country without a work permit from within the country, and therefore these companies are illegal, and the real reason for their ability to operate in Iraq is the lack of electronic payment culture in society, especially in previous years."
    He added, "In the last two years, with the growth of the government's campaign to support the culture of real electronic payment, it is expected that cases of fake electronic payment and transactions will decrease, and real electronic financial transactions will increase, and some cases of electronic fraud are mainly caused by the lack of a culture of electronic financial transactions."
    It is noteworthy that the financial and economic expert, Alaa Jaloub Al-Fahd, revealed on Sunday (August 18, 2024) a weakness in the Iraqi banking system, while confirming the presence of 80% of the cash mass in citizens’ homes.
    Al-Fahd told Baghdad Today, "The amount of cash liquidity pumped into the local market is estimated at the size of annual government spending, and this includes salaries, wages, and others. It constitutes a large percentage and is considered the citizen's purchasing power."
    He added that "the rise in income levels after 2003, due to the increase in salaries, led to an increase in purchasing power, and this led to an increase in the level of demand for real estate and other things," indicating that "the rise in real estate prices has nothing to do with the issue of the increase in the citizen's cash liquidity or not, because this increase is dependent on the issue of supply and demand."
    Al-Fahd explained that "any increase or decrease in the volume of liquidity is estimated by the size of real spending and the size of savings, considering that the citizen's income is divided between consumption and savings, and the higher the savings rate, the more it is supposed to be exploited economically through investment."
    He pointed out that "there is a weakness in the banking system's ability to absorb all the cash available to citizens, as most of this cash is inside homes, far from banks," noting that "the amount of cash available to citizens in homes is estimated at more than 80% of the issued cash mass, and this constitutes a weakness in the banking system, in withdrawing that mass and investing it."
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    Bama Diva
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    • Post n°2

    Expert reveals the reasons for "electronic fraud" in Iraq Empty Re: Expert reveals the reasons for "electronic fraud" in Iraq

    Post by Bama Diva Sun 25 Aug 2024, 9:14 am

    “ He pointed out that "there is a weakness in the banking system's ability to absorb all the cash available to citizens, as most of this cash is inside homes, far from banks," noting that "the amount of cash available to citizens in homes is estimated at more than 80% of the issued cash mass, and this constitutes a weakness in the banking system, in withdrawing that mass and investing it."

    I certainly cannot blame the citizens for not trusting the Iraqi banks at this particular juncture.

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