October 13, 2024Last updated: October 13, 2024In light of the rapid global developments in the field of financial technology, voices have begun callin... ͏MM&C 10/13/24
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October 13, 2024Last updated: October 13, 2024
In light of the rapid global developments in the field of financial technology, voices have begun calling for the need to reconsider the current banking policy in Iraq. The Parliamentary Investment Committee has called for adopting new measures that would enhance citizens’ confidence in the banking system, by raising the interest rate on bank deposits.
In an interview with Al-Sabah newspaper, which was followed by Al-News, a member of the parliamentary investment committee, Diaa Al-Hindi, indicated that “the banking policy in Iraq is in dire need of a radical change.” He explained that offering interest of up to 40 percent annually on deposits will have a significant impact in encouraging citizens to deposit their money in banks, which will enhance confidence between citizens and banking institutions.
The impact of electronic payment
Al-Hindi also spoke about the positive impact that electronic payment has had recently, noting that “amounts ranging from three to four trillion dinars were collected in just two months through Rafidain Bank.” Whereas these amounts previously required a lot of time and effort in complex paper operations, ""now they are easily converted into electronic numbers that are transferred directly to the relevant ministries.""
The transition to a digital state
The MP stressed the need to transition to a fully digital state, confirming that this step will contribute to simplifying financial operations and reducing costs. He also added that this transition will contribute to increasing transparency and improving services provided to citizens, giving Iraq greater opportunities for growth and progress in the future.
New Opportunities for the Iraqi Economy
The digital economy represents a new opportunity for Iraq to advance in light of the economic challenges it faces. By harnessing financial technology, Iraq can benefit from new investments and enhance the ability of citizens to interact with financial institutions in a safer and more efficient manner.
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They have embraced the digital payment systems in the state and it is starting to pay off. The simplification will save time and money and allow for easier transitions to the digital economy and for the citizens utility. They'll tapping into that REER once it arrives. They have payments coming per a recent article on or before the 16th of this month. imo ~ MM |
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