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Neno's Place Established in 2006 as a Community of Reality


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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Association of Banks: 75% of the money supply is outside the banking system

    Rocky
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    Join date : 2012-12-21
    • Post n°1

    Association of Banks: 75% of the money supply is outside the banking system Empty Association of Banks: 75% of the money supply is outside the banking system

    Post by Rocky Sun 01 Dec 2024, 7:20 am

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    01-December-2024
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    [ltr]Currency Trading (Facebook)[/ltr]

    The Private Banks Association said on Sunday, December 1, 2024, that three-quarters of the monetary mass in Iraq is outside the banking system.
    The Executive Director of the Private Banks Association, Ali Tariq, said in a statement followed by "Ultra Iraq", "About 75 percent of the monetary mass is outside the banking system and requires a great effort to encourage citizens, companies and institutions to use the banking system more, which is currently happening, but this type of work needs to be accelerated to control financial operations in Iraq."
    Despite what the director said in this regard, the World Bank claimed last February that the infrastructure for electronic payment systems in Iraq is “among the best in the region,” according to a statement issued by  [You must be registered and logged in to see this link.] . 
    “During the last two years, deposits in the banking sector have increased, but there is still a large amount of cash outside the banking system. This requires increasing confidence in the banking sector, whether governmental or private, and strengthening this confidence through the Central Bank of Iraq and the Iraqi government, in addition to offering investment programs for deposits that reflect on citizens’ deposits, which could generate returns for depositors in these banks, and thus there is an incentive and motivation to increase these deposits,” Tariq added.
    The Iraqi authorities have taken steps towards activating the  [You must be registered and logged in to see this link.] system , starting with localizing employees’ salaries, and then installing  [You must be registered and logged in to see this link.]  in different places, including gas stations. However, [You must be registered and logged in to see this link.] still believe that the culture of electronic payment is not at the required level, for many reasons, including those related to economic and electronic culture, in addition to the fact that  the widespread [You must be registered and logged in to see this link.]  in the country hinders its full implementation. 
    According [You must be registered and logged in to see this link.]  , the Iraqi government, through attempts to implement electronic payment, aims to withdraw the cash mass in circulation in Iraq, which amounts to 84 trillion dinars.
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