Economist: Electronic financial transactions save Iraq from cash shortage
Economist: Electronic financial transactions save Iraq from cash shortage
1-9-2025
Information/Baghdad…
Economic researcher Diaa Abdul Karim said on Thursday that the shift towards electronic financial transactions and generalizing this to all government and private transactions will save the country from a shortage of cash.
Abdul Karim told Al-Maalouma, “Most countries in the world, and Europe in particular, have moved towards electronic financial transactions, such that the culture of dealing with electronic cards in buying and selling in various sectors has been created in society, and even with the decline of its economy, it will not suffer financially because its financial transactions are electronic.”
He added, “These transactions make it unnecessary for governments to print currency continuously, as this process is financially costly. Iraq prints some denominations domestically and other denominations of currency are printed abroad, and printing them costs the financial value of this currency.”
He explained that “the move towards electronic transactions requires intensive education in order to withdraw the cash mass from the street and to transform transactions, especially large amounts, through electronic cards. Consequently, the citizen will not be forced to withdraw large amounts from banks in order to buy a property, a car, etc., but will use his card to transfer money to the other party, which ensures the safety of financial transactions and prevents the cash mass from being wasted and taken out of the banking framework.”
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