Economist: We are on the verge of a quantum leap in financial transactions
Economist: We are on the verge of a quantum leap in financial transactions
5-19-2023
Information / Baghdad..
The researcher in economic affairs, Hisham Al-Baydani, explained, on Friday, that Iraq is on the verge of a quantum leap in the quality of financial transactions, especially with the entry into force of electronic applications in many institutions in order to get rid of the inflation that the country suffers from.
Al-Baydani told Al-Maalouma, that “Iraq, despite its late entry into the techniques of financial sciences and its applications, the coming months will witness a wide boom in the applications of electronic financial transactions after decades of traditional monetary trading.”
He added, “What will happen from electronic transactions is only in implementation of the instructions of the Central Bank of Iraq to publish pos points, which would reduce the monetary mass in the country, which in turn is one of the causes of rampant inflation.”
And that “this step, which will start in early June, will encourage Iraqis to save the value of their money electronically and start opening bank accounts that may increase the number of active accounts currently, which are estimated at seven million bank accounts.”
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