Economist: Switching to electronic cards will allow the Central Bank to track the movement of the dinar, 5 DEC

 Economist: Switching to electronic cards will allow the Central Bank to track the movement of the dinar

On Tuesday, economic expert Safwan Qusay stated that the transition towards using electronic cards for financial transactions would enable the Central Bank to monitor the movement of the dinar. He also highlighted that using cards will aid in launching new projects, generating employment opportunities, and preventing people from hoarding currency at home.

Qusay stated that the Central Bank would be able to monitor the dinar’s movement by utilizing the Ministry of Oil’s procedures to activate electronic cards at fuel filling stations. This will also help to reduce instances of corruption that may arise when supplying kerosene to generator owners.

“He stated that as the federal ministries increase their use of electronic cards in financial transactions, they will be able to shift away from paper dinars and move towards electronic transactions that directly enter the banking system.”

“He stated that by working with the electronic system for trading in the dinar, the currency can be moved instead of being stored in homes and companies. This will allow it to be placed in the banking system and re-injected in the form of projects and job opportunities.”