ECONOMIST: ELECTRONIC PAYMENT WILL REDUCE DEMAND FOR FOREIGN CURRENCY IN IRAQ
Mawazine News – Baghdad
The economist Khaled Al-Shammari stressed that electronic payment will increase investment opportunities by depositing money in banks, while he pointed out that the ATM card increased to one million cards during this year.
“The process of switching to electronic payment reduces the cash payment of the currency , thus reducing the demand for the foreign currency and increasing confidence in the local currency,” Al-Shammari said in a televised interview.
He added, “Only about 15% of Iraqi cash is deposited in banks,” noting that “the increase in bank deposits is used for investment purposes instead of disappearing them in the citizen.”
Al-Shammari called for “the need to put the benefits to the bank deposit process for the purpose of encouraging citizens,” pointing out that “citizens are afraid of hacking and forgery in electronic cards, so it must be directed to add security elements such as the adoption of an eye fingerprint.”
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