Between Rapid Growth And Stagnation...An Economic Analysis Of Electronic Payment Numbers In Iraq, 2 DEC

 Between Rapid Growth And Stagnation...An Economic Analysis Of Electronic Payment Numbers In Iraq

 
Economy ​ 11-29-2024, 15:32 |Baghdad today – Baghdad  Economist Manar Al-Obaidi confirmed today, Friday (November 29, 2024), that
 
electronic payments have increased this year according to Central Bank data, suggesting that
 
local electronic transactions will likely reach 21 trillion dinars. Al-Obaidi said in a post on Facebook, followed by Baghdad Today, that
 
“electronic payments rose in 2024 according to Central Bank data,” noting that
 
“it is expected to reach 21 trillion dinars in local electronic transactions and that the volume of foreign electronic transactions will reach Iraqi cards cost between 15 and 20 trillion annually in the same year.”

He added, "The total internal and external electronic payments will reach between 30 to 40 trillion dinars.
 
In contrast, there is a decrease in the size of current deposits from 107 trillion at the end of 2023 to 102 trillion in 2024," pointing out that
 
"there is a decrease in the size of private sector deposits (including citizens)." From 56.55 trillion dinars in 2023 to 56.17 trillion in 2024".

He continued,  "The value of cash in the banking sector reached 8.1 dinars for every 100 dinars exported in 2024 only, compared to 6.75 dinars for every 100 dinars exported in 2023," stressing that
 
"if all electronic payment incentives cannot increase the volume of current and private deposits in the banking sector and cannot... “As the monetary supply within the banking sector increases significantly, what is the benefit achieved by electronic payments?” Al-Obaidi wondered,
 
 “Why, despite the increase in payments, the citizen’s confidence in the banking sector has not increased, and he still puts in his bank account what covers electronic payments that he cannot pay exclusively with cash, specifically government ones?
 
Is there a need to increase mechanisms to
 
     stimulate electronic payment to increase electronic transactions, or is it a necessity to work?” To
 
     increase confidence in the banking sector, and then electronic payment will be one of the outcomes of increasing this confidence?    https://baghdadtoday.news/262956-بين-النمو-المتسارع-والركود.-تحليل-اقتصادي-لأرقام-المدفوعات-الإلكترونية-في-العراق.html