Economist: Electronic financial transactions save Iraq from cash shortage
monetary researcher Diaa Abdul Karim stated on Thursday that the shift closer to digital economic transactions and generalizing this to all authorities and personal transactions will keep the u . s . from a scarcity of coins.
Abdul Karim instructed, “maximum international locations within the international, and Europe especially, have moved towards digital monetary transactions, such that the subculture of managing digital playing cards in buying and promoting in various sectors has been created in society, or even with the decline of its economy, it will no longer suffer financially due to the fact its financial transactions are electronic.”
He added, “these transactions make it pointless for governments to print foreign money continuously, as this manner is financially high priced. Iraq prints a few denominations regionally and other denominations of currency are revealed abroad, and printing them fees the monetary fee of this currency.”
He explained that “the circulate toward digital transactions calls for in depth education with the intention to withdraw the cash mass from the road and to transform transactions, in particular big amounts, thru electronic cards. consequently, the citizen will now not be forced to withdraw big quantities from banks so as to buy a property, a car, and so forth., but will use his card to switch money to the other birthday party, which ensures the safety of financial transactions and stops the coins mass from being wasted and taken out of the banking framework.”
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