🚨🇮🇶 80% OF IRAQ’S MONEY OUTSIDE BANKS — AND HOW THIS COULD CONNECT TO “DELETE THE ZEROS” 💵

🚨🇮🇶 80% OF IRAQ’S MONEY OUTSIDE BANKS — AND HOW THIS COULD CONNECT TO “DELETE THE ZEROS” 💵

A former Iraqi MP says roughly 80% of Iraq’s money is being held outside the banking system, contributing to the current liquidity problem.

🏠 Cash outside banks
⬇️
🏦 Bring funds into the banking system
⬇️
💳 Expand electronic payments
⬇️
🔄 Increase formal financial circulation
⬇️
🇮🇶 Modernize Iraq’s monetary system

🔥 HERE’S WHERE “DELETE THE ZEROS” BECOMES INTERESTING.

The Delete the Zeros project is fundamentally about modernizing Iraq’s currency structure, improving the efficiency of cash circulation and supporting a more modern banking system.

If Iraq can move a significant amount of cash from homes and informal circulation into the banking system, it could make the transition toward a more efficient, digitized monetary system much easier.

And there is an important connection with the recent discussion about printing more currency to address the liquidity crisis:

💰 Iraq may not simply need more money.

It may need to bring the money that already exists back into the financial system.

That means banking reform + electronic payments + currency restructuring could all become important pieces of the same larger monetary transformation.

⚠️ The 80% figure is a claim by former MP Abbas Sarout, not an independently verified CBI statistic.

But the bigger question remains:

Could bringing dormant cash into the banking system be part of the groundwork for Iraq’s next monetary phase and the long-discussed “Delete the Zeros” project? 🇮🇶💵

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80% OF MONEY IS OUTSIDE BANKS… FORMER MP CALLS FOR A NEW STRATEGY TO ATTRACT HOARDED FUNDS

Former MP Abbas Sarout confirmed on Thursday that 80% of Iraqi money is hoarded in homes, away from banks, noting the need to reconsider the strategy for attracting funds to the banking system.

Sarout explained to Al-Maalouma that “Iraq is suffering from a liquidity crisis that has begun to affect salary distribution, given that 80% of the money is hoarded outside banks. This requires serious attention to adopt a strategy that creates incentives to encourage citizens from all walks of life to deposit their money in banks and adopt electronic payment methods, a strategy used in most countries worldwide.”

He added that “this mechanism ensures the government’s ability to distribute salaries, grant loans and advances, and conduct financial transactions,” pointing out that “the majority of financial transactions in Iraq still rely on traditional methods, and this has many drawbacks.”

He stressed “the necessity of citizens having confidence to deposit their money in banks, as this will create balance, sustain the flow of funds, and foster greater flexibility, particularly in ensuring the financial capacity to meet obligations.”