Do electronic payments reduce the printing of fiat currencies in Iraq?
Economy News – Baghdad
The Central Bank of Iraq expected on Monday that electronic payments would reduce the printing of fiat currencies in the coming years.
The Director of the Operations and Settlements Department at the Department of Information Technology and Payments, Zaid Humaid Rashid, said in a statement followed by the “Economy News” agency, that the bank provided the infrastructure for electronic payment operations, by spreading culture and awareness of this subject and applying the decisions of the Council of Ministers,” noting that “these decisions can be applied with settlement systems to activate a reciprocal through which these decisions are implemented.”
He added that “every new work can face some obstacles, problems and mistakes at the beginning, and we are working to find solutions to these obstacles,” pointing to “establishing workshops and meetings in this regard, to review a number of figures that proved the success of the project and the acceptance of citizens.”
Rashid continued that “any problem or hinderance is a complete cycle and every party has a role in that, such as the Central Bank and government banks that have missed the existence of their own regulations, which was the main reason for these problems.”
He explained that “electronic payment will reduce the printing of paper currency as well as the strategic benefits of the country in general and the citizen in particular.”