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The Prime Minister's advisor proposes two solutions to take advantage of the public's cash surpluses for development purposes
Economy Yesterday, 21:53
Today
, Tuesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, proposed
two quick solutions to take advantage of the public's cash surpluses for development purposes, while he indicated that
attracting large deposits requires encouraging citizens to use electronic banking.
Saleh said, to the Iraqi News Agency (INA), that "the
cash issuance amounted to perhaps 100 trillion dinars, and
about 70% of it is currency in circulation outside the banking system and
in the form of cash hoarding by the public, due to
inherited customs and traditions, which are deep institutional factors that society has been accustomed to since Long years, knowing that
the interest on using a lot of that money hoarded in the unregulated money market exceeds 80% annually, which is a type of obscene usury.
He added, "There are
two quick ways to take advantage of the public's cash surpluses, especially for the purposes of development funds. The
first is to deal with borrowing bonds, which are
second way is to spread borrowing and deposits through mobile phone banks within the
without neglecting the current banking activity in carrying out its basic duties, which is
without also neglecting to strengthen the role of the deposit guarantee company and
show its effectiveness and strength in guaranteeing the rights of depositors in the face of the risks of failure faced by banks.
https://www.ina.iq/182163--.html
Economy Yesterday, 21:53
Today
, Tuesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, proposed
two quick solutions to take advantage of the public's cash surpluses for development purposes, while he indicated that
attracting large deposits requires encouraging citizens to use electronic banking.
Saleh said, to the Iraqi News Agency (INA), that "the
cash issuance amounted to perhaps 100 trillion dinars, and
about 70% of it is currency in circulation outside the banking system and
in the form of cash hoarding by the public, due to
inherited customs and traditions, which are deep institutional factors that society has been accustomed to since Long years, knowing that
the interest on using a lot of that money hoarded in the unregulated money market exceeds 80% annually, which is a type of obscene usury.
He added, "There are
two quick ways to take advantage of the public's cash surpluses, especially for the purposes of development funds. The
first is to deal with borrowing bonds, which are
issued by the central bank or the government, which are
negotiable in buying and selling,
extinguishing receivables and
bearing annual interest, including the issuance of
Islamic sukuk as a hybrid financial instrument." And he continued, “The
second way is to spread borrowing and deposits through mobile phone banks within the
- wide uses of electronic banking and
very easy applications,
without neglecting the current banking activity in carrying out its basic duties, which is
- cash credit,
improving banking services for depositors, and
attracting their chunky deposits and
other means of attraction towards banks.” And with
innovative, easy and attractive tools for depositors,
without also neglecting to strengthen the role of the deposit guarantee company and
show its effectiveness and strength in guaranteeing the rights of depositors in the face of the risks of failure faced by banks.
https://www.ina.iq/182163--.html
