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Savings and financial inclusion

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1Savings and financial inclusion Empty Savings and financial inclusion Sun May 05, 2024 6:34 pm

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Savings and financial inclusion
 
Economical 05/06/2024
Muhammad Sharif Abu Maysam
 
There is a close relationship between saving and financial inclusion, as
economies with good levels of saving are usually more
 
     comprehensive,
     stable, and
     consistent in financial trades and exchanges,
     growth rates, and the
     ability to withstand shocks.
 
It seems that this relationship was an impetus for adopting the slogan
“Towards encouraging saving to enhance... Financial Inclusion” on the occasion of the Arab Financial Inclusion Day, which falls on April 27th every year.
 
Financial inclusion means providing financial services to all societal groups and encouraging them to open bank accounts, by
 
     opening more bank branches in places far from city centers, and
     introducing more payment systems and technologies that contribute to
     reducing episodes of slackness in performance and
     restoring confidence between the public and the banking sector.
 
This establishes the withdrawal of the cash mass stored in homes and other places of hoarding, and
 
thus recycling it in credit operations and economic projects in order to

    support the business environment and 
   address the problem of unemployment in the labor market and
 
thus achieve sustainable development.
 
The banking sector in our country participates in financial inclusion activities that promote and open up to the public in public places, universities, and commercial centers, with the aim of encouraging the public to deal with the banking sector and increasing the proportion of transactions and transactions in the banking arena, thus achieving the highest levels of savings.
 
Such productive activities may have a degree of impact depending on the regions in which they are held, and complement what the relevant authorities are working for in the context of adopting electronic payment systems and protecting the public.
 

However, there are obstacles that need to be contemplated and reconsidered if we want to achieve positive results in the file.
 
     Encouraging savings, and
     achieving the complementary relationship between financial inclusion and
     withdrawing the public’s accumulated cash mass,


which the relevant authorities estimate at approximately 70 percent of the issued cash.
 
 
The first of these problems that need study and contemplation is the problem of the difference in the currency exchange rate, which prompts the public to buy foreign currencies as a safe haven. From exchange rate fluctuations,
 
solving this problem contributes significantly to creating trust between the public and banks, in addition to the possibility of raising the interest rate in light of the increase in government spending on service projects, which may result in an increase in inflation rates, and
 
we believe that providing banking privileges to savers is the way.
 
It is appropriate to encourage saving, such as guaranteeing access to housing units for savers, especially children and young women, at half the price after ten or fifteen years of saving at certain rates, or offering a free marriage grant if these age groups continue saving for about a number of years.   
 
https://alsabaah.iq/96119-.html

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