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The Association of Banks announces an increase in deposits in the banking sector during the last two years
economy Yesterday, 11:24
Baghdad - IA - Hassan Al-Fawaz
The Association of Private Banks announced, on Sunday, an increase in deposits in the banking sector over the past two years, while
indicating the government’s great interest in the recent period
regarding digital transformation in general and the
shift towards an electronic payment system.
The Executive Director of the Association of Private Banks, Ali Tariq, said in a statement to the Iraqi News Agency (INA):
“During the last two years, deposits in the banking sector have increased, but
there is still a large cash mass outside the banking system, as
this matter calls for increased confidence in the banking sector.” Whether governmental or private, and enhancing this confidence through the Central Bank of Iraq and the Iraqi government,
in addition to offering investment programs for deposits that are reflected in citizens’ deposits, which could generate returns for depositors in these banks.
“Therefore, there is an incentive and motivation to increase these deposits.” Tariq added,
“Strengthening the electronic payment system in Iraq has very positive repercussions on increasing the use of the banking system in payment and settlement operations, whether between citizens and government services or citizens with private commercial institutions,” pointing to
“the government’s great interest in the recent period regarding digital transformation.” In general, the shift towards an electronic payment system at the level of financial transactions.” He continued,
"About 75 percent of the monetary mass is outside the banking system and
requires a great effort to motivate citizens, companies, and institutions to use the banking system more, which is what is currently happening, but
this type of work needs to be accelerated to control financial operations in Iraq."
https://www.ina.iq/222632--.html
economy Yesterday, 11:24
Baghdad - IA - Hassan Al-Fawaz
The Association of Private Banks announced, on Sunday, an increase in deposits in the banking sector over the past two years, while
indicating the government’s great interest in the recent period
regarding digital transformation in general and the
shift towards an electronic payment system.
The Executive Director of the Association of Private Banks, Ali Tariq, said in a statement to the Iraqi News Agency (INA):
“During the last two years, deposits in the banking sector have increased, but
there is still a large cash mass outside the banking system, as
this matter calls for increased confidence in the banking sector.” Whether governmental or private, and enhancing this confidence through the Central Bank of Iraq and the Iraqi government,
in addition to offering investment programs for deposits that are reflected in citizens’ deposits, which could generate returns for depositors in these banks.
“Therefore, there is an incentive and motivation to increase these deposits.” Tariq added,
“Strengthening the electronic payment system in Iraq has very positive repercussions on increasing the use of the banking system in payment and settlement operations, whether between citizens and government services or citizens with private commercial institutions,” pointing to
“the government’s great interest in the recent period regarding digital transformation.” In general, the shift towards an electronic payment system at the level of financial transactions.” He continued,
"About 75 percent of the monetary mass is outside the banking system and
requires a great effort to motivate citizens, companies, and institutions to use the banking system more, which is what is currently happening, but
this type of work needs to be accelerated to control financial operations in Iraq."
https://www.ina.iq/222632--.html
