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The reality of financial inclusion in Iraq DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

The reality of financial inclusion in Iraq

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The reality of financial inclusion in Iraq Empty The reality of financial inclusion in Iraq

Post by claud39 on Tue Feb 19, 2019 7:19 pm


[size=36][rtl]The reality of financial inclusion in Iraq[/rtl][/size]

Tuesday 19 February 2019

The reality of financial inclusion in Iraq 980-Alsabbaq

Ahmed Hazal

International attention to financial inclusion has increased and countries have put their economic goals into an active factor in achieving sustainable development. Statistical data show that 69 percent of the adult population, equivalent to 3.8 billion people, has bank accounts in the world. The financial coverage is defined as the access of financial and banking services to the largest possible number in society and at appropriate costs to contribute to the sustainability of development, which is the opposite of the financial decline of high-income groups.
The fourth industrial revolution is the technological revolution, technology is an important element in achieving financial inclusion, and they are moving in the same direction, and the relation of the percentage of awareness and banking culture is also moving in the same direction.
Therefore, the modern era clearly points to the trend towards financial inclusion. The Central Bank of Iraq has also launched the National Strategy for Financial Coverage for the period 2018-2020 and has achieved results that may be acceptable but not at the level required by the other countries. Many challenges to reach acceptable results, and there is a successful experience of financial inclusion is the settlement of salaries of more than 3 million employees in banks, which led to an increase in safety and ease of dealing between individuals on the one hand and institutions on the other, but this experience, despite its success, About the true meaning of Financial Mall.
 The ratio of the national currency outside the banking system is almost 55 percent (in the narrow sense M1) and 45 percent is the proportion of the national currency within the banking system (M1). The achievement of financial inclusion is not by forcing employees to The real meaning of financial coverage is to encourage citizens and traders and increase their confidence in banking by stimulating savings through the interest rate, and then withdraw money from houses and make them able to increase bank credit through Drag operations And the deposit, which will contribute to the lifting of banking transactions, as well as the factor of financial culture and its contribution to the increase in the proportion of financial coverage, which amounted to (22 percent) of the level of adults, according to World Bank statistics, and 11 percent, according to statistics of the Central Bank of Iraq and I believe that (11 percent) The ratio is reasonable because it is based on the number
Some observations on financial inclusion in Iraq can be noted with the following points:
1 - There are informal transactions, which are similar to what banks do, which are a rise in the interest rate on the black market double the interest rates of banks.
3 - The proportion of young people aged (15-35) represent a high proportion and up to more than (30 percent) of the total population and this is a base and supportive of the process of financial inclusion in Iraq, but the financial institutions did not invest this wealth, which is a strength within The banking system.
4 - The percentage of bank density of almost every bank branch covers (35000) people, which indicates the decline in the number of branches, especially in the area of ​​limited income, noting that international standards indicate that each branch covers 10 thousand people.
5 - The Central Bank of Iraq targets the poor and low-income groups and illustrates the concept of inclusiveness, which is the opposite of receding, but how these categories will use financial instruments and suffer from poor distribution of income and social justice, if we need to develop the incomes of individuals and justice in the distribution of income.
6 - Financial stability is an important element in the achievement of financial coverage, which is when the savings and investment interests are equal, and the banking sector suffers imbalance in this matter by the element of trust between the customer and the bank, how can we make mutual trust and develop the sides of savings and investment because the bank is the intermediary between the saver 
And the investor.
These observations need to intensify efforts to achieve financial inclusion, especially as it is now among the development goals that countries seek to achieve.
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