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Say goodbye to cash circulation

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Say goodbye to cash circulation Empty Say goodbye to cash circulation

Post by claud39 on Mon Dec 09, 2019 12:25 pm

[size=36][rtl]Say goodbye to cash circulation[/rtl][/size]

Sunday 08 December 2019

Say goodbye to cash circulation 980-Alsabbaq

Mohammed Sharif Abu Maysam

Reliance on modern technologies in the banking industry has become a foregone conclusion to achieve a set of goals that stand in the forefront of improving the quality of service and achieving public satisfaction, and reducing slack rings that usually provide a humid environment for the growth of parasites of corruption and money laundering, as well as a desire to improve the banking business to keep pace with performance development In the global banking industry, with the aim of ensuring an attractive environment for the flow of foreign capital.

However, the attempt to automate banking operations in light of an economic environment that suffers from many imbalances, is the result of a series of accumulations that we inherited from the stage of the totalitarian regime and the confusion of the transitional phase that devoted to the so-called "cash economy" and over which the parallel market space prevailed, needs serious measures It contributes to supporting the axis of introducing technologies in order to restore confidence with the public and encourage it to trade and exchange in the banking field, and thus withdraw the cash block to the banking trading arena, which the Central Bank estimates at about 70 percent of the issued cash, in order to advance the role of this rule. Obeyed in creating real development.

Hence the necessity of establishing the Iraqi company to guarantee deposits, which announced the formation of its board of directors last week.

In what establishes a financial relationship between the banking sector and the public that can pave the way for establishing a state of trust in the banking sector, attractions that depend not only on guaranteeing deposits, but also on protecting deposits from disclosure and scrutiny outside legal practices, and raising interest rates at rates commensurate with inflation rates, which will withdraw On the joints of all financial sector loops, such as the high rates of loan insurance rates, and the increase in confidence in the tax system through an effective tax pool and pressure on those involved in converting taxes into services, and this can be withdrawn to the extent that the tax policy moves to the methods of taxation DONC or reduction, including limiting tax evasion and increases the decline of the shadow economy is not registered in government institutions, at the same time as credit rates will increase prices encouraging interest commensurate with the market movement.

The commencement of the work of this company requires and the necessity to announce its activity in a manner that reveals the deposit guarantee system in all transparency, in a way that establishes to restore confidence in the banking sector and encourage the public to save, and it also requires stopping the chaos of instructions and sudden actions to which the public is exposed, the bureaucratic bureaucracy of the business and the abuse of degrading actions for customers In some banks, in parallel with the introduction of a comprehensive banking system based on modern technologies, at that time chunky money could get out of homes and the trading market would recede into the parallel market. 

Then we can bid farewell to what is known as the monetary economy.

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