Adaptation of electronic banking services in Iraq urged by Finance Committee

In the House of Representatives, the economic finance committee of Iraq has called for the Iraqi banks to activate some modern banking services, such as the settlement of financial transactions through mobile phones, or credit cards, so as to reduce the handling of paper currency.

Abdul Hussein al-Yasiri, a well known political figure of Iraq, a member of the Finance Committee, stated that Radio Free Iraq “to find new methods for the settlement of cash transactions electronically, will make it easier for citizens and traders alike, hold those transactions without the need for a review of the banks, Otthml consequences of carrying cash, and the risk of theft, as well as reduce the use of paper currency, which of course reduces the need to be replaced and new ones printed from time to time.“

Economists welcomed their part at the invitation of the parliamentary finance committee; because it is in their view constitute a step in the right direction. He said economic expert on behalf of Jamil that “there is exaggeration in the use of cash in Iraq, and that there is a huge mass of cash circulating in the market up to trillions of dinars.”

To The head of the Association of private banks in Iraq, Abdul Aziz Hassoun difficult to activate services for financial transactions electronically, during the current stage, due to the lack of infrastructure required for the adoption of this type of banking services.