Parliamentary Finance proposes a road map to end “hoarding money”
Ayna News – Baghdad, a member of the Parliamentary Finance Committee, Representative Jamal Cougar, on Sunday presented a road map to end the file of hidden funds in homes.
Cougar said in, “A large percentage of Iraqis intend to hoard money in homes and not deposit it in banks, whether financial or private for multiple reasons, stressing that compactness is a mistake and has significant economic damage.”
He added that “pushing the government to adopt electronic payment through a smart card for all the salaries of its employees and to make dealing with it as a unified framework through the disbursement of loans and depositing receipts for the money to the departments will pay the citizens to transfer their money to the electronic trading file in paying its expenses, whether for government departments or the private sector.”
He pointed out that “the file of the hoarding of funds will end up due to the road map that he put forward, which is the most influential and approved in almost all countries of the world, especially the developed economies, pointing to the proposal to raise the interest rate has an impact, but our society is Islamic at 90% and does not interact with interest profits.”
Iraq suffers from a large proportion of the money siphoned in homes despite the presence of dozens of government and private banks due to lack of confidence in them.