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The central bank calls for dealing with licensed banks instead of keeping money in homes

The Central Bank of Iraq called, Tuesday (August 18, 2020), all citizens to deal with banks and financial intermediation companies approved by it, during large cash exchanges, instead of hoarding in homes.

The Central Bank said in a statement received (Baghdad today), that it “seeks through this, to preserve the money mass of citizens, avoid cases of theft and fraud, and promote counterfeit currencies.”

The bank stressed in its statement, “the need to reduce trade exchange in paper currencies, which medical studies have proven to be an effective vector for viruses and bacteria, especially as the country is going through a crisis of a pandemic.”

The statement continued, “The Central Bank has adopted the mechanisms of spreading financial inclusion in Iraq, which enhances the banking culture and the shift to monetary exchange with modern financial technologies during all forms of banking transactions.” Source