In light of the rapid global developments in the field of financial technology, the Parliamentary Investment Committee called for the need to review the current banking policy, in order to keep pace with digital transformations and enhance citizens’ confidence in the banking system, calling for raising the interest rate on bank deposits.
Member of the Parliamentary Investment Committee, Diaa Al-Hindi, said in an interview with Al-Sabah: “The banking policy in Iraq is in dire need of a radical change to encourage citizens to deposit their money in banks, by offering interest of up to 40 percent annually, explaining that these interest rates will be a major factor in increasing trust between citizens and banking institutions.”
Al-Hindi pointed out that “electronic payment has made a noticeable difference in the recent period, as amounts ranging between three and four trillion dinars were collected in just two months through Rafidain Bank,” adding that “this money used to consume a lot of time and effort in boring paper operations, but now it is just an electronic number that is transferred directly to the relevant ministries.”
The MP stressed the importance of moving towards a fully digital state, noting that this step will contribute to simplifying financial operations and reducing costs, in addition to increasing transparency and improving services provided to citizens. The digital economy will also give Iraq greater opportunities for growth and progress in the future.
alsabaah.iq
