The head of the Diyala Chamber of Commerce, Muhammad Al-Tamimi, revealed on Sunday that approximately 65% of private funds are stored in Iraqi homes.
According to Al-Tamimi, there is a pressing need for a comprehensive roadmap to rectify the economic and financial situation in Iraq. This is particularly important given the numerous mistakes in handling crises, as well as the over-reliance on oil sales as the primary source of income for the country’s treasury.
According to him, 65% of the money in Iraq is kept in people’s homes. He considers this to be a serious mistake that has multiple causes, one of which is the failure of plans to attract money over many decades. He suggests three solutions, the most prominent of which is to offer incentives for placing money in banks and to open investment opportunities that would encourage people to do so. He emphasizes the need to focus on vital areas such as residential investments to boost the economy.
He noted that depositing money in banks increases flexibility in paying salaries and obligates financial loans, which leads to economic growth.
The national economy heavily relies on oil sales to fund the treasury, causing significant difficulties.
