The Parliamentary Investment Committee called for raising the interest rate on bank deposits in order to keep up with digital transformations and boost citizens’ confidence in the banking system in light of the rapid global developments in the field of financial technology.
Diaa Al-Hindi, a member of the Parliamentary Investment Committee, told Al-Sabah in an interview: By offering interest rates of up to 40% annually and explaining that these interest rates will be a major factor in increasing trust between citizens and banking institutions, the banking policy in Iraq must be drastically altered to encourage citizens to deposit their money in banks.
According to Al-Hindi, “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,” and “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 emphasized the significance of transitioning to a completely digital state, noting that doing so will simplify financial operations, cut costs, increase transparency, and enhance citizen services. The advanced economy will likewise offer Iraq more prominent chances for development and progress from here on out.
