On Wednesday, Mudar Al-Karawi, a member of the Parliamentary Finance Committee, confirmed that the Iraqi government aims to decrease the liquidity circulation in the country by 10% in 2024.
During an interview, Al-Karawi stated that the Sudanese government has started implementing various economic solutions to facilitate the transition towards electronic payment for wages and government services. This includes the use of modern cards to pay for services such as gas stations, which will help reduce the circulation of physical money.
“The implementation of electronic transactions in state institutions has many advantages. It can help reduce the amount of cash in circulation and promote the use of electronic payments, which are more secure and easier to track. This transition can also help strengthen the financial stability of banks and the overall economy.”
He highlighted that if the government’s programs are implemented, citizens will experience a reduction of at least 10% in circulating liquidity by 2024.
The Ministry of Oil has approved a program for paying fuel refueling fees via electronic cards. This is the first such program to be implemented in Iraq.
