An economic expert shows 3 advantages of the electronic payment system

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Nabil Al-Ali, an economic analyst, underlined three favorable features of the government’s initiatives toward floating the electronic payment system in future transactions today, Wednesday.
In a statement issued to Al-Maalouma, “The trend towards electronic payment aims to limit the phenomenon of the cash economy, which has major negative effects on the Iraqi economy and consequences and effects with regard to managing liquidity and the costs of this liquidity from printing currency and controlling it.”
“One of the benefits of implementing the electronic system is that it contributes to controlling customs and taxes and providing financial movement to specialists, as well as eliminating the phenomenon of tax evasion through the process of linking control and knowledge of the volume of sales,” he added.

It is worth noting that Prime Minister Muhammad Shiaa Al-Sudani confirmed yesterday, Tuesday, during his visit to the General Traffic Department, that the use of electronic payment in collections and transactions with state institutions is part of reforming the financial and banking system and preventing corruption suspicions.

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