Iraqi Central Bank warns of "Hoarding"

Shafaq News / The Central Bank of Iraq called on all citizens to deal with banks and financial intermediation companies approved by it, warning of "hoarding cash".

In a statement received by Shafaq News Agency, the bank said that it urges all citizens to deal with banks and financial intermediation companies licensed by it, during large cash exchanges, instead of hoarding in homes.

He added, "through this, it seeks to preserve the money supply of citizens, avoid cases of theft and fraud, and promote counterfeit currencies".

The bank stressed the need to, "reduce trade exchange in paper currencies, which medical studies have proven to be an effective vector for viruses and bacteria, especially as the country is going through a crisis of the spread of Coronavirus".

The Central Bank adopts the mechanisms of spreading financial inclusion in Iraq, which enhances the banking culture and the shift to monetary exchange through banking transactions with modern technologies and all forms, according to the statement.