Cash Economy The major challenge businesses in Kurdistan get is the countrys cash economy, and that means almost everyone does all the financial transactions in cash without using bank accounts, credit cards, and etc. Even big deals of more than $200,000 are still carried out in sacks of cash. Banking system here is not that much developed. Transferring money is almost everything that banks do, which obviously should be a small part of the banking system. The major reasons are 1- People do not trust banks to save their money, 2- the political instability and the ongoing fights in the country has also negative impacts on people, 3- of course the less education causes the more misunderstandings about the banks. The best ways to get more people having bank accounts are 1- People should hear about this if they have not yet heard of how the banks work, more seminars and more lectures should be given to the targeted people, 2- the banks should encourage and create bank accounts for college students which can ease their financial transactions. The Eastern Asia countries and all the other developing countries who have taken great steps towards success in business have learned well about finance and banking system. I hope we can be the ones to develop this. Afan Dec 8th, 2014 The following link is what made me write about this. investingroup.org/interview/163/
Posted on: Mon, 08 Dec 2014 17:26:56 +0000