Transition to a Non-Monetary Economy
16 Jan 2018
The conference aims to discuss the policies and mechanisms of transferring monetary transactions to non-monetary, an initiative established by the Federation of Egyptian Industries in cooperation with the Union of Egyptian Banks. The transition to a non-monetary economy achieves many goals that serve both citizens, businesses and governments , as well as further integration into the global economy, reducing tax evasion, providing a secure s environment and thus increasing domestic investment rates. And of course stimulate entrepreneurs, increase growth and encourage competition. With regard to the financial and banking sectors, the transition to a non-monetary economy reduces the cost of printing money as well as reducing the time, cost and risk of financial transactions. The transition to a non-monetary economy requires better control over the safety of financial transactions and the reduction of money-related crimes such as theft, bribery, corruption and money laundering.