Iraq experienced loss of at least 1.5 Billion U.S dollars due to the Internet Interruption

A source in the Iraqi Central Bank has indicated the financial loss in the Iraqi electronic and tourism sectors. The financial loss in major sectors exceeded 1.5 billion U.S dollars due to the interruption of the Internet service. The source also informed that the private sector had been hit by the Internet shutdown imposed by the government to handle demonstrations in the country. It was said that Iraqi private banks recorded losses of more than 16 million U.S dollars per day since the first interruption of the Internet in the month of October. He added the combined losses of private banks, mobile phone companies, money transfer services, tourism, and airline ticketing offices exceeded an average of 40 million U.S dollars per day. It is equivalent to at least 1.5 billion U.S dollars in just over a month.

Iraq experienced loss of at least 1.5 Billion U.S dollars due to the Internet Interruption

Point to be noted that the Net Blox network monitors Internet activity in the world. The firm has confirmed that economic figures independently indicate that the Iraqi government is responsible for disrupting vital infrastructure and experienced GDP losses of about 2 billion U.S dollars. The report came in response to a claim by the representative of the United Nations Secretary-General in Iraq. It said the closure of the roads of oil installations and ports by the demonstrators causing the loss of billions.

A source in the Iraqi Central Bank also said that the private sector was severely affected by the interruption of the Internet imposed by the government to handle the unrest in the country. The NetBlox calculated the loss of Internet interruption on the Iraqi economy and it reached 1.358 billion U.S dollars just in the month of October. The loss represents nearly 0.5 percent of the country’s gross domestic product. The biggest individual economic loss was not caused by low productivity or lack of employment, but with the interruption of the Internet by the Iraqi government. It is noteworthy that the National communications fell below 19%, and prevented tens of millions of Iraqi users from the global network.

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