Iraqi banks is not attractive for deposits of citizens / Adel Abdul-Zahra Shabib
[You must be registered and logged in to see this image.]Published on Tuesday, September 26 / September 2017 18:52
Banks, government and private, both suffer from the scarcity of funds has. Iraqi Central Bank revealed the existence of banks do not comply with its requirements. As for not depositing the citizens of their money in Iraqi banks preferring Aktnazha in their homes filled in to several reasons: -
1) Non-citizens trust banks suffered as a result of many of them to bankruptcy and scarcity of cash, prompting many citizens to withdraw their deposits, while others could not do so for lack of liquidity. Scarcity of liquidity in the banks may be due either to mismanagement or not to get borrowers from contractors and importers of financial dues from the government because of the lack of resources has, what made them slow to restore what Bzmthm of money to the banks.
2) the absence of security, political stability and fear of exposure of banks to the theft as has already happened to some Iraqi banks.
3) the spread of financial and administrative corruption and embezzlement of bank funds and money laundering.
4) few interest rate on savings accounts that do not encourage the filing.
5) failure to meet the demands of banks to some of its customers to withdraw some of their assets.
6) terrorist activity and the lack of security and stability is not conducive to attracting Iraqi funds to banks.
7) complications and red tape and bureaucracy does not encourage the deposit in banks.
[You must be registered and logged in to see this image.] For these reasons, the Iraqis preferred to travel to Iran and depositing their money in banks an interest rate of more than 15 per cent interest which is attractive compared Bmassarva which is yielding good financial return. Jordan also managed to attract Iraqi funds because of its stability and gives him the facilities and benefits.
9) robbed banks and raise fear among the bankruptcy of citizens and pushing them to deposit their money in their homes or in the neighboring countries of high interest rate.
Today is going through your difficult circumstances of the Iraqi banking sector as its contribution to the socio-economic development is very weak because of the scarcity of funds has since the monetary mass in circulation is estimated at 42 trillion dinars, there are in the banking system, 15 per cent and the rest is stored in the houses not to check people's banks.
Even the banks, in turn, in the development process must be: -
1. As stated in the Iraqi Communist Party, passed by the Tenth National Congress of the program, the need ((expansion and modernization of the banking public and private, both the system, on the basis of information and communication technology to contribute effectively to the advancement of the national economy and plays an influential role in the financing of productive investment activities, and the provision of better services banking and most recently, activating controls supervision of banks and monitored by the Central Bank so as to ensure a sound banking system. the anti-money laundering and the transfer of illicit funds and activate legal proceedings against offenders operations.
2. fight against financial and administrative corruption and economic support and specialized regulatory bodies and independence and to activate and develop the mechanisms and laws designed to protect public money and develop plans and procedures for the process to recover the looted money)).
3. The Communist Party calls in his program also to ((rejected calls aimed at full liberalization of the movement and transfer of capital and work to avoid the control of foreign capital to the banking sector, which lead to the use of a significant proportion of savings for speculative purposes and leak out of the country)).
4. The need to raise the interest rate on savings accounts to the extent of 15 per cent or more to attract funds compacta in citizens homes.
5. Provide a safe environment and the elimination of terrorism and put an end to the bombings, assassinations and kidnappings would help stability.
6. impose strict control by the central bank on banks to prevent misappropriation of funds and money laundering.
7. Payment ministries of financial dues to contractors and importers to be able to pay off Bzmthm banks to address the scarcity of funds.
8. simplify banking procedures and processing of red tape and bureaucracy in banks.
9. The need to protect deposits in the government and private banks, and in this regard the Council of Ministers has approved the establishment of a deposit guarantee in the government and private banks company in order to encourage citizens to deposit their money in banks rather than Aktnazha.
10. change banking policy and reliance on international standards and the imposition of strict control of the Central Bank of the banks.
[You must be registered and logged in to see this link.]
Yesterday at 7:30 am by Rocky
» utube 5/4/24 MM&C Iraq Dinar- IQD Update - No Float of Exchange Rate - Budget -2024 - Schedules -
Yesterday at 7:29 am by Rocky
» “Services” asks the Central Bank about billions of foreign banks in Iraq
Yesterday at 7:27 am by Rocky
» Central Bank: Iraqi banks still face challenges in complying with international laws and standards
Yesterday at 7:24 am by Rocky
» Parliamentary bloc: The Central Bank offers hard currency to “mafias” on a golden platter.. The Suda
Yesterday at 7:20 am by Rocky
» The Iraqi Central Auction witnesses a rise in foreign remittances to $267 million
Yesterday at 7:19 am by Rocky
» Wednesday.. The session to elect the President of the Iraqi Parliament is heading towards “Al-Issawi
Yesterday at 7:14 am by Rocky
» The Union of Arab Banks proposes 4 “important” points for Iraqi banks to meet compliance standards
Yesterday at 7:12 am by Rocky
» In the document... the Central Bank decides to return the “Al-Mal” Bank to work... in this case
Yesterday at 7:08 am by Rocky
» The Iraqi-American agreements and cooperation were the most prominent topics of Al-Araji and Romanow
Yesterday at 7:06 am by Rocky
» Al-Hakim meets a joint delegation of resolve and sovereignty and renews the call to hold a session t
Yesterday at 7:05 am by Rocky
» Nearly one billion dinars were recovered and 3 million liters of fuel intended for smuggling in Iraq
Yesterday at 7:03 am by Rocky
» Al-Sudani and the European Union ambassador discuss issues of economic partnerships, civil aviation,
Yesterday at 6:59 am by Rocky
» More than 950 million dinars... petroleum products announced their recovery
Yesterday at 6:57 am by Rocky
» Forming a committee to follow up on stopping the sale of the dollar to travelers
Yesterday at 6:54 am by Rocky
» The Minister of Justice visits Al-Muthanna Governorate to discuss mechanisms for developing judicial
Yesterday at 6:52 am by Rocky
» Agriculture: Farmers who were affected by the recent rains will be compensated
Yesterday at 6:51 am by Rocky
» Al-Rasheed issues a warning regarding applying for advances and loans
Yesterday at 6:49 am by Rocky
» Al-Rafidain announces the implementation of the comprehensive banking system in its main branch
Yesterday at 5:24 am by Rocky
» Al-Rasheed warns of offices and pages claiming to promote the Salaf
Yesterday at 5:22 am by Rocky
» Adviser to the Prime Minister: There are no conflicts in the route of the Baghdad Metro
Yesterday at 5:19 am by Rocky
» Al-Sudani: We are keen to develop the work of the TBI Bank and address the problems it faces
Yesterday at 5:18 am by Rocky
» Agriculture explains the mechanism of implementing the calendar program and its economic gains
Yesterday at 5:17 am by Rocky
» “The shocks have changed.” The Governor of the Central Bank explains the impact of the openness of I
Yesterday at 5:16 am by Rocky
» The President of the Association of Private Banks sends an “important” invitation to the Central Ban
Yesterday at 5:15 am by Rocky
» Al-Alaq: The Iraqi banking sector has witnessed significant qualitative developments in response to
Yesterday at 5:12 am by Rocky
» On behalf of Al-Sudani, the Minister of Planning sponsors the signing ceremony of a memorandum of un
Yesterday at 5:11 am by Rocky
» The Iraqi Travel Companies Association participates in the Arab Travel Market Exhibition
Yesterday at 5:10 am by Rocky
» The start of the work of the Iraqi-Jordanian Economic Forum
Yesterday at 5:07 am by Rocky
» Integrity Commission at the Arab Anti-Corruption Convention Conference
Yesterday at 5:06 am by Rocky
» Election of the Speaker of Parliament between amendment and disruption
Yesterday at 5:05 am by Rocky
» Plans to increase the real estate bank's capital
Yesterday at 5:03 am by Rocky
» The Central Bank sells more than $276 million in the currency auction
Yesterday at 5:02 am by Rocky
» Advisor to the Prime Minister: We are heading towards a complete transformation of the electronic pa
Yesterday at 5:01 am by Rocky
» Savings and financial inclusion
Yesterday at 5:00 am by Rocky
» Agriculture expects to market 6 million tons of wheat
Yesterday at 4:58 am by Rocky
» Al-Sudani chairs the first meeting of the Supreme Committee for Restructuring the Government Apparat
Yesterday at 4:57 am by Rocky
» Al-Sudani receives an official invitation to participate in the United Nations Climate Change Confer
Yesterday at 4:55 am by Rocky
» "Baghdad Today" in the southern refineries: The Azmara unit will reduce imported gasoline and hard c
Yesterday at 4:54 am by Rocky
» Al-Sudani stresses the importance of supporting the pillars of food security
Yesterday at 4:51 am by Rocky
» Kurdistan is an important oasis for investment. Security and economic stability eliminates the housi
Yesterday at 4:50 am by Rocky
» Politician: Comparing Al-Halbousi to Al-Maliki is not up for discussion
Yesterday at 4:46 am by Rocky
» The Kurdistan Democratic Party demands international supervision of the region's elections
Yesterday at 4:45 am by Rocky
» Al-Sudani heads to Italy next week on an official visit
Yesterday at 4:44 am by Rocky
» Warnings of challenges delaying budget approval, most notably the deficit
Yesterday at 4:43 am by Rocky
» The Ministry of Oil sets the launch date for the fifth and sixth licensing rounds
Yesterday at 4:41 am by Rocky
» Rafidain Bank announces the implementation of the comprehensive banking system in its main branch
Yesterday at 4:40 am by Rocky
» Central Bank Governor: The banking sector is witnessing major qualitative developments
Yesterday at 4:39 am by Rocky
» Economic: Neighboring countries do not import from Iraq for fear of fraud
Sun 05 May 2024, 10:43 am by Rocky
» The Central Bank of Iraq sells more than $276 million in currency auction
Sun 05 May 2024, 9:16 am by Rocky
» Agreement on the presidency of Parliament: Did Al-Halbousi win?
Sun 05 May 2024, 7:09 am by Rocky
» Because of his corruption... Al-Karawi calls for Al-Halbousi to be held accountable
Sun 05 May 2024, 7:08 am by Rocky
» Al-Shammari: The American presence in Iraq has no legal cover
Sun 05 May 2024, 7:06 am by Rocky
» A story titled: Al-Fartusi, the Iraqi ports, and the 160 Committee
Sun 05 May 2024, 7:04 am by Rocky
» The Minister of Finance of the Kurdistan Region expects the date of Baghdad’s sending of salaries fo
Sun 05 May 2024, 7:03 am by Rocky
» What is the importance of conducting a pilot population census in Iraq?
Sun 05 May 2024, 7:01 am by Rocky
» The start of the meetings of the sixth session of the joint Iraqi-Iranian committee in Tehran
Sun 05 May 2024, 6:58 am by Rocky
» The budget schedules did not reach the Council of Ministers
Sun 05 May 2024, 6:54 am by Rocky
» The Minister of Planning directs the installation and operation of gold screening units at Iraqi air
Sun 05 May 2024, 6:52 am by Rocky
» Government advisor: Collections will shift almost completely to electronic payment in the middle of
Sun 05 May 2024, 6:51 am by Rocky
» A politician accuses the American embassy of attracting parties inside Iraq to confuse the situation
Sun 05 May 2024, 5:07 am by Rocky
» Deputy: The anti-prostitution law blocks the way for destructive ideas
Sun 05 May 2024, 5:06 am by Rocky
» State of Law: A political agreement to resolve the position of Speaker of Parliament...these are its
Sun 05 May 2024, 5:05 am by Rocky
» Kurdistan Parliament elections.. The insistence of the two parties intensifies and an international
Sun 05 May 2024, 5:04 am by Rocky
» Jordan considers Iraq one of its "most important" main partners in the investment field
Sun 05 May 2024, 5:02 am by Rocky
» Advisor to the Prime Minister: Iraq is a fertile environment for projects, and there is an expansion
Sun 05 May 2024, 5:01 am by Rocky
» Parliament is close to approving the renewable energy project law
Sun 05 May 2024, 5:00 am by Rocky
» The delay surrounds five Iraqi ministries.. What is the relationship with the budget?
Sun 05 May 2024, 4:58 am by Rocky
» Basra Council threatens: We will not accept unreliable companies to work in Qurna service projects
Sun 05 May 2024, 4:57 am by Rocky
» Iraq intends to convert collections to electronic payment in mid-2024
Sun 05 May 2024, 4:54 am by Rocky
» Parliamentary Committee: 5 ministries whose completion rates are “low”
Sun 05 May 2024, 4:53 am by Rocky
» Completion of the five-year national development plan 2024-2028
Sun 05 May 2024, 4:51 am by Rocky
» Investment opportunities in the ancient city of Ur
Sun 05 May 2024, 4:50 am by Rocky
» Today.. Baghdad hosts leading scientists and researchers in the field of artificial intelligence
Sun 05 May 2024, 4:49 am by Rocky
» Conditions and horrors
Sun 05 May 2024, 4:47 am by Rocky
» Democratic conditions threaten Kurdistan elections and embarrass the Commission
Sun 05 May 2024, 4:46 am by Rocky
» “Consensus” disrupts laws in parliamentary culture
Sun 05 May 2024, 4:44 am by Rocky
» Iraq celebrates “World Press Freedom Day”
Sun 05 May 2024, 4:43 am by Rocky
» Including Iraq... five countries possess more than 1,000 tons of gold
Sun 05 May 2024, 4:41 am by Rocky
» Davos is between two stations, is Iraq the third?
Sun 05 May 2024, 4:40 am by Rocky
» Specialists: The food basket was a buffer to mitigate the blow of high prices
Sun 05 May 2024, 4:39 am by Rocky
» Al-Rafidain Bank announces the implementation of the comprehensive banking system in its Hindi branc
Sun 05 May 2024, 4:34 am by Rocky
» Learn about the proposed law replacing punishment with financial sums
Sun 05 May 2024, 4:33 am by Rocky
» With the beginning of summer... poor services and a spiral of crises afflict the citizens of Kurdist
Sun 05 May 2024, 4:30 am by Rocky
» A new scandal involving one of the “ten promising companies in Basra”... the Iraqi Plain strikes con
Sun 05 May 2024, 4:29 am by Rocky
» With a package of files... Barzani to Tehran and Talabani to Washington next week
Sun 05 May 2024, 4:28 am by Rocky
» An expert reveals the size of the "gas gap" in Iraq: Achieving sufficiency within 3 years is very di
Sun 05 May 2024, 4:25 am by Rocky
» To reach an agreement on 10 memorandums...the start of the meetings of the sixth session of the Iraq
Sun 05 May 2024, 4:24 am by Rocky
» The dollar is declining slightly against the Iraqi dinar in local markets
Sun 05 May 2024, 4:22 am by Rocky
» Deputy: 4 factors hinder Iraqi development.. one of them is a 90% reduction - urgent
Sun 05 May 2024, 4:21 am by Rocky
» Revealing the reason for its delay.. Elekti sets the date for sending the salaries of Kurdistan Regi
Sun 05 May 2024, 4:19 am by Rocky
» The Iraqi development road project, ambitions and expected challenges
Sun 05 May 2024, 4:18 am by Rocky
» Laws were enacted but did not find their way into implementation
Sun 05 May 2024, 4:16 am by Rocky
» Iraq: Political withdrawals hamper the work of Parliament
Sun 05 May 2024, 4:14 am by Rocky
» The continued fluctuation of the dollar exchange rates worries traders and citizens
Sun 05 May 2024, 4:13 am by Rocky
» Vice: Nour Zuhair and his companions manage Iraqi ports
Sun 05 May 2024, 4:10 am by Rocky
» The President of the Kurdistan Region visits Tehran today and meets with senior Iranian officials
Sun 05 May 2024, 4:08 am by Rocky
» Al-Maliki confirms Iraq's openness to all countries of the world
Sun 05 May 2024, 4:07 am by Rocky
» The World Bank is preparing to issue a human capital report in Iraq
Sun 05 May 2024, 4:06 am by Rocky