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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Tax evasion, corruption and financial fraud require expediting reform of the banking system

    Rocky
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    • Post n°1

    corruption - Tax evasion, corruption and financial fraud require expediting reform of the banking system Empty Tax evasion, corruption and financial fraud require expediting reform of the banking system

    Post by Rocky Mon 17 Apr 2023, 7:43 am

    [size=38]Tax evasion, corruption and financial fraud require expediting reform of the banking system[/size]


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    April 16, 2023[You must be registered and logged in to see this link.]
    Baghdad / Obelisk Al-Hadath: The Iraqi government plans to restructure government banks in cooperation with relevant international organizations, the World Bank and the International Monetary Fund, after the dollar exchange rate crisis.
    The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, said that the central bank has a program to restructure government banks and has been working on it for years, noting that there is harmony between the Iraqi government and the central bank in the process of reforming the banking sector.
    In a previous statement, Prime Minister Muhammad Shia'a al-Sudani criticized the work of banks and said that some banks and exchange offices do not achieve the desired contribution in consolidating a real and regular national financial policy.
    The representative, Bassem Khashan, considered that the banking system in Iraq is dilapidated, and the central bank is floundering and does not exercise its control over the banks because its hand is tied, and therefore the dinar will remain anxious.
    During the last period, the dollar crisis revealed the need to organize the work of Iraqi banks and to carry out reforms at the level of technologies and management of financial transactions.
    The banks did not succeed in influencing the end of the crisis, which proved that their structure and performance are weaker than facing such a challenge.
    The economist, Salam Sumaisem, said that 80% of the monetary mass in Iraq is outside the banking system, adding that the Iraqi banking system has proven its failure to gain public confidence and has not provided distinguished and professional service at the world level.
    And the repercussions of the underdevelopment of the banking system in Iraq led to negative consequences affecting the economy and society.
    Member of Parliament Majid Shankali believes that the first steps of financial and economic reform lies in the development and modernization of the banking system to suit the tremendous development in banking transactions globally, especially since the Rafidain and Rasheed banks are still working with paper records.
    The underdevelopment of the banking system in Iraq affects investments, as local and foreign investors do not prefer to invest in a country that suffers from underdevelopment in its banking system.
    The banking sector in Iraq suffers from underdeveloped technologies, bureaucracy and red tape.
    The underdevelopment of the banking system leads to an increase in poverty and unemployment rates, as individuals are unable to obtain loans and the necessary financing for small businesses and private projects.
    Because of the underdevelopment of the banking system in Iraq, the rates of tax evasion, financial fraud, and corruption rise, as only cash is dealt with without any official recording of financial transactions.
    The leader in the coordination framework, Mahmoud al-Hayani, said that the Iraqi Private Banks Association is part of the issue of the dollar’s ​​rise crisis, especially since this association includes many banks that are the cause of currency smuggling and money laundering, and this association did not have any role in this crisis, rather it was part of the crisis not resolved.
    Political analyst Qusai Mahbouba said on Twitter that government banks are hotbeds of corruption, failure and abhorrent bureaucracy, adding: There is no solution for these dilapidated banks except to liquidate them.
    The official website of the Central Bank of Iraq indicates that the number of local and foreign banks operating in the country is 78, including 7 government and 45 private banks, in addition to 17 branches of foreign banks operating in the country.
    Prepared by Muhammad Al-Khafaji
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