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{Fines} ignite controversy about the Central Bank's policies with banks
The first 2023/06/06
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Shukran Al-Fatlawi
The controversy escalated between experts and specialists in financial affairs regarding the imposition of fines by the Central Bank on banks, as some of them supported this step and considered it dues that must be paid to contribute to the development process, while another section rejected it and described it as a retaliatory and inflexible policy that negatively affects the performance of banks.
The Central Bank recently imposed financial fines on banks and institutions after they manipulated the exchange rate of the dollar against the dinar. Alert and warning after its manipulation of the dollar exchange rates.
The economist, Dr. Mustafa Hantoush, told Al-Sabah: The increase in fines on banks is an inflexible policy by the Central Bank, as it is imposed for several reasons and does not fall even after overcoming its causes.
He pointed out the need to give banks a period to address their mistakes, stressing that exceeding fines amounting to 34 billion dinars is more like a policy of retaliation or collection than a policy of regulating performance. Hantoush noted that banks began to fear dealing with citizens and conducting banking transactions, and therefore their capabilities were curtailed, as they became content with some businesses to achieve profit without going for banking expansion.
He added that banks at the present time do not have the ability to attract the monetary mass, as more than 70 percent of the cash is still hoarded, because dealing with depositors requires several things and methods of dealing, foremost of which is the flexibility that is not currently available due to the recent policies of the Central Bank. The process of abandoning banks and accessing depositors’ money.
Hantoush emphasized that failure to attract and recycle deposits forces the country to print dinars, and thus an inflation process occurs, even though the dinar is equivalent to the dollar.
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