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[size=38]Calls to improve the banking culture among Iraqis, enhance their confidence in banks, and modernize the financial system[/size]
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January 29, 2024[You must be registered and logged in to see this link.]
Baghdad/Al-Masala Al-Hadath: Trust in Iraqi banks is considered vital for economic growth and financial market stability. The Obelisk investigative report shows that confidence still suffers from major challenges in light of difficult economic and political conditions.
Citizens, financial experts and economic analysts share their opinions on various aspects that affect the weakness of confidence in the banking system.
Citizens point to the high interest on loans, which makes them non-leveraging and contributes to the preference for home storage of funds.
Survey participants cited examples of corruption, delayed disbursement of funds, and administrative mistreatment within banks.
Fears arise about storing money at home as a safer alternative due to the reluctance to rely on banks.
Participants talk about using their passports as a means of charging additional fees when withdrawing money.
This information is based on the opinions of citizens, while highlighting the need to take immediate measures to improve banking services and combat corruption. Restoring confidence in the Iraqi banking system is a crucial step towards achieving economic stability and enhancing opportunities for sustainable growth.
A number of Iraqi banks have been subjected to tampering with accounts in recent years, as bank employees modified account data or embezzled funds. These incidents caused customers to lose their money and caused a loss of confidence in banks.
Iraqi banks suffer from corruption, as banks are used in money laundering and financial corruption operations. This corruption caused customers to lose confidence in banks, as they felt that the banks were not transparent and irresponsible.
One of the most important challenges facing the banking sector in Iraq is the deteriorating economic conditions. The decline in oil prices, which constitutes a major source of Iraqi revenue, has greatly affected financial liquidity and the availability of funds in banks.
Political unrest and instability reinforce mistrust in the banking system. Fluctuations in the political situation lead to a decline in investments and have a negative impact on the actions of investors and banks.
Increasing interest rates also pose an additional challenge for borrowers, whether individuals or companies. High borrowing costs hinder investments and lead to increased debt.
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