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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

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    Parliamentary Economy: Banned banks constitute 50% of private banks in Iraq

    Rocky
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    Parliamentary Economy: Banned banks constitute 50% of private banks in Iraq Empty Parliamentary Economy: Banned banks constitute 50% of private banks in Iraq

    Post by Rocky Wed 14 Feb 2024, 5:00 am

    Parliamentary Economy: Banned banks constitute 50% of private banks in Iraq



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    2024-02-14 04:23
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    Shafaq News/ The Parliamentary Economy, Industry and Trade Committee and the Iraqi Banks Association said on Wednesday that banks banned by the US Treasury constitute 50% of private banks in Iraq.
    This came during the hosting of the committee headed by Representative Ahmed Salim Al-Kanani and in the presence of its members, the Iraqi Banks Association, and directors of private banks, according to a statement issued by the committee.

    The statement stated that during the meeting, which was held in Al-Shabibi Hall in the House of Representatives building, the sanctions imposed by the US Federal Bank on a number of Iraqi private banks were discussed.
    The statement added that the committee listened to a detailed explanation provided by the Iraqi Banks Association and the directors of private banks about the most important problems and obstacles that private banks suffer from, including freezing their balances abroad and stopping foreign transactions and transfers with correspondent banks.
    For its part, the Iraqi Banks Association stated that the ban imposed on these banks came in a letter from the Central Bank of Iraq without explaining the reasons, calling on the House of Representatives and the Parliamentary Economics Committee to intervene to address this issue in cooperation with the Central Bank and the Council of Ministers.
    The statement indicated that the attendees stressed that the ban imposed on private banks had a negative impact on the Iraqi economy, as private banks constitute more than 47% of assets, 36% of deposits, and 37% of capital, adding Banned banks constitute 50% of private banks in Iraq, and this directly affects the performance of the Iraqi economy in a significant way.
    For his part, the Chairman of the Committee, Ahmed Salim Al-Kinani, confirmed that the House of Representatives and the Economics Committee pay great attention to this issue as it negatively affects the growth of the Iraqi economy, adding that: The Committee is following up the issue with the Council of Ministers and the Central Bank of Iraq to find effective solutions that contribute to lifting the ban on these banks. .

    In July 2023, the US Treasury Department imposed sanctions on 14 Iraqi banks in a crackdown on Iran’s dollar transactions.
    An official document issued by the Central Bank of Iraq this February showed that 8 Iraqi banks were banned from participating in the foreign currency buying and selling window.
    Iraq has more than 70 private banks, a relatively new feature in a sector that was almost entirely under state control until the fall of Saddam Hussein's regime after the US invasion in 2003.
    At the beginning of this February, Deputy Prime Minister and Minister of Foreign Affairs, Fuad Hussein, called on the United States of America to reconsider the sanctions imposed on 21 Iraqi banks that contribute to financing the food basket items for families with limited income, as the Iraqi Ministry of Foreign Affairs announced in a statement.
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