Invitations to establish an Iraqi bank to pledge gold for cash money
Baghdad / Range
Despite the modernity and developments witnessed by the global banking system around us, whether the speed of work and completion of banking or through the confidence and safety provided by this system to all its customers, the citizen in Iraq is still not confident in government and private banks alike, especially with regard to the process of saving, which loses the economy According to specialists, many of the strengths and opportunities of production that contribute to sustaining and building a strong economy the size of the wealth owned by Iraq.
The Central Bank, which had earlier adopted a strategy for financial inclusion described by some as effective, aimed at containing the funds extorted outside the banking system, which according to the Central estimates of 77% of the monetary value, returned to confirm that the lack of awareness of banking and the status of troubled banks to secure the needs of depositors as well as financial conditions that Passes through the country are those who are paying the citizen to keep his money in his home instead of being deposited in a bank.
At the same time, an official source at the Central Bank confirms that the latter is seeking to establish a company to secure deposits of the public and is in the final stages of completion after the issuance of deposit guarantee system No. 3 2016. The company provides a cover to guarantee the deposits of citizens at banks. All banks will pay monthly insurance to the insurance company. The Central Bank has requested the Iraqi Chamber of Commerce to register the name of this company in accordance with the established procedures. The name of the company was obtained by the Iraqi Chamber of Commerce under the name of the Iraqi Deposit Insurance Company at a time when the Central Bank announced the approval of the government to establish e This company is on June 7, 2016.
The financial adviser says the appearance of Mohammed Saleh in an interview (of the extent) that talk about the manifestations of the stalemate still takes various dimensions in Iraq between the compactness in kind (gold or gold occupied Almkshlat) jewelry and precious valuables that are no longer remembered in Iraqi banks, and the compactness of the Iraqi dinar, On the proportion of nearly 77% of the currency exported outside the Central Bank of Iraq as well as foreign currency hardening, all of which have deprived the national economy one of the most important factors of its power to convert savings that support the cycles of income and production to leakage in the income cycle or weaken production opportunities and sustainability Economic activity, adding: Here is the demand for money or forms of wealth like money for hedging purposes only.
Accordingly, the history of Iraqi banking during the last century witnessed the phenomena of exchanging gold in paper currency by placing gold as a hostage in the formers or moneylenders for an interest rate. The demand for money here helps through the guarantee of gold by extracting official money from the cycle of cash leaks to the spending cycle and moving Economic activity, but with the illegal market instruments. Thus, the demand for cash for the purposes of transactions, but for courses of income is not necessarily complete and does not lead to the real economic balance. The modern economic history of Iraq, especially in the sixties of the last century, A government bank called the Mortgages Bank was established as a legal and legal alternative to the phenomenon of murabis and all illegal market transactions in the provision of gold-guaranteed cash loans that the Mortgage Bank would use to provide cash loans for the retention of the gold held by the borrower until the maturity of the loan or repayment of interest charged by the mortgage bank Plug
Saleh pointed out that, despite this, banks remained in a semi-banking relationship with customers in providing some services, as bank funds or personal bank vaults remained available to citizens and available for use within each bank, especially the government, especially Rafidain and Rashid banks. The citizen has to keep his golden assets, valuable assets and important documents in those protected places for a fee and 100% safety for a monthly or annual fee. This trend has receded, not long ago, and contributed to bringing the citizen closer to the atmosphere of the bank or the banking environment. Arifa legal institution of their properties .obgaab this service faithful cut one of the bonds of the link between the citizen and the bank as an entity maintains a wealth of society and spread a climate of direct links between individuals and banks.
The Central Bank of Iraq should proceed with the study of the granting of a license to an Iraqi bank for mortgages (for the mortgage of gold occupied for monetary money), which enhances bank credit and turns the quasi-fortified wealth into a guarantor force in generating demand for money for purposes of transactions and supporting economic activity. This is one of the institutional channels in the judiciary. On the phenomenon of compactness like money and others, as well as to maximize the atmosphere of confidence between banks and citizens to receive their gold and other precious valuables in the vaults at the banks for a fee easy, stressing at the same time the importance of starting the activity of the Deposit Insurance Company The public is looking to the bank soon to check on the bank deposit of the risks of banks' exposure and failures, while reducing the demand for liquid cash as catalysts, which is an unstable function (highly concerned) and highly linked to explain the impact of uncertainty in the request of individuals to cash in its liquid form (compactness) Quasi-money, and prevent
He said that the delay in the service and not to keep pace with some banks to modernity and routine in the private banking system, which was supposed to skip, and these things have their role and impact in addition to the lack of awareness among individuals of the importance of a private banking sector and this view means the need to expand the scope of financial coverage, For all citizens, whether in the government sector or the private sector.
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