SECTION: [You must be registered and logged in to see this link.]NOVEMBER 9, 2017 8:52 PM
Economist: the decision to close the branches of Iraqi banks in the Kurdistan region "catastrophic"
Baghdad / Baghdadiya News ... Economist Hammam al-Shamma, on Thursday, that the decision of the Iraqi Central to close the branches of Iraqi banks operating in the Kurdistan region is a disastrous action on Iraqi banks and will return damage to the Iraqi economy as a whole. "This decision is political before it is an economic decision, and the one who took it is not aware of the technical aspects of what this procedure will entail if it is implemented," al-Shamma said in an interview with Baghdadiya News. "The banks will bear the subordination of this decision, they will not be able to collect the amounts of loans and facilities granted in the region and the bank will have to pay the obligations owed to the depositors, otherwise the exchange will collapse because of lack of confidence in credibility." Al-Shammaa called on the parties behind this decision to "review their accounts and comply with what the technicians in the Central Bank decide."
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