$10 billion goes to retirees living abroad each year

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[size=52]$10 billion goes to retirees living abroad each year[/size]

[size=45]Economists revealed the transfer of 10 billion dollars abroad annually to the account of retirees who left Iraq, calling for the development of a new system to deal with the monetary mass by removing obstacles to support projects, and attributed the increase in the bank transfer rate during the past two days to the great turnout that occurred after the Eid holiday.[/size]
[size=45]The economic expert, Nasser Al-Kinani, said, in an interview with (Al-Mada), that "the banking system in Iraq needs a comprehensive reform, as it works according to systems that are not commensurate with the current stage."[/size]
[size=45]Al-Kinani added, "Iraq has seven government banks, namely Al-Rafidain, Al-Rasheed, the Iraqi Bank for Trade, Housing, Agricultural and Industrial, and 17 other banks belonging to the private sector."[/size]
[size=45]He pointed out, "The problem that the banking sector suffers from in general is the guarantees that government and private banks want in return for supporting projects."[/size]
[size=45]Al-Kinani explained, "About 75% of the monetary mass is in the banks. There are no clear mechanisms by the government to deal with it and invest it in a way that benefits the economic situation in general."[/size]
[size=45]And he indicated, "The cash mass is encountered by some obstacles as a result of the large bureaucracy that has been put in place in how to deal with these funds, and this has led to the failure to benefit from them."[/size]
[size=45]Al-Kinani stated, "Iraq until the present time is working according to an old banking system, and it needs to be developed in order to support the economy, through a set of measures at the legislative and executive levels at the same time."[/size]
[size=45]He pointed out, "Private banks in Iraq do not provide any loans or financial facilities to project owners, and their knowledge is limited to banking and remittances."[/size]
[size=45]Al-Kinani went on to say that “about 10 billion dollars annually are transferred abroad, which are salaries for employees who were retired and decided to live in other countries, in addition to the beneficiaries of transitional justice laws while they are outside Iraq as well. This is an incorrect procedure, and the funds are supposed to be preserved.” inside Iraq.”[/size]
[size=45]Government advisers confirm that most of Iraq's monetary mass is in banks that have the right to government debts that are being liquidated through a plan recently developed that includes ending the internal debt first and then the external debt.[/size]
[size=45]For his part, the other economic expert, Abdul Rahman Al-Mashhadani, said in an interview with Al-Mada that "the rise in the central bank's transfers of the dollar is considered a natural matter, given that today's auction came after a long holiday, especially for Eid."[/size]
[size=45]Al-Mashhadani added, "These remittances come to finance the private sector bonds designated to provide foreign currency to banking offices in all governorates."[/size]
[size=45]He pointed out that "the accumulation and the cash need of traders force the central bank to increase remittances of hard currency."[/size]
[size=45]The foreign remittances of the dollar rose significantly at the expense of cash sales in the first opening after the Eid holiday for the Central Bank auction yesterday.[/size]
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