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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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Finance Minister: Government banks have been isolated from the world for 40 years

rocky
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Finance - Finance Minister: Government banks have been isolated from the world for 40 years Empty Finance Minister: Government banks have been isolated from the world for 40 years

Post by rocky Sat 02 Jul 2022, 5:44 am


[size=30]Finance Minister: Government banks have been isolated from the world for 40 years


2022-07-02
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Yes Iraq: Baghdad

Finance Minister Ali Allawi described government banks in Iraq as “isolated from the world for 40 years,” a recognition that coincides with the opinions of experts in the Iraqi banking sector, whose role is limited to granting loans and collecting income from interest, and these loans are often “harmful” as a result of their contribution to raising inflation.
Allawi said in a press conference that "the banks went through difficult conditions from the beginning of 2020 after the drop in oil prices to unprecedented levels and the impact on the economy," noting that "the banking and financial sector is the most important pillar in the economy, not just state resources, and diversifying the economy is an urgent necessity."
He pointed out that “there are 3 basic elements for the stability of the economy, the supreme policies of the state and the central bank, and secondly, the international situation and direct and indirect external influences in the Iraqi economy, and the third is the institutional element,” noting that “the banking sector has grown in terms of deposits, loans and ratios between the public and private banking sector and the ratios are still the same. 75% of deposits are in government banks.”
 
He considered that "reform of government banks is a vital issue and an essential part of transforming the economy from rentier to diversified," noting that "companies outside the oil sector cost the state billions of dollars."
He added, "We worked with experts to reform the internal system of Rafidain and Al-Rasheed banks," noting that "government banks have been isolated from the world for 40 years."
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