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Neno's Place Established in 2006 as a Community of Reality


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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    With 81 banks... Iraqis are saving in their homes after the dinar fellproposals from

    Rocky
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    • Post n°1

    With 81 banks... Iraqis are saving in their homes after the dinar fellproposals from Empty With 81 banks... Iraqis are saving in their homes after the dinar fellproposals from

    Post by Rocky Fri 10 Mar 2023, 2:39 pm

    With 81 banks... Iraqis are saving in their homes after the dinar fell[You must be registered and logged in to see this link.]
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    Baghdad today - Baghdad
    The fluctuations controlling the exchange market in Iraq increase the reluctance of citizens to save in banks, while the rates of their hoarding of US currency and the purchase of gold are increasing to hedge against the decline of the dinar, whose price on the black market increased by about 30% from the official price a few weeks ago.
    During the past months, a large number of savers withdrew their money, according to financial analysts, due to the change in the exchange rate, which greatly affected saving and investment patterns in the country, which deepens the crisis of citizens’ lack of confidence in the banking system due to weak supervision, the spread of financial and administrative corruption, and the spread of bribery. In most financial institutions, in addition to the inability to withdraw funds easily, in light of the decline in the infrastructure of banking systems.
    Although there are 81 banks in Iraq, distributed between 8 government banks, 24 commercial banks, 29 Islamic banks and 20 foreign banks, the volume of funds circulating outside the banking sector is close to liquidity in the country, as it witnessed a remarkable increase in the last three years, according to specialized agencies in Economic research to 70 trillion dinars until the middle of last year.
    There are no accurate statistics for citizens’ accounts, the volume of savings, and deposits in banks, due to the Central Bank of Iraq not issuing the annual financial stability report for the year 2022, which witnessed large financial changes, as the bank indicated in its last report for the year 2021 that the total volume of bank deposits amounted to 96 trillion dinars, an increase Its rate is 13.1% for 2020, as banking experts indicate that most of these funds are government deposits and salary transfers for employees, in addition to the current accounts of ministries and some companies operating inside Iraq, while the percentage of citizens in these deposits does not exceed 10% only.
    The specialist in financial affairs, Ahmed Sabah, said that there are many reasons that led to a decrease in the volume of deposits and withdrawal of savings from banks during the last period, as many citizens and companies lost confidence in banks, due to the procedures and bureaucracy that followed, which greatly affected the level of deposit, savings and banking dealings. These procedures are the nature of dealing with customers on the one hand, and the inability of depositors to withdraw their money when needed.
    Sabah added, in a press statement, that the rate of financial inclusion in Iraq does not exceed 21%, and this percentage is very low compared to the progress and development witnessed by the countries of the region and the regional environment in the financial and banking systems, indicating that the fundamental reason for the loss of citizens’ confidence in depositing their money in banks is due This led to a decrease in the value of the dinar, which prompted a large percentage of them to transfer their money to cash savings in hard currency and gold jewelry and keep them in their homes.
    Yesterday, Thursday, the exchange rate of the dollar in the Al-Kifah and Al-Harithiya Stock Exchange, which includes exchange companies in Baghdad, recorded about 1570 dinars per dollar, a difference of 260 dinars from the official rate set by the Central Bank.
    Although more than a month has passed since the government approved a package of financial decisions to counter the decline of the dinar, most notably setting the value of the national currency at 1,310 dinars per dollar, the difference is still wide between the official rate and the free market.
    And the Iraqi currency lost more than 30% of its value during last January, to reach 1,700 dinars per dollar, before the government took several decisions that contributed to curbing the decline, but the continued high demand for the dollar by merchants and businessmen as well as Iraqi travelers. abroad, contributes to the continuation of speculation.
    In turn, the economic researcher, Omar Al-Halbousi, said that there are allegations and statements that issue unreal numbers in the volume of cash deposits, for many purposes, including marketing to raise the shares of some banks, or to cover up the profit you make from operations, some of which are in violation of the Central Bank law. And the quasi-money laundering and currency speculation.
    In order to restore confidence between depositors and banks, Al-Halbousi stressed the importance of imposing strict supervision on banks, protecting depositors' money and facilitating transactions to encourage savings.
    Many depositors face many difficulties related to deposit and withdrawal procedures, which prompted some of them to withdraw their money and hoard it in their homes or deposit it in banks abroad to conduct their business.
    Maher Al-Asafi, a merchant, said that he does not want to keep his money in Iraqi banks, due to the lack of electronic withdrawal and deposit mechanisms and means, in addition to his lack of confidence in financial transfers through them.
    Al-Asafi added, in a press statement, that his financial transfers in order to purchase goods from abroad are made through official transfer offices, which are considered better, faster, and safer than government banks, he said.
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