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Expert: The chaos of the local economy complicates the work of banks
Economical 2023/06/22
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Shaima Rasheed
The banking sector is still suffering from chaos due to the weakness of the local economy, which reflected negatively on it and made it tend to encourage imports, without heading towards local production, all because of the inability of banks to operate properly in light of the complexity of the current scene.
Economic analyst Majed Al-Suri explained, in an interview with "Al-Sabah", that "the banking system suffers from several problems, but this is not because of the banks, but rather because of the Iraqi general economic situation, meaning give me a good economy, I will give you a good bank, and this is all a result of the chaos in the Iraqi economy."
The banking expert continued, "The economic development in Iraq is directed towards encouraging international and local trade, and therefore banks work in this field, but there is no development of the local production process, local agriculture, local services, and local tourism," pointing out that this is added to "the inability to develop these sectors except in a weak way." ".
Al-Suri concluded by saying: "The Central Bank tried to control all banks and raise them to the global banking industry, but it collided with an inappropriate economic reality for Iraq and an inappropriate political and security reality."
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