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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

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    An economist welcomes the procedures for merging exchange companies, and a legal objector: arbitrary

    Rocky
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    companies - An economist welcomes the procedures for merging exchange companies, and a legal objector: arbitrary Empty An economist welcomes the procedures for merging exchange companies, and a legal objector: arbitrary

    Post by Rocky Fri 11 Aug 2023, 4:14 am

    [rtl]An economist welcomes the procedures for merging exchange companies, and a legal objector: arbitrary[/rtl]

    economy  ,  2023/08/11 10:23  , Number of readings: 144 
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    [rtl]Baghdad - Iraq today:

    The economist, Safwan Qusay, stressed the need to rehabilitate the banking and commercial system, noting that Iraq needs half of the number of exchange companies that currently exist.[/rtl]

    [rtl]Qusai said in a press interview, “The Central Bank of Iraq is trying to reduce the number of exchange companies and Iraqi banks by increasing the capital,” explaining that “the capital for each bank is currently 250 billion dinars, and it will be raised to 400 billion dinars within 18 months.”[/rtl]
    [rtl]He added, "The process of increasing capital is easy for some banks, given that the founders have the capabilities to maximize capital, but others will merge."[/rtl]
    [rtl]He pointed out that “solid exchange companies are supposed to have made large profits and can increase their capital if asked,” noting that “there are more than 2,000 officially licensed exchange companies, and Iraq does not need half of this number in order for the control process to be easier by the central bank.” ".[/rtl]
    [rtl]Qusai continued, "Iraqi banks that do not work with grants, loans, and credits can disappear or change their ability to enter the market with full force," explaining that "the tool for development in Iraq is the banks, and the tool for consolidating cash sales is the exchange companies."[/rtl]
    [rtl]He pointed out that “the banking and commercial system in Iraq needs to be rehabilitated,” adding, “We have to trust the international community, strengthen the bank's procedures, and support the government to control the dollar and prevent its smuggling.” Legal: Merger procedures are arbitrary

    ![/rtl]

    [rtl]On the other hand, legal expert Wael Munther described the central bank's decision to merge small exchange companies with each other in order to allow them to enter the currency sale window as "arbitrary."[/rtl]
    [rtl]Munther said in a press interview, “The Central Bank exerts indirect pressure on exchange companies by pushing them to merge to be in front of a larger company in which the percentage of guarantee and dealing is safer, and it exerts indirect pressure through which it excludes Small exchange companies and prevents them from entering the platform to obtain On the dollar and only large companies are allowed.[/rtl]
    [rtl]He added, "This is an arbitrary and incorrect method from my point of view, but it is according to the powers of the Central Bank, according to its law."[/rtl]
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    [/rtl]

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