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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


    A "popular" culture of savings and exchange rate fluctuations.. Will the banking file in Iraq collap

    Rocky
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    A "popular" culture of savings and exchange rate fluctuations.. Will the banking file in Iraq collap Empty A "popular" culture of savings and exchange rate fluctuations.. Will the banking file in Iraq collap

    Post by Rocky Sun 22 Oct 2023, 4:44 am

    A "popular" culture of savings and exchange rate fluctuations.. Will the banking file in Iraq collapse?
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    Baghdad today - Baghdad 
    A quick comparison of the number of banks in Iraq with what Saudi Arabia possesses shows the numerical superiority of Iraq in banks, especially private ones, over what the Kingdom possesses, as there are 81 banks in Iraq between government, private and Islamic, while there are only 24 banks in Saudi Arabia, which values ​​its economy derived from oil and other resources.
    In recent years, Iraq has faced the problem of "storing money" in homes due to weak confidence in banks. This confidence has decreased over the past two years following the rise in the exchange rate of the US dollar against the Iraqi dinar.
    Professor of Economics, Mehdi Saleh, believes that the activity of the banking system varies from one country to another, but it is vulnerable to crises even in the most active countries in the world. There are many examples, including the real estate mortgage crisis in America in 2008, the repercussions of which are still continuing to this day in the economic scene, but the banking system is beginning to recover in light of the presence of... Factors driving this trend are adopted by banks.”
    Saleh confirms in an interview with “Baghdad Today” that “the banking system in Iraq faced many challenges and the impact of wars and security unrest, accompanied by the popular culture of saving and dealing with the file of investing money. However, there are three changes that have occurred in recent years, the most important of which is the emergence of private banks and the multiplicity of their activities in addition to To change popular patterns in placing money in banks, pointing out that talking about a collapse in the banking file is unfair and cruel and is far from reality.
    The professor of economics points out that “the fluctuation of the dollar and exchange rates does not affect the citizen’s confidence in banks. The evidence is the increasing number of depositors because it is based on commitments and decisions. Negatives may be observed here and there, but in general there is no case of complete loss of confidence, and if bumps occur, they are temporary, of course, and not permanent. Openness and attracting money is a positive thing.” .
    Economic observers believe that the Iraqi citizen has begun to move towards government banks because there are guarantees on their deposited funds, in addition to the continuous deterioration in the local currency exchange rate against the dollar, which has made the latter more attractive as a store of value for savers, which strongly suggests the use of the local currency deposited with banks to purchase Gold or dollars are stored instead of deposits in banks, which do not bear interest equivalent to the value money loses annually with increasing inflation rates and the instability of the currency market.
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