Member of the Parliamentary Finance Committee: The management of the Central Bank is a failure

[rtl]Baghdad - Iraq Today:

Member of the Finance Committee, Muhammad Nouri, criticized the poor monetary policy followed by the Central Bank and government banks, which failed in the process of attracting money hoarded by citizens inside homes.[/rtl]
[rtl]The government and the Central Bank of Iraq are complaining about citizens continuing to hoard money inside homes, and not depositing it in banks. In this regard, the governor of the bank, Ali Al-Alaq, said in a recent interview that government banks represent the largest weight in the banking sector, and we must put them in the best possible way. There is a broad plan for government banks, some of its details will be announced, and we are working with Prime Minister Muhammad Shiaa Al-Sudani in this regard.[/rtl]
[rtl]Nouri said in a press interview, “The lack of confidence and citizens' continued hoarding of money inside their homes is caused by the monetary policy followed by government banks and their successive failed management, and the lack of reform of the policy adopted by the Central Bank and also adopted by these banks in their management.”[/rtl]
[rtl]He added, “The failure to attract this money led to its accumulation and accumulation inside homes and personal safes, and not being attracted by banks like other global banking systems, and even those owned by neighboring countries,” pointing out that “the monetary policy Adopted by the Central Bank and the monetary and financial method that... The country is managed in general, it is very bad and failed, and there is no innovation or development for the purpose of encouraging citizens to put their money in banks.”[/rtl]
[rtl]A member of the Finance Committee explained, “This money needs incentives and support in order to reach the banks, including the activities adopted by the rest of the countries, which provide an effective economic system, in which the balances of citizens are inside the banks . In return, the banks offer good interests and profits in large proportions,” he pointed out. “These data provide competition between banks to attract customers by raising interest rates and other advantages through loans and advances, investment projects, and the sale of cash shares.”[/rtl]
[rtl]Nouri stressed, “This system is not in practice in Iraq, and has led to the failure of the economic system,” pointing out that “Iraq today suffers from another shortage, which is the lack of cash liquidity from the Iraqi dinar in the state , In addition to the rise in the price of the dollar, the disappearance of the dinar, and the state’s deficit.” From controlling the currency market, all of this has resulted in the economic imbalance that the markets are currently experiencing.”[/rtl]
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