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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


    The controversy over foreign banks’ acquisition of the “Iraqi Dollar Auction”.. A ​​comprehensive ex

    Rocky
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    The controversy over foreign banks’ acquisition of the “Iraqi Dollar Auction”.. A ​​comprehensive ex Empty The controversy over foreign banks’ acquisition of the “Iraqi Dollar Auction”.. A ​​comprehensive ex

    Post by Rocky Sun 14 Jul 2024, 4:16 am

    [size=35][size=35]The controversy over foreign banks’ acquisition of the “Iraqi Dollar Auction”.. A ​​comprehensive explanation of the reasons[/size]
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    Economy

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    2024-07-14 | 04:05
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    Alsumaria News - Economy

    The researcher in banking and economic affairs, Mustafa Hantoush, reviewed today, Sunday, the reasons for foreign banks’ acquisition of the largest percentage of shares in some banks inside Iraq and their acquisition of the currency auction as well, as the strengths of these banks are that they are owned by foreign banks capable of opening accounts easily in accordance with the standards of American banks that supply the dollar.


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    Hantoush told Sumaria News, "Some foreign investors and foreign banks have obtained more than 51% of shares in some banks inside [You must be registered and logged in to see this link.], despite the fact that the Companies Law prohibits giving the foreign investor more than 49%."



    However, Hantoush reviewed the existence of a "legal loophole" that enabled the Central Bank to grant foreign investors larger shares than stipulated in the Companies Law, noting that Article 107 of Banking Law 94 of 2004 gives the Central Bank's Board of Directors the authority to determine the percentage of foreign investor ownership in banks without being bound by general laws.
    He considered that this paragraph is not supposed to mean that the percentage should be more than 50%, but rather that it should be less, but the loophole is that the legal article gave absolute authority without addressing that the percentage should be less or more than 49%.


    He explained that "there is no grant in the world of a share greater than 50% except in countries where there is a high circulation of funds, considering them bankrupt countries that do not possess wealth that they fear from the control of foreign banks." He explained that


    "according to this strategic mistake, foreign banks were given more than 60% of the shares in banks inside [You must be registered and logged in to see this link.], and today we have begun to observe the fruits of this mistake, when the American side noticed the existence of currency smuggling and trade operations with Iran and [You must be registered and logged in to see this link.], and set conditions for compliance, the Central Bank of [You must be registered and logged in to see this link.] failed "And Iraqi banks by applying the standards or the possibility of opening accounts for Iraqi banks in American banks to achieve control and finance their accounts in dollars."

    He pointed out that "when this happened and the arena became empty of Iraqi banks capable of taking on this role, these foreign banks operating in [You must be registered and logged in to see this link.], through the governors of the central banks of the countries of origin of these banks, presented themselves as a solution to Washington instead of presenting themselves as a mediator between [You must be registered and logged in to see this link.] and [You must be registered and logged in to see this link.]."

    He stressed that "indeed, American banks relied on these foreign banks operating in [You must be registered and logged in to see this link.], and opened accounts for them in [url=https://www.alsumaria.tv/entity/122971/%D8%B3%D9%8A%D8%AA%D9%8A %D8%A8%D9%86%D9%83/ar/]Citibank[/url] and JP [You must be registered and logged in to see this link.], for their parent banks in other countries that own the largest part of these banks inside [You must be registered and logged in to see this link.], despite the fact that the work of these banks in [You must be registered and logged in to see this link.] does not rise to achieving 5 points in international standards, but they relied on their parent banks located in other countries."

    Accordingly, [You must be registered and logged in to see this link.] is now taking the dollars it has in the US Federal Reserve, and through them the accounts of these banks are financed in the accounts of JPMorgan and [url=https://www.alsumaria.tv/entity/122971/%D8%B3%D9%8A%D8%AA%D9%8A %D8%A8%D9%86%D9%83/ar/]Citibank[/url], and from there the dollar is transferred to the rest of the world for Iraqi traders, and the traders deposit the dinars in the Central Bank of [You must be registered and logged in to see this link.].


    He explained that “Iraqi banks cannot play this role because they cannot open accounts in [url=https://www.alsumaria.tv/entity/122971/%D8%B3%D9%8A%D8%AA%D9%8A %D8%A8%D9%86%D9%83/ar/]Citibank[/url] and JPMorgan because they do not have branches in countries that the American banking system trusts. The Central Bank of [You must be registered and logged in to see this link.] also failed to guarantee Iraqi banks before American banks, and it succeeded earlier in 5 banks, but it only lasted a month and then these banks were punished, and they were also guaranteed by Jordanian banks.”

    He stressed that “foreign banks cannot be relied upon to manage the Iraqi banking system. This model failed in India because of its reliance on the foreign banking system, as the foreign bank gives profits to its parent branches abroad, and does not reinvest the profits here in [You must be registered and logged in to see this link.],” calling on the Central Bank to “find a solution for trade with Iran and [You must be registered and logged in to see this link.], and strengthen the Iraqi banking system and guarantee it before American banks and open accounts for Iraqi banks.” For experience in American banks.
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