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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


    Banking Invasion: How Arab and Foreign Banks Took Control of Iraqi Banks

    Rocky
    Rocky
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    • Post n°1

    Banking Invasion: How Arab and Foreign Banks Took Control of Iraqi Banks Empty Banking Invasion: How Arab and Foreign Banks Took Control of Iraqi Banks

    Post by Rocky Sun 21 Jul 2024, 7:27 am

    [size=38]Banking Invasion: How Arab and Foreign Banks Took Control of Iraqi Banks[/size]


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    July 21, 2024[You must be registered and logged in to see this link.]
    Baghdad/Al-Masala Event: Events are accelerating in the Iraqi banking sector with the escalation of Arab and foreign banks’ control over shares in banks inside Iraq.
    In light of this situation, non-Iraqi banks are taking over currency auctions under the pretext of facilitating procedures for dealing with international banks, which gives them the ability to control the dollar exchange rate in local markets.
    In this context, reports indicate that some Arab banks own up to 76.7 percent of the shares of Iraqi banks, which makes these banks effectively owned by Arab and foreign banks. This reality raises questions about the need to reduce these shares to less than 50 percent to ensure that Iraqi banks remain under local control.
    After 2003, the Iraqi banking sector witnessed remarkable growth with the establishment of a large number of banks that Iraq was in dire need of to meet the needs of trade exchange. In this context, foreign banks and international companies moved to cooperate with Iraqi banks, which gave them the ability to influence Iraqi decisions related to the management of these banks.
    However, the problem is that foreign transfers were subject to strict supervision by the US Federal Reserve, which put great pressure on the Iraqi banking sector. Foreign banks were able to participate in the development of local banks and open correspondent banks, which enhanced their ability to build a wide network of correspondent banks. In contrast, Iraqi banks that lacked correspondent banks remained mainly dependent on foreign transfers initiated by the Central Bank.
    Since the US Treasury Department imposed sanctions on Iraqi banks for smuggling dollars, foreign banks have come to dominate the financial scene in Iraq. Non-Iraqi banks account for a third of foreign currency sales, which are the main source of income for the Iraqi economy, indicating that many shares in these banks remain owned by Arab and foreign banks.
    Foreign banks are taking advantage of this situation, as they control the dollar exchange rate, and have taken advantage of the opportunity to acquire shares in Iraqi banks after some of these banks were subjected to US sanctions, reflecting a major shift in the Iraqi financial landscape towards foreign dominance.
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