An economist explains the work of Iraqi banks and explains: Some of them still work with paper syste

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[size=52]An economist explains the work of Iraqi banks and explains: Some of them still work with paper systems[/size]

[size=45]The economic researcher, Abdulrahman Al-Shaikhli, discussed the work of banks in Iraq, and he indicated that there are banks in the country that still work with paper systems in their banking transactions.[/size]
[size=45]Al-Shaikhli explained, “We have two types of banks in Iraq, which are government and private banks. As for the private banks, they number 32 to 33 banks, which are under pressure from the US Federal Reserve and are not allowed to deal in dollars, which has caused a problem in the dollar market in the country.” He pointed out that “government banks, since their establishment until today, have relied on paper systems, and do not use modern electronic methods. We are in the fourth stage of the technological revolution.” He noted that “the systems of private banks have been unified and adopted on modern methods.”[/size]
[size=45]Al-Shaikhli added that “Rafidain and Rashid Banks need a new structure in their dealings system, and under the direction of the Prime Minister, he tried to unify efforts between Rafidain and Rashid Banks to keep pace with the current new stage that has become dependent on technology.” He added in his speech that “we in Iraq are part of a large village in the communication process, and we are subject to international laws and standards, and it is not wise to deal with personal whims and decisions or the administrations of individuals, but rather with large global systems.”[/size]
[size=45]Al-Shaikhli pointed out that “there is a regulatory institution that is considered one of four institutions in the world, and the seventh regulatory institution in the United States of America, founded in 1923, and we have been dealing with it since 2006. It is a solid company, and has great capabilities. This institution was assigned, in agreement with the Minister of Finance and the Governor of the Central Bank, while the Prime Minister met with this company, and agreed with them to restructure the Rafidain and Rashid banks, so that Rafidain Bank would be divided into two parts, one part dealing with government affairs and the second part merging with Rashid Bank to be a complete bank with unified services, and dealing with all citizens, in addition to the Industrial and Agricultural Bank, which are also merged with it, as well as the Real Estate Bank, which is linked to the Housing Fund. But the problem is that in Iraq we have specializations, and these do not exist in the market system, as after 2003 the market system was implemented, and the bank is supposed not to work on an agricultural, industrial or real estate principle, but rather to work with all banking products, so we notice in all countries of the world, specifically the neighboring regional countries, that in each bank there are 70 products that it works with, while in Iraq, at best, it does not We reach 10 banking products such as credits, loans, letters of guarantee, etc. If this system is integrated into government banks within the banking family, and operates within the public banking channels, then it will achieve its real goals.” He explained that “banks in every country are not linked to the state, but rather to the private sector, which in turn drives the economy in the country and is considered the backbone of the economies of those countries.”[/size]
[size=45]“Since 2003, and until now, Iraqi banks have been under the control of the US Treasury. Since Paul Bremer took control at that time, he made the Iraqi economy, the management of the Central Bank, its tools, and oil captive to US policy. There is a protocol signed in 2004 that requires Iraq not to sell a single liter of oil except in US dollars, in addition to the price of this oil going to the US Treasury and thus entering Iraq’s account, which they do not deliver to Iraq except according to controls imposed by America. Therefore, it is a subject that is outside of monetary policy and falls within general policy. Therefore, the Minister of Foreign Affairs, more than 10 days ago, went to Washington and met with the US Undersecretary of the Treasury, especially the one concerned with money laundering operations, and there was progress in this direction according to the information.”[/size]
[size=45]It is noteworthy that the number of banks in the Iraqi banking sector is about 72 banks, including 29 private Islamic banks, 25 private commercial banks, 7 government banks, and 11 foreign banks.[/size]
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