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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

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    Financial expert diagnoses 'serious error' in Iraqi banking system

    Rocky
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    • Post n°1

    Financial expert diagnoses 'serious error' in Iraqi banking system Empty Financial expert diagnoses 'serious error' in Iraqi banking system

    Post by Rocky Tue 06 Aug 2024, 4:21 am

    Financial expert diagnoses 'serious error' in Iraqi banking system
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    Baghdad Today - Baghdad
    Financial expert Saleh Al-Masrafi confirmed today, Tuesday (August 6, 2024), that Iraq is among the highest countries in the Middle East in the file of hoarding money, while he diagnosed a grave error in the Iraqi banking system.
    The banker said in an interview with Baghdad Today, "The accumulations that have continued for many years have pushed citizens to lose confidence in banks and resort to hoarding money in their homes," indicating that "its percentage reaches 70% of financial liquidity, and these are large numbers that indicate that we are among the highest countries in the Middle East in hoarding money."
    He added that "hoarding money in the financial concept is a grave mistake that will confuse the financial process and reduce the government's ability to provide liquidity to pay salaries," explaining that "resorting to electronic payment is a step in the right direction, but the most important thing is withdrawing the liquidity, and there are several ways."
    The banker pointed out that "the recent issuance of treasury bonds is a correct decision, but the media propaganda to create a culture of safe investment in the street is very weak, and this is what creates low rates of dealing with them, even though the interest rates are attractive."
    He stressed the "necessity of seeking to expand the circle of withdrawing liquidity from homes and creating a movement of money that contributes to increasing the recovery of investment and granting government loans, especially with the presence of requests that exceed by 5 times the amount of money allocated for loans in any sector, especially housing."
    It is noteworthy that the Parliamentary Finance Committee commented on Saturday (July 13, 2024) on the impossibility of lifting US sanctions on some Iraqi banks.
    Committee member Moeen Al-Kadhimi said in an interview with Baghdad Today that "there is no weakness in Iraq's foreign policy and there is no defect in the Iraqi banking system that would prevent the United States of America from lifting sanctions on Iraqi banks."
    Al-Kadhimi explained that "there is a clear intention by the United States of America to continue these sanctions despite the clear development in the banking system and the restriction of foreign transactions through the electronic platform in the Central Bank, but Washington is using this file as a political file towards Iraq."
    He added, "The Iraqi government is doing everything it can to lift the sanctions on banks, especially since these sanctions have negatively affected the banking sector and contributed significantly to the dollar crisis."
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