Government Efforts To Ease US Sanctions On Banks
Economy | 03/07/2024 Mawazine News - Baghdad, an expert in financial affairs, Mahmoud Dagher, confirmed that the Iraqi government and the Central Bank are dissatisfied with the nature of the US Treasury’s dealings with Iraqi banks, pointing out that there is an effort to lift the sanctions in light of a difficult political framework and a more difficult regional atmosphere.
Dagher said in a televised interview followed by Mawazine News, “The current government administration and the Central Bank are dissatisfied with the nature of the Treasury’s dealings with Iraqi banks and are making an effort within a difficult political framework and a more difficult regional atmosphere,” noting that the Iraqi ambassador in Washington visited the US Treasury and there is work to resolve or Reducing the severity of sanctions.
Regarding the public sector’s control over projects, Dagher stated, “The largest government bank possesses a capital of 130 billion dinars and controls all state deposits, while the smallest bank in the private sector possesses a capital of 300 billion dinars in light of a clear government restriction on the expansion of the sector’s work.” private".
The financial expert described the expansion of the public sector as “ownership, not performance,” noting that “the reason is due to the Ministry of Finance’s monopoly on the labor and investment market in the country.”
Dagher stated, “The public sector needs a sovereign fund, not a fund within the budget.”
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