Arab Banks Sweep The Dollar Platform.. Washington Sanctions Freeze The Iraqi Government And The Central Bank Is Content With Silence
May 14 20:03 Information/Private..
The false and twisted policy of the United States of America towards Iraq is being exposed day after day in many cases, including the dollar crisis that Washington created to impose dictates and blackmail the government publicly after punishing Iraqi banks in two installments and imposing strict measures in exchange for obtaining the dollar from the electronic platform.
This made the opportunity available for Arab banks to invade the platform and dominate the sale of the dollar with clear laxity and in violation of the law from the Central Bank, which abandoned the matter of lifting sanctions on Iraqi banks and continued to grant licenses to Jordanian, Emirati, Gulf and foreign banks, which undermined the work of the local.
*Central violations
Speaking about this file, Al-Fath Alliance member Ali Al-Zubaidi criticizes the Central Bank’s controls for granting licenses to foreign and Arab banks to operate in the Iraqi banking sector, while he stressed that continuing to grant the dollar at reduced prices to these banks amounts to wasting the country’s share of the dollar.
Al-Zubaidi said in an interview with the Maalouma Agency, “Granting licenses to these banks should be in the field of investment, construction, loans, and initiatives, and not working on the electronic platform,” noting that
“these banks have undermined the work of Iraqi banks to a very large extent.”
He continues, "The entry of Jordanian, Emirati, and Gulf Arab banks into the dollar selling platform will make them compete directly with Iraqi banks," calling on "the Central Bank to reconsider these licenses or limit the points they offer in general." Al-Zubaidi continues his speech:
“These banks’ possession of the dollar must be ended by buying the dollar at reduced prices and selling it at a higher price,” pointing out that
“there is a clear error in the Central Bank’s controls in granting licenses to foreign and Arab banks to work in the Iraqi banking sector.”
*US sanctions
In addition, economic expert Nabil Al-Marsoumi confirms that the US Federal Reserve’s sanctions revealed the falsity of the strict US administration on Iraqi banks only, while he stressed that
the current central bank law has made Arab banks dominate Iraqi banks.
Al-Marsoumi said in an interview with the Maalouma Agency,
“The American ambassador contradicts the statements by talking about the development of the Iraqi banking system at a time when the Federal Reserve continues to issue sanctions,” noting that
“the recent sanctions reduced the number of Iraqi banks to only five banks on the electronic platform.” He continues,
"Arab capital opened banks with Iraqi names and management in order to enter the currency auction and the electronic platform," adding that
"the issue of granting licenses requires reconsideration of Arab and foreign investments within the country." Al-Marsoumi continues his speech:
“The basic law stipulates that the percentage of Arab banks is not allowed to increase by more than 49%,
but the current Central Bank law allows Arab banks a percentage of up to more than 80%,” adding that
“the current Central Bank law has made Arab banks dominate the Iraqi banks.
*Bank profits
For its part, an informed source reveals that Jordanian, Kuwaiti, and Qatari banks operating in Iraq achieved profits estimated at 200 billion dinars in just three months, while he confirmed that the
Kuwaiti-owned Bank of Baghdad recorded profits worth 88.3 billion dinars, while the
National Bank (of Jordan) recorded profits worth 88.3 billion dinars. Its profits amounted to 84.4 billion dinars.
The source, who preferred to remain anonymous, said in an interview with the Maalouma Agency,
“During the same period, Al-Mansour Bank, which belongs to Qatar, achieved profits amounting to 27 billion dinars,” indicating that
“the error began with granting licenses to Arab banks to work in... Iraqi Financial Market. He added,
"The Central Bank's policy will contribute to losing control over the banking system, which will remain in the hands of the United States and Jordanian banks," warning against "exploiting this file politically in the future."
Many political and popular parties criticized the courtesy shown by the Iraqi governments towards the Jordanian, Emirati and Gulf banks and granting them privileges, facilities and illegal licenses, in light of their hostile policy towards the country on many issues, as well as their support for the usurping Zionist entity against the Palestinian people who have reached... Use of airports, equipment and military aircraft. Ended 25/J
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