Economy | Today, 10:00 | Baghdad today – Baghdad Today, Tuesday (August 6, 2024), financial expert Saleh Al-Banker confirmed that Iraq is among the top countries in the Middle East in terms of hoarding money, while he diagnosed a grave error in the Iraqi banking system.
The banker said in an interview with “Baghdad Today” that “the accumulations that have been continuing for many years have led citizens to lose confidence in banks and resort to hoarding money in homes,” noting that “their percentage reaches 70% of financial flows, and these are large numbers that indicate that we are among The countries with the highest amount of money in the Middle East. He added, "Hoarding money in the financial concept is a grave mistake.
It will confuse the financial process and reduce the government's ability to provide cash to pay salaries," explaining that "resorting to electronic payment is a step in the right direction, but the most important thing is withdrawing cash, and there are several ways."
The banker pointed out that “the recent offering of treasury bonds is a correct decision, but the media propaganda to create a culture of safe investment on the street is very weak, and this is what creates low rates for 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 requests that are five times greater than the amount of funds 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 Moin Al-Kazemi said in an interview with “Baghdad Al-Youm” that “there is no weakness in Iraq’s foreign policy and there is no defect in the Iraqi banking system that makes the United States of America not lift the sanctions on Iraqi banks.”
Al-Kadhimi stated, “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 working with everything it has to lift the sanctions on the banks, especially since those sanctions negatively affected the banking sector and contributed significantly to the dollar crisis."
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