Monetary Policy Collapses In Iraq.. Investment In Banks Is Almost Non-Existent And The Central Bank Is Going Against The Tide - Urgent
Economy |Today, Baghdad Today – Baghdad Financial and economic expert Mustafa Akram Hantoush commented, today, Tuesday (December 31, 2024), on the performance of the Central Bank of Iraq for the current year.
Hantoush said in an interview with Baghdad Today, " The reality of monetary policies in Iraq is heading in the opposite direction to the process of building monetary policies, and there have been problems for years that have led to a clear collapse in Iraqi monetary policies."
He added, "The banking system has been subject to near-annihilation for years. 32 banks are subject to sanctions, and the rest are banned from the dollar only, in specific currencies, and the mechanism is still unclear."
He pointed out that "there are more than 70 Iraqi banks that do not lend, because the Central Bank has not set a clear lending policy in terms of loans, categories and guarantees."
He added that "the policy of attracting deposits of more than 80 to 85% of the currency issued by the Central Bank, and it does not appear in the monthly transactions in the monthly banking system, so this currency is supposed to be offered as marketing deposits, so the banking system does not enter into this process," indicating that "the Iraqi bank's investment policy is almost non-existent in its investments."
Hantoush explained that the investment banking operations policy is not defined in any direction, and the remittance policy also has a problem with the cancellation of the platform, " therefore I see a clear collapse in Iraqi monetary policies."
Hantoush called on the Central Bank to reform its monetary policy, set new standards to develop the Islamic banking system and go beyond standards that keep pace with the requirements of the current and future economic stage. LINK
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