Chaos And Sole Control... Who Is Behind The National Bank's Monopoly On Foreign Remittances?
Economy 2025-07-03 | 830 views Alsumaria News – Economic The banking sector in Iraq has recently witnessed a surge in popular discontent and political controversy following the National Bank of Iraq's dominance of remittances from abroad.
This has led to the exclusion of several local banks from this vital sector, causing real crises for citizens and raising widespread questions about the motives behind this monopoly and who is behind it.
A sudden decision... and a mysterious exclusion
The story began when a sudden central decision was made to assign the responsibility for foreign remittances to the National Bank of Iraq.
This move, observers described as having implications that transcended technical or regulatory considerations, was particularly significant after the exclusion of well-known Iraqi banks that had been performing this role with relative efficiency.
Informed sources revealed that the decision was made under pressure from influential figures seeking to strengthen their financial influence within the banking sector, exploiting the so-called "financial window system," which regulates the receipt of remittances.
Sources indicate that these figures share common interests with some members of the National Bank's senior management, opening the door to potential financial and administrative corruption.
Monopoly disrupts the market... and citizens pay the price
Since the National Bank of Iraq took over remittance management, receiving offices in Baghdad and other governorates have witnessed unprecedented congestion and frequent delays,
not to mention technical problems and unprofessional behavior by some employees, according to citizen complaints.
Citizen (K.N.), one of the affected people, confirmed to Sumaria News , “After the National Bank took over the remittances, I went to collect my remittances and I kept moving from one office to another because each employee sent me to another,” explaining that
“the current administration does not organize the work and we need to facilitate procedures for citizens, not complicate matters.”
Citizen Abu Ali complained about the poor technical services, telling Sumaria News, "Since the day the National Bank took over the remittances, the application has become even more dysfunctional."
He stated that "the application stops repeatedly, transfers are delayed or do not arrive, and if a malfunction occurs, there is no one to respond, in addition to the endless excuses."
Substandard customer service
There have been numerous complaints about poor customer treatment at bank branches,
sparking a wave of anger on the street.
Citizen (H.A.) said, “When I went to the bank to inquire about a transfer that arrived in my name,
I was surprised by the way some employees treated me,” explaining that “this is worrisome.”
Employee (J.S.) stated, “I received a transfer through Al-Ahli Bank, after reviewing and postponing the appointment more than once,” explaining that “the customer is being neglected, as if he is forced to endure the mismanagement and delays.”
Delayed remittances... losses and suffering
Delays in remittances have become an almost daily occurrence,
causing economic damage to many citizens who rely on these funds to make ends meet.
“I called customer service to inquire about a delayed transfer, but there was no response,” Y.M. said. He continued,
"When they do respond, the response is general and useless," noting that "since Al Ahli Bank took over the remittances, the problems have increased and there are no real solutions."
Citizen (A.D.) describes the situation as a “real crisis,” noting, “When I receive a remittance from abroad through Al-Ahli Bank, there is definitely a delay, and it does not arrive on the same day.”
He stressed that "this causes us embarrassment due to the financial obligations we have," calling for other Iraqi banks to be allowed to conduct remittances and not for the National Bank to monopolize them.
Unanswered questions... and regulatory authorities remain silent
In light of this critical situation, citizens and those interested in financial affairs are raising questions about the entity that made the decision to restrict remittances to the National Bank, and why other banks that provided acceptable services were excluded.
Why don't regulatory bodies, such as the Central Bank of Iraq and the Integrity Commission, investigate the reasons behind the decision?
Economists warn that "the continuation of this monopoly will lead to financial distortions in the remittance market, pressure on citizens, and a collapse in public confidence in the local banking sector."
Calls for a transparent investigation
Economists are calling for "a transparent investigation into the allocation of remittances to the National Bank, and for any party that manipulated banking competition or led to the exclusion of other Iraqi banks to be held accountable."
They are also calling on the Central Bank to "urgently intervene and redistribute the remittance file to qualified banks according to standards of efficiency and fairness."
https://www.alsumaria.tv/news/economy/532189/فوضى-وتحكم-منفرد-من-يقف-وراء-احتكار-الحوالات-الخارجية-للمصرف-الأهلي؟
