financial and economic affairs professional Mustafa Akram Hantoush warned Thursday (December 5, 2024), of the results of canceling the greenback promoting platform to traders throughout the next stage, in line with what became announced with the aid of the primary bank of Iraq.
Hantoush, a journalist, said, “The primary financial institution of Iraq ought to realize thoroughly that the fall apart of the Iraqi banking device and the punishment of (32) Iraqi banks without a clear charge over a period of a yr and a 1/2 isn’t regular, and from the attitude of banking work, this could be the first incident in the international of this kind.”
He introduced, “The worst factor is the lack of significant solutions from the primary financial institution of Iraq to this example, however alternatively the flow in the direction of cancelling the (fitr) platform with the aid of the quit of 2024 and handing over the greenback document to banks affiliated with overseas traders and banks (Jordanian and Gulf), which offers the impression that this be counted became deliberate from the beginning.”
He persevered, “The failure of the vital financial institution of Iraq to find solutions for the Iraqi banking sector will fire the mercy bullet at the entire Iraqi banking gadget and it will become punished as a whole, for you to lay off nearly a hundred,000 people within the Iraqi private banking quarter in prefer of Jordan and the Gulf nations,” noting that “within the absence of banking opposition, the stability of the alternate price becomes tough because of the monopoly of the dollar by means of sure banks and might result in new fluctuations within the trade price.”
Hantoush questioned: “Why is the paintings of the (Fitr) platform no longer being prolonged in coordination with the new US administration? additionally, why are Iraqi banks now not guaranteed to open an account for themselves in correspondent banks in bucks (Citibank/JP Morgan) as the nations of the location have executed?”
He pointed out that “the unexpected thing is that, till now, the mechanism for cooperation and auditing with Ernst & younger has no longer been decided or introduced concerning transfers in currencies aside from the dollar (euro – yuan – lira – dirham), nor have the outcomes of the settlement and agreement with Oliver Wyman concerning the (32) sanctioned banks and what their destiny might be have no longer been announced. this means that the banking situation in Iraq is going through many foremost crises, and the dollar may be difficult to control in the parallel marketplace.”
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