Banking professional Wahbi Al-Khafaf asserted that the current US sanctions on sure Iraqi figures and entities seem to have the stated intention of correcting imbalances because of confined practices. however, their actual effect extends to at once effect the business and investment environment in Iraq.
Al-Khafaf defined in an interview with “dinaropinions.com” that “the exclusion of influential and active figures within the economic panorama results in marketplace confusion and a decline in self assurance in transactions, specially between local and overseas financial institutions.”
regarding banks, the expert defined that the sanctions do no longer consist of authorities-owned banks inclusive of Rafidain and Rashid, as they’re nation-owned. however, their repercussions expand to personal banks owned with the aid of events concern to the sanctions, which could negatively effect their financial hobby and their ability to attract deposits and investments.
Al-Khafaf concluded his assertion via emphasizing the importance of Iraqi regulatory government taking movement to comprise the repercussions of sanctions and reassure traders, preserving the stability of the economic area and improving confidence in the country wide economic system.
