Economist calls for reviewing the work of Jordanian banks in Iraq

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Economist calls for reviewing the work of Jordanian banks in Iraq

Ahmed Abdul Rabbo, an authority on economics, appealed to the Central Bank of Iraq on Saturday to reevaluate the activities of Jordanian and foreign banks in Iraq and compare them to those of local Iraqi banks.

“The National Bank is working with duality by not supporting the confidential financial area and giving honors to Jordanian banks,” Abdul Rabbo said in a proclamation to , taking note of that “unfamiliar banks, particularly Jordanian ones, control the record of monetary exchanges, considering the issuance of authorizations against half of the nearby financial area by the US Depository Division.”

“The Iraqi government must speed up negotiations with Washington in order to lift sanctions on Iraqi banks, calling for “activating the principle of fines for unintended errors that occur in banks instead of sanctions,” he added. “The Iraqi banking sector is facing a major problem today and we fear its complete destruction, as happened in the industrial and agricultural sectors, and consequently Iraq’s dependence on imports.”

Specialists accept that the financial record can’t be given over in that frame of mind, as a sovereign matter influences the security and economy of the state, with the infringement of these banks and their entrance into the economy in a manner that might make the Iraqi economy prisoner to Jordanian banks.