Researcher and specialist in monetary and banking affairs, Mustafa Hantoush, confirmed nowadays, Monday, that the decisions of the central financial institution threaten the banking area and the steadiness of the national economic system.
Hantoush stated in a declaration to dinaropinions.com that “the recent choices of the imperative bank of Iraq, which protected preventing the financial switch platform (FITR) and handing over the control of the Iraqi dollar to 4 banks owned through traders, some of which belong to nations inclusive of Jordan and the Gulf, represent serious repercussions.”
He mentioned that “these rules can also lead to the fall apart of the Iraqi banking machine and the exacerbation of financial crises, noting that extra than 100,000 jobs within the non-public banking sector are threatened with loss in prefer of overseas banks, which constitutes a prime blow to banking sovereignty.”
He defined that “the monopoly of the greenback with the aid of these banks will lead to difficulty in stabilizing the alternate rate and growing volatility, with a purpose to exacerbate the economic scenario and weaken opposition inside the banking area.”
As part of the solutions, Hantoush referred to as for “extending the work of the money transfer platform in coordination with the brand new US administration, and allowing Iraqi banks to open dollar bills in worldwide banks which includes Citibank and JP Morgan, as is the case in the countries of the area.”
He additionally pressured the “importance of transparency and pronouncing the mechanisms of cooperation with Ernst & younger regarding transfers in other currencies which includes the euro, yuan and dirham, further to revealing the effects of the agreement with Oliver Wyman concerning the status of the 28 sanctioned Iraqi banks.”
on the give up of his statements, Hantoush referred to as for “addressing the critical banks of nations inclusive of Turkey, the Emirates, China and India to open branches of Iraqi banks in the ones countries, which would contribute to remodeling the banking dating from remittances to a right away business partnership.”
