close to what was circulated with the aid of a few media retailers and social media platforms, and what was attributed to a number of honorable representatives regarding the government taking flight the balances of Rafidain and Rashid banks,
There are individuals who, whether ignorantly or deliberately, interpret political competition as a promoting of lies and rumors, or as an try and disseminate false information with the intention of incitement and spreading confusion. this is what the government considers the worst type of electoral rhetoric, as it evades ethical obligation.
therefore, we make clear the subsequent:
The price range withdrawn do not represent citizen deposits or bank insurance balances. as an alternative, they belong to the Ministry of Finance’s sovereign money owed, which had been held in those banks as a transient operating device. After the want for them ceased, and according with monetary and administrative commands, they had been transferred to be reallocated inside the trendy finances.
comparing those measures to the stories of banking collapses in different nations is incorrect and ignores the specific felony and regulatory shape of the Iraqi banking quarter, that’s concern to oversight by using the relevant bank and applies strict compliance and governance pointers.
Rafidain and Rashid Banks additionally keep high liquidity and cash reserves that exceed the ratios set with the aid of the valuable bank. They frequently perform their obligations in disbursing salaries, financing initiatives, and fulfilling obligations to customers. it’s far really worth noting that Rafidain bank’s criminal reserve with the relevant financial institution currently stands at approximately 9 trillion Iraqi dinars, reflecting the electricity of its financial role.
inside the beyond few days, some have resorted to feeding a few local businesses, news pages and social media bloggers, that the authorities has resorted to chickening out the reserves of Rafidain financial institution, a good way to fill the liquidity shortage, and that the brand new letter issued by way of the critical bank of Iraq, dated (April twenty fourth), proves beyond doubt that the unused obligatory reserves of Rafidain financial institution have reached 4 trillion and 277 billion dinars, even as the used reserves amounted to four trillion and 263 billion dinars, and consequently the whole reserves of Rafidain financial institution with the vital financial institution exceed 8 trillion and 540 billion dinars. they’ve not been touched in any way, form or form, and underneath any name.
The ministry also defined that thefts from a few previously held agree with money owed came about because of the funds final unused for prolonged intervals, growing technical loopholes exploited by corrupt networks. New oversight measures had been applied in coordination between the financial institution and the Ministry of Finance to mitigate these dangers.
we depend at the Iraqi citizen and his focus to distinguish the motives at the back of the misinformation, that are lamentably being promoted by means of a few humans affiliated with political forces or parliamentary blocs, who view it as complaint of presidency policies.
but, complaint that inns to distorting facts and spreading baseless statistics is a damaging act that seeks to undermine the government’s achievements witnessed via citizens in various fields. We additionally confirm that the levels of monetary and monetary transparency pursued by way of the government are extraordinary, as identified with the aid of primary international economic establishments. This transparency has raised Iraq’s credit score and confidence in its economy, attracted global funding, and is now developing task possibilities and fueling development, after the Iraqi financial system changed into captive to rents and reliance on oil.
The authorities will retain on its path of monetary reform, consolidating banking operations and monetary management, and will now not forestall at cheap lies aimed toward disrupting and undermining the accept as true with that citizens have positioned within the government’s method and targets.
The Ministry calls on all media professionals and social media users to exercise accuracy and anticipate country wide duty while addressing economic issues. We confirm that the Ministry and banks’ doorways are open to all people who desires to get right of entry to respectable statistics and reviews professionally.
Ministry of Finance
department of Media and authorities communique
may additionally three, 2025
