Its inability was exposed.. The Central Bank’s procedures confuse the Iraqi monetary sector

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Its inability was exposed.. The Central Bank’s procedures confuse the Iraqi monetary sector

On Friday, economic expert Ziad Al-Hashimi highlighted the challenges faced by the Iraqi monetary and banking sector. He pointed out that the Central Bank’s pressure measures, which apply to all banking companies without differentiation between compliant and defaulting ones, create confusion in a monetary work environment that is not managed or monitored accurately and clearly by the central bank.

Al-Hashemi, speaking to “Jarida”, highlighted one of the key challenges faced by the Iraqi monetary and banking sector. He pointed out that the Central Bank and local banks have been unable to create an effective and appealing banking environment with competitive costs that can earn the trust of citizens. The sector needs to provide flexible and smooth banking services that encourage citizens to deal with banks instead of resorting to exchange companies for cash services.

He went on to say that the Central Bank has not yet been able to establish clear and specific standards for evaluating the work and performance of exchange companies, which makes it difficult to distinguish between compliant and negligent companies.

According to the economic expert, the Central Bank’s pressure measures were applied to all banking companies, causing harm and restrictions even on those who adhere to central controls and maintain a high level of compliance.

Al-Hashimi stated that a lack of accurate and clear management and monitoring by the Central Bank creates confusion and uncertainty in monetary business environment.