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An expert explains the mechanism for the control of private banks on loan profits
Today 14:09
payroll
Information / Baghdad..
The economic expert, Nabil Al-Ali, confirmed today, Wednesday, that private banks control the profits of loans by simply mediating between citizens and the Central Bank.
Al-Ali said in an interview with “The Information” that
“private banks take a percentage of the profits by simply mediating between citizens and the central bank,” noting that
“the percentage of profits is fixed in a contract with the central bank, and
this creates a lack of competition that leads to a reduction in the percentage of loan profits.” Al-Ali added,
"National banks control the highest percentage of profit from citizens and the Central Bank by doing only mediation." He continued,
"The granting of loans must be controlled and made exclusively by the central bank,
or the opportunity to change the interest rate must be opened in order to compete, which will reduce the benefits that burdened the citizens."
The economic affairs specialist, Muhammad Al-Saadi, earlier criticized the government loans granted to employees and citizens, pointing out that
these loans increased the suffering of the citizen due to the large profits imposed on loans, noting that
most of those profits received by banks do not interfere with the state treasury.
Rather, it is distributed to employees in the form of monthly and annual profits
An expert explains the mechanism for the control of private banks on loan profits
Today 14:09
payroll
Information / Baghdad..
The economic expert, Nabil Al-Ali, confirmed today, Wednesday, that private banks control the profits of loans by simply mediating between citizens and the Central Bank.
Al-Ali said in an interview with “The Information” that
“private banks take a percentage of the profits by simply mediating between citizens and the central bank,” noting that
“the percentage of profits is fixed in a contract with the central bank, and
this creates a lack of competition that leads to a reduction in the percentage of loan profits.” Al-Ali added,
"National banks control the highest percentage of profit from citizens and the Central Bank by doing only mediation." He continued,
"The granting of loans must be controlled and made exclusively by the central bank,
or the opportunity to change the interest rate must be opened in order to compete, which will reduce the benefits that burdened the citizens."
The economic affairs specialist, Muhammad Al-Saadi, earlier criticized the government loans granted to employees and citizens, pointing out that
these loans increased the suffering of the citizen due to the large profits imposed on loans, noting that
most of those profits received by banks do not interfere with the state treasury.
Rather, it is distributed to employees in the form of monthly and annual profits
