Home
Withdrawal of funds and lack of regulation...a warning against repeating the “Lebanon banks” scenario in Iraq
Economy |Yesterday, 12:39 |
Baghdad today - Baghdad
Today, Monday (October 16, 2023), banking expert Ahmed Al-Tamimi warned against repeating the “Lebanon banks” scenario in Iraq, due to the hard currency withdrawal operations witnessed by Iraqi banks.
The exchange rate in the parallel markets is still recording a significant increase compared to the official rate, while the
dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the black markets.
Al-Tamimi confirmed in an interview with “Baghdad Today” that
“banks in Iraq are currently witnessing a very great momentum by citizens, businessmen and others in order to withdraw money from the dollar from those banks, and there is
a lack of regulation in this matter and
many of them stand for long hours in order to receive their money in dollars.” But
it is not delivered to all of them because the dollar has run out as a result of the demand for it, according to the banks’ claim.” He stated,
"There is a lack of confidence in the banking system in Iraq, and
what the country is currently witnessing portends a step towards repeating the 'Lebanon banks' scenario. Therefore, the
Central Bank and the government are required to develop real solutions that restore confidence in the banking system before its collapse."
Dollar prices are still flying in the parallel market with a large difference from the official exchange rate, as selling prices in exchange shops in the capital, Baghdad, during the past few days reached approximately 163 thousand Iraqi dinars for every 100 US dollars, while purchasing prices recorded 161 thousand Iraqi dinars for every 100 US dollars..
Private banks are accused of taking over the largest part of the currency selling window, especially for the
cash dollar, which has become extremely difficult for travelers to obtain, which forces them to buy the dollar from the parallel market, while the travelers’ share of the dollar in these banks goes for the purpose of speculation.
https://baghdadtoday.news/233313-سحب-للأموال-وغياب-للتنظيم.-تحذير-من-تكرار-سيناريو-مصارف-لبنان-في-العراق.html
Economy |Yesterday, 12:39 |
Baghdad today - Baghdad
Today, Monday (October 16, 2023), banking expert Ahmed Al-Tamimi warned against repeating the “Lebanon banks” scenario in Iraq, due to the hard currency withdrawal operations witnessed by Iraqi banks.
The exchange rate in the parallel markets is still recording a significant increase compared to the official rate, while the
dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the black markets.
Al-Tamimi confirmed in an interview with “Baghdad Today” that
“banks in Iraq are currently witnessing a very great momentum by citizens, businessmen and others in order to withdraw money from the dollar from those banks, and there is
a lack of regulation in this matter and
many of them stand for long hours in order to receive their money in dollars.” But
it is not delivered to all of them because the dollar has run out as a result of the demand for it, according to the banks’ claim.” He stated,
"There is a lack of confidence in the banking system in Iraq, and
what the country is currently witnessing portends a step towards repeating the 'Lebanon banks' scenario. Therefore, the
Central Bank and the government are required to develop real solutions that restore confidence in the banking system before its collapse."
Dollar prices are still flying in the parallel market with a large difference from the official exchange rate, as selling prices in exchange shops in the capital, Baghdad, during the past few days reached approximately 163 thousand Iraqi dinars for every 100 US dollars, while purchasing prices recorded 161 thousand Iraqi dinars for every 100 US dollars..
Private banks are accused of taking over the largest part of the currency selling window, especially for the
cash dollar, which has become extremely difficult for travelers to obtain, which forces them to buy the dollar from the parallel market, while the travelers’ share of the dollar in these banks goes for the purpose of speculation.
https://baghdadtoday.news/233313-سحب-للأموال-وغياب-للتنظيم.-تحذير-من-تكرار-سيناريو-مصارف-لبنان-في-العراق.html
