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Foreign banks and violation of sovereignty
Saturday, October 14, 2023 1:28 PM
Hazem Subeih Al-Shammari
Please be careful,
money is the back door to the sovereignty of countries, and
whoever leaves it open and unguarded will end up losing his sovereignty and violating his national security.
This is a well-known rule,
so countries set a thousand and one conditions for the possibility of foreign financial institutions interfering in their financial system,
so what about Iraq? Unfortunately,
Iraq has become vulnerable to violations at every moment and in all its financial aspects, and
one of the ways to violate sovereignty and endanger financial security is to prefer foreign banks over local ones in foreign transfers under the pretext that they are
more professional and trustworthy in dealing than local banks or that
they are accredited and reliable in the global financial system.
What is happening these days is something similar to this.
The Central Bank of Iraq is completely dependent on the Jordanian National Bank and is allowed to acquire the largest share of the Central Bank’s currency sales, reaching a percentage ranging from 70 to 80% of sales at a time that is not permitted for
local private banks. Only 30 to 20%.
Details say that the
share of the Jordanian Capital Bank is 61%, and the
share of the Cairo Amman Bank of Jordan is 9%, and
approximately 120 million dollars are transferred daily, and by simple calculation we know that the
Jordanian National Bank acquires 4 billion dollars a month from Iraq, and
if this section continues The risk is open for the coming months, which means that
we sell this bank 48 billion annually.
What does that mean?
It means weakening and gradually eliminating local banks, in exchange for
enabling foreign banks to control Iraqi money and
providing a good incubator for smuggling hard currency.
According to a member of the Finance Committee in the House of Representatives, the
problem previously was that the invoices were forged, while
today they are real, but at double prices.
As a result, the problem seems more complex because
it will constitute a legitimate and legal gateway to sabotaging the Iraqi economy and
ravaging its already dilapidated financial system.
Accordingly, everyone is waiting for the Governor of the Central Bank of Iraq to answer the question:
Who is behind this deliberate sabotage of the Iraqi financial system?
Who wants to destroy local banks in favor of Jordanian and Emirati banks?
Who are the questionable networks responsible for opening this back door to the violation of sovereignty?
Is there prior collusion or is it mismanagement and lack of responsibility?
If there is collusion, does Parliament have the ability to uncover it, or does “the fever come from its feet,” and the collusion begins with some of its influential blocs?
Time will reveal this.
Just remember that
violating the sovereignty of states does not come only from terrorism and political interference, but that
money may be a back door to such a serious violation.
https://nnciraq.com/231744/
Saturday, October 14, 2023 1:28 PM
Hazem Subeih Al-Shammari
Please be careful,
money is the back door to the sovereignty of countries, and
whoever leaves it open and unguarded will end up losing his sovereignty and violating his national security.
This is a well-known rule,
so countries set a thousand and one conditions for the possibility of foreign financial institutions interfering in their financial system,
so what about Iraq? Unfortunately,
Iraq has become vulnerable to violations at every moment and in all its financial aspects, and
one of the ways to violate sovereignty and endanger financial security is to prefer foreign banks over local ones in foreign transfers under the pretext that they are
more professional and trustworthy in dealing than local banks or that
they are accredited and reliable in the global financial system.
What is happening these days is something similar to this.
The Central Bank of Iraq is completely dependent on the Jordanian National Bank and is allowed to acquire the largest share of the Central Bank’s currency sales, reaching a percentage ranging from 70 to 80% of sales at a time that is not permitted for
local private banks. Only 30 to 20%.
Details say that the
share of the Jordanian Capital Bank is 61%, and the
share of the Cairo Amman Bank of Jordan is 9%, and
approximately 120 million dollars are transferred daily, and by simple calculation we know that the
Jordanian National Bank acquires 4 billion dollars a month from Iraq, and
if this section continues The risk is open for the coming months, which means that
we sell this bank 48 billion annually.
What does that mean?
It means weakening and gradually eliminating local banks, in exchange for
enabling foreign banks to control Iraqi money and
providing a good incubator for smuggling hard currency.
According to a member of the Finance Committee in the House of Representatives, the
problem previously was that the invoices were forged, while
today they are real, but at double prices.
As a result, the problem seems more complex because
it will constitute a legitimate and legal gateway to sabotaging the Iraqi economy and
ravaging its already dilapidated financial system.
Accordingly, everyone is waiting for the Governor of the Central Bank of Iraq to answer the question:
Who is behind this deliberate sabotage of the Iraqi financial system?
Who wants to destroy local banks in favor of Jordanian and Emirati banks?
Who are the questionable networks responsible for opening this back door to the violation of sovereignty?
Is there prior collusion or is it mismanagement and lack of responsibility?
If there is collusion, does Parliament have the ability to uncover it, or does “the fever come from its feet,” and the collusion begins with some of its influential blocs?
Time will reveal this.
Just remember that
violating the sovereignty of states does not come only from terrorism and political interference, but that
money may be a back door to such a serious violation.
https://nnciraq.com/231744/
