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Why does Iraq depend on foreign banks for dollar transfers?
Economy |Today, 18:12 |
Baghdad today - Baghdad
Today, Tuesday (May 7, 2024), expert in financial and economic affairs, Nabil Jabbar Al-Tamimi,
revealed the reason for Iraq’s reliance on foreign banks for financial transfers, especially with regard to the dollar.
Al-Tamimi told “Baghdad Today” that
“Iraq has more than (70) banks, approximately five of which are government and the remaining number are private banks,
but Iraq relies heavily on financial transfers, especially with regard to the dollar, to various foreign banks, due to the failure of... Iraqi private banks in arranging their legal and technical conditions regarding the issue of financial correspondence. He stated,
“After implementing the electronic platform, many banks stopped making remittances, as they did not want to comply,
but foreign banks were not afraid of this matter because they had experience and all of their work was sound and in accordance with the required conditions, and
that is why they became dependent on those banks, and
this confirms the existence of a major defect.” In the work of Iraqi banks.
Earlier, a member of the Parliamentary Integrity Committee, Alia Nassif, revealed that the
Iraqi Jordanian National Bank obtained $3.6 billion from the currency auction during the first three months of the current year, which enabled it to obtain a profit of about 40 billion dinars.
https://baghdadtoday.news/248830-لماذا-يعتمد-العراق-على-المصارف-الاجنبية-بحوالات-الدولار؟.html
Economy |Today, 18:12 |
Baghdad today - Baghdad
Today, Tuesday (May 7, 2024), expert in financial and economic affairs, Nabil Jabbar Al-Tamimi,
revealed the reason for Iraq’s reliance on foreign banks for financial transfers, especially with regard to the dollar.
Al-Tamimi told “Baghdad Today” that
“Iraq has more than (70) banks, approximately five of which are government and the remaining number are private banks,
but Iraq relies heavily on financial transfers, especially with regard to the dollar, to various foreign banks, due to the failure of... Iraqi private banks in arranging their legal and technical conditions regarding the issue of financial correspondence. He stated,
“After implementing the electronic platform, many banks stopped making remittances, as they did not want to comply,
but foreign banks were not afraid of this matter because they had experience and all of their work was sound and in accordance with the required conditions, and
that is why they became dependent on those banks, and
this confirms the existence of a major defect.” In the work of Iraqi banks.
Earlier, a member of the Parliamentary Integrity Committee, Alia Nassif, revealed that the
Iraqi Jordanian National Bank obtained $3.6 billion from the currency auction during the first three months of the current year, which enabled it to obtain a profit of about 40 billion dinars.
https://baghdadtoday.news/248830-لماذا-يعتمد-العراق-على-المصارف-الاجنبية-بحوالات-الدولار؟.html
