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The banking sector in Iraq... public thefts and bargaining over loans
July 11, 2024 Last updated: July 11, 2024
Al-Independent / Follow-up / - The independent politician and founder of the Iraqi National Movement, Laith Shubar, strongly
criticized the banking sector in Iraq, describing it as one of the cornerstones of political corruption in the country. Shubbar said in his tweet on the X website that
Iraqi banks rob citizens in broad daylight, and defraud them even though they work with their money. Shubar stressed that
bank loans in Iraq are nothing but a series of bargains, high interests and complex transactions, which adds great distress to the lives of citizens. He added that
many of these banks
have amassed huge wealth through currency exchange differences, and
are often involved in money laundering operations. Shubar explained that
Iraqi banks, instead of being financial institutions supporting economic development, have become part of the country's rampant corruption system. He stressed that
almost every Iraqi citizen has a bad experience with banks, calling on everyone to speak up and not remain silent about these violations. Shubar pointed out that
one of the most prominent problems of the banking sector in Iraq is its exploitation of citizens by imposing high interest on loans, which makes it difficult for many to repay them, and pushes them into a spiral of debt.
The complex bureaucracy surrounding the process of obtaining loans makes it almost impossible for the average citizen to benefit from these services.
Regarding money laundering, Shubbar pointed out that
many banks participate in these operations directly or indirectly, which enhances financial and political corruption in the country. He stressed that
these banks exploit weak government oversight and supervision to achieve illegal profits.
On the other hand, Central Bank of Iraq data showed that the banking sector witnessed remarkable growth in the period from 2022 to 2023.
The volume of deposits increased from 129 trillion dinars to 131 trillion dinars, and
private sector deposits increased from 54.9 trillion dinars to 55.5 trillion dinars.
Total monetary credit also increased from 60.5 trillion dinars to 69 trillion dinars, and
credit granted to the private sector grew from 35 trillion dinars to 40 trillion dinars.
These indicators reflect broad growth in the Iraqi banking sector during this period. In conclusion,
Shubbar called for a comprehensive and radical reform of the banking sector in Iraq, ensuring transparency and accountability, and enhancing citizens’ confidence in these financial institutions. He stressed
the importance of the oversight role that governmental and independent agencies must play to ensure that such violations are not repeated and to protect the rights of Iraqi citizens.
July 11, 2024 Last updated: July 11, 2024
https://mustaqila.com/القطاع-المصرفي-في-العراق-سرقات-علنية-و/
July 11, 2024 Last updated: July 11, 2024
Al-Independent / Follow-up / - The independent politician and founder of the Iraqi National Movement, Laith Shubar, strongly
criticized the banking sector in Iraq, describing it as one of the cornerstones of political corruption in the country. Shubbar said in his tweet on the X website that
Iraqi banks rob citizens in broad daylight, and defraud them even though they work with their money. Shubar stressed that
bank loans in Iraq are nothing but a series of bargains, high interests and complex transactions, which adds great distress to the lives of citizens. He added that
many of these banks
have amassed huge wealth through currency exchange differences, and
are often involved in money laundering operations. Shubar explained that
Iraqi banks, instead of being financial institutions supporting economic development, have become part of the country's rampant corruption system. He stressed that
almost every Iraqi citizen has a bad experience with banks, calling on everyone to speak up and not remain silent about these violations. Shubar pointed out that
one of the most prominent problems of the banking sector in Iraq is its exploitation of citizens by imposing high interest on loans, which makes it difficult for many to repay them, and pushes them into a spiral of debt.
The complex bureaucracy surrounding the process of obtaining loans makes it almost impossible for the average citizen to benefit from these services.
Regarding money laundering, Shubbar pointed out that
many banks participate in these operations directly or indirectly, which enhances financial and political corruption in the country. He stressed that
these banks exploit weak government oversight and supervision to achieve illegal profits.
On the other hand, Central Bank of Iraq data showed that the banking sector witnessed remarkable growth in the period from 2022 to 2023.
The volume of deposits increased from 129 trillion dinars to 131 trillion dinars, and
private sector deposits increased from 54.9 trillion dinars to 55.5 trillion dinars.
Total monetary credit also increased from 60.5 trillion dinars to 69 trillion dinars, and
credit granted to the private sector grew from 35 trillion dinars to 40 trillion dinars.
These indicators reflect broad growth in the Iraqi banking sector during this period. In conclusion,
Shubbar called for a comprehensive and radical reform of the banking sector in Iraq, ensuring transparency and accountability, and enhancing citizens’ confidence in these financial institutions. He stressed
the importance of the oversight role that governmental and independent agencies must play to ensure that such violations are not repeated and to protect the rights of Iraqi citizens.
July 11, 2024 Last updated: July 11, 2024
https://mustaqila.com/القطاع-المصرفي-في-العراق-سرقات-علنية-و/
