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Alia Nassif: Central Bank policy is pushing Iraqi banks towards execution!
Execution of Iraqi banks with licenses to foreign banks
July 31, 2024 Last updated: July 31, 2024
Independent/- Representative Alia Nassif strongly criticized the measures taken by the Central Bank of Iraq towards local banks, considering that these measures contribute to “the execution of Iraqi banks.”
tweet on the Nassif explained in a She also indicated that licenses would be granted to two other banks, one Kuwaiti and the other Qatari.
She said that these steps come at a time when many Iraqi banks continue to suffer, as their activities have been suspended and more of them have been closed as a result of the policies of the Central Bank.
She expressed her dissatisfaction with the management of the Central Bank, which did not address the accumulated problems in the banking sector during previous periods, but rather worked to bring local banks into contracts with K2 Company and pay money without achieving tangible results.
Nassif pointed out that the Iraqi banking sector is now being punished for mistakes committed in previous years under the supervision of the same current administration of the Central Bank.
She wondered why this administration did not hold itself accountable for its failure to perform its oversight duties during that period.
These statements come in light of a state of uncertainty and anxiety that dominates the banking sector in Iraq, as it suffers from instability and declining confidence.
The entry of foreign banks into the Iraqi market raises questions about the future of local banks and their ability to compete in light of the current challenges.
This step is part of the government's efforts to attract foreign investments and strengthen the financial sector, but
there are fears that it will be at the expense of local banks that are facing great difficulties.
Some representatives and experts call for the necessity of reviewing banking policies and providing the necessary support to local banks to enhance their ability to compete and achieve financial stability.
In light of these developments, the future of the Iraqi banking sector remains dependent on the decisions and policies that the Central Bank and the government will take to achieve a balance between attracting foreign investments and supporting local banks.
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