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Expert: Foreign banks exploit chaos and corruption to dominate the Iraqi economy
Foreign banks are influential parties to influence the Iraqi reality
August 4, 2024 Last updated: August 4, 2024
Al-Independent/- In light of the rapid economic transformations and major challenges facing the Iraqi banking sector,
an economic expert issued stark warnings about foreign banks exploiting the widespread chaos and corruption in order to dominate the Iraqi economy.
Stressing the need to evaluate the role of these banks and their impact on the economic process.
The expert, who preferred to remain anonymous, told Al-Mustaqla that
economic relations between Iraq and foreign countries are witnessing remarkable cooperation in many fields,
but the banking sector is witnessing great exploitation by foreign banks. He added that the
presence of foreign banks in Iraq represents a vital part of this apparent cooperation, as
these banks exploit the situation to provide limited services that are often used as a means of transferring money outside Iraq instead of supporting local commercial and financial activities.
This exploitation strengthens the dominance of foreign banks over the Iraqi economy and increases the volume of illicit trade.
The expert strongly criticized the desire of foreign banks to
dominate the Iraqi banking sector,
taking advantage of the spread of corruption and the
absence of parliamentary and administrative oversight and even oversight of integrity. He explained that
these banks often use their presence in Iraq
as influence fronts and
as a means of transferring money to companies in the countries of those banks,
instead of providing strong and sustainable banking services. He pointed out that
these banks mainly seek to benefit from the currency auction, as
they do not provide solid banking services that are in line with the needs of the Iraqi market. The expert added that
foreign banks avoid revealing the truth about their profits and resort to clear tax evasion, which harms the Iraqi economy and enhances financial chaos. He pointed out that
these banks are exploiting the difficult economic conditions in Iraq to achieve quick and illegal gains, which exposes the Iraqi financial system to more pressures and risks. The expert confirmed that
foreign banks conduct their business in Iraq without effective oversight from the Central Bank of Iraq,
which increases the chaos in the banking sector.
He harshly criticized the Central Bank, blaming it for the chaos witnessed by the banking sector in the country. He explained that the
failure of the Central Bank to impose supervision and control over these banks led to the intervention of the US Treasury to control the work of these failed and corrupt institutions. The expert pointed out that the
US Treasury's intervention came as a result of the failure of the Iraqi authorities to control the operations of foreign banks, as these banks became hotbeds of corruption and money laundering. He stressed that
improving the performance of foreign banks in Iraq requires strict measures by the Iraqi authorities to tighten supervision and strictly implement laws. The expert stressed that
improving the performance of foreign banks in Iraq could have a significant positive impact on the Iraqi economy. He pointed out that
providing effective and reliable banking services can enhance financial stability and encourage investment, which ultimately leads to sustainable economic growth.
By improving the quality of banking services, foreign banks can play a pivotal role in supporting economic development and enhancing confidence in the Iraqi financial system. The expert concluded his speech by saying that the
Iraqi authorities must shoulder their responsibilities towards citizens by controlling the work of foreign banks and ensuring their compliance with international laws and standards. He stressed that
this matter requires close cooperation between government agencies, the Central Bank and the international community to achieve financial and economic stability in Iraq.
https://mustaqila.com/المصارف-الأجنبية/
Foreign banks are influential parties to influence the Iraqi reality
August 4, 2024 Last updated: August 4, 2024
Al-Independent/- In light of the rapid economic transformations and major challenges facing the Iraqi banking sector,
an economic expert issued stark warnings about foreign banks exploiting the widespread chaos and corruption in order to dominate the Iraqi economy.
Stressing the need to evaluate the role of these banks and their impact on the economic process.
The expert, who preferred to remain anonymous, told Al-Mustaqla that
economic relations between Iraq and foreign countries are witnessing remarkable cooperation in many fields,
but the banking sector is witnessing great exploitation by foreign banks. He added that the
presence of foreign banks in Iraq represents a vital part of this apparent cooperation, as
these banks exploit the situation to provide limited services that are often used as a means of transferring money outside Iraq instead of supporting local commercial and financial activities.
This exploitation strengthens the dominance of foreign banks over the Iraqi economy and increases the volume of illicit trade.
The expert strongly criticized the desire of foreign banks to
dominate the Iraqi banking sector,
taking advantage of the spread of corruption and the
absence of parliamentary and administrative oversight and even oversight of integrity. He explained that
these banks often use their presence in Iraq
as influence fronts and
as a means of transferring money to companies in the countries of those banks,
instead of providing strong and sustainable banking services. He pointed out that
these banks mainly seek to benefit from the currency auction, as
they do not provide solid banking services that are in line with the needs of the Iraqi market. The expert added that
foreign banks avoid revealing the truth about their profits and resort to clear tax evasion, which harms the Iraqi economy and enhances financial chaos. He pointed out that
these banks are exploiting the difficult economic conditions in Iraq to achieve quick and illegal gains, which exposes the Iraqi financial system to more pressures and risks. The expert confirmed that
foreign banks conduct their business in Iraq without effective oversight from the Central Bank of Iraq,
which increases the chaos in the banking sector.
He harshly criticized the Central Bank, blaming it for the chaos witnessed by the banking sector in the country. He explained that the
failure of the Central Bank to impose supervision and control over these banks led to the intervention of the US Treasury to control the work of these failed and corrupt institutions. The expert pointed out that the
US Treasury's intervention came as a result of the failure of the Iraqi authorities to control the operations of foreign banks, as these banks became hotbeds of corruption and money laundering. He stressed that
improving the performance of foreign banks in Iraq requires strict measures by the Iraqi authorities to tighten supervision and strictly implement laws. The expert stressed that
improving the performance of foreign banks in Iraq could have a significant positive impact on the Iraqi economy. He pointed out that
providing effective and reliable banking services can enhance financial stability and encourage investment, which ultimately leads to sustainable economic growth.
By improving the quality of banking services, foreign banks can play a pivotal role in supporting economic development and enhancing confidence in the Iraqi financial system. The expert concluded his speech by saying that the
Iraqi authorities must shoulder their responsibilities towards citizens by controlling the work of foreign banks and ensuring their compliance with international laws and standards. He stressed that
this matter requires close cooperation between government agencies, the Central Bank and the international community to achieve financial and economic stability in Iraq.
https://mustaqila.com/المصارف-الأجنبية/
