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Profits up to 22%. Iranian banks attract Iraqi capital to support the twins

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Profits up to 22%. Iranian banks attract Iraqi capital to support the twins


2016-06-26

Baghdad/JD/.
A number of experts and specialists in financial and Economic Affairs, because Iraqi asylum from venture capitalists and investors to deposit their money and invest in neighbouring countries, especially regional Iran due to lack of effective guarantees in local banks and complex bureaucratic procedures led to the reluctance of citizens to deposit their money,

noting that Iranian banks began to attract Iraqi capital by granting facilities and impose high profits amount to more than 22%, to support the Iranian currency (they) experiencing instability due The economic crisis in Tehran.

Economist says Abdul Hassan shammari, that "Iran has managed to develop specific mechanisms to withdraw Iraqi foreign exchange and gave a very large interest rate exceeding 22%, where they benefit from hard currency as it was at the siege before the nuclear agreement with the States of 5 plus one".

Shemari said Agency/JD/that Iranian banks guarantees for Iraqis who placed their money 100%, and profits are guaranteed, as well as the conditions laid down by the soft and easy so that pulls money monthly, quarterly or half yearly or per year ", stating that

"Iran will benefit as the dollar attract ́re and transfers it to the twins, then funds are exposed to losses from time to time because the Iranian currency recently suffered from Unsteadiness price fluctuations because of the economic blockade Imposed on Tehran recently, these are all factors in Iran helped to attract foreign funds deposited in their banks, and there is no requirement to fulfil given can even deposit money on behalf of the owner of the money and not in someone else's name."

He noted that Iraqi banks made a big mistake four years ago, so that the citizen and let his money, but when he wanted to drag her, he can't because those banks are converting the funds to outside Iraq, where there is no cash refund can, in addition to those banks are taking a dollar from citizens and market price 1350 dinars, when retrieved are put back in Iraqi dinar and the Central Bank's official rate of 1190 JD, what led to the reluctance of citizens deposit Their money in local banks, "pointing out that"

banks in major financial and administrative corruption when bidding farewell to the funds cannot be withdrawn except by paying a bribe and thus the citizen would be subjected to these losses are all factors that led to a reluctance to invest within the country and the emigration of Iraqi funds abroad".

Shammari said "Iraqi law is straightforward but the bugs in instructions and procedures for banks, calling on the Central Bank to restore its policy tightening and control instructions to Iraqi banks to attract domestic capital."

Meanwhile, the Finance Committee because of the reluctance of Iraqis who deposit their money in local banks and foreign asylum to lack of trust between the citizen and mtabdelh banks and no guarantees can to recover funds or profits.

Deputy member of the Committee said Sirhan Ahmed/JD/there are palaces by Government and Central Bank support local banks in terms of instructing and encouraging citizens and holders of funds on deposit.

He said the Government instead encouraged to deposit the money you borrow money and pull large amounts of public banks those banks work, unsettling, this shows the confusion of the Iraqi economy, calling for an end to the exodus of Iraqi funds abroad and not to invest at home.
/Finish/8/

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