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(80 percent) of the cash mass is in the homes of citizens

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(80 percent) of the cash mass is in the homes of citizens

Baghdad / Huda al-Azzawi
Omar Alaa, a young man who works in the women's clothing business, insists on saving his money away from the banking centers. He continues his friend and co-worker to deposit his money in a government bank and does not resort to placing it in the house, no matter what.
And often raised a debate in this regard between the two friends of the difference in vision, and Alaa justified his position, explaining:
«Despite the risk of saving money in the house, but the savings in government banks more serious and harmful, you may be the official procedures and lead you to a world in which a lot of fog in how to retrieve, it is not unlikely that the camel is lost what he carried overnight because of those who have the helm In the obstruction of procedures for the disbursement of receivables, the government sector is still witnessing a decline in performance and weak in the payment of dues due to depositors due to lack of cash, Alaa said and on his face signs of disapproval and wonder,"There are also social doubts and concerns about the absence of real guarantees for the protection of savings and money. This is due to the lack of awareness about saving and other banking transactions. Up to the bank, and may happen the opposite The withdrawal of money from banks increases the volume of risk, because some employees hover around them suspicions of cooperation with the gangs of the coup and the Iraqi street witness to it !.
Shake Alaa his head in a slow He opens his eyes , saying:
«I think that the bank guarantee to save money hit the illusion if they are not lifted all those suspicions about banks, restore mutual trust between the central system and the citizen, and this matter if it is achieved Vsieid confidence to deposit my money in the banks . Another vision , but his friend a dominant look of the image from another angle and explains: «realized that save money in a safe place is very important, they Atawwad never in the event of a disaster or an explosion or an armed robbery , as is the case now, what is equal to speak in front of all those major losses caused by Fate in the face of loss of confidence of the citizen in the banking system, despite all these negatives, but I find in the deposit amounts in banks to guarantee the rights no matter how stormy banking storms to pay dues. And reveals more dominant about the real reason behind the reluctance of his colleague on savings in banks, he says:
«A lot of countries in the world is witnessing a major development in terms of services and access to the greatest possible economic benefits, especially the banking business, which seeks to provide their best facilities and services to win the customer, but in Iraq, completed the Director of Payments in the Central Bank, :
« the range of services provided by the Iraqi banking authorities still follow the methods of very primitive, and repulsive to the members of the community to have their engagement positively with the banking or the idea of saving and saving work, and banks are investing their efforts in the development and regulation of their systems to serve the citizen, and this is what led Li out (80 percent) of the cash value of the block outside of the banking system as a result of a lack of trust between banks and the customer, if we can restore the confidence that we can reach a parallel relationship to encourage savings in government banks ».
And return is dominant to conclude his speech, stressing:
«This may be one of the reasons that pushed my colleague and friend Alaa regardless of the fear of saving and investing his money in the banks and banks of the Iraqi government, and the failure of service performance and the lack of strict control of some bank employees and impose some obstacles and obstacles push the confidence of citizens to the brink of abyss and reluctance to Savings ». Structural imbalances «lack of technical development of banking and the lack of confidence of citizens due to security conditions or delay and complexity of procedures for the deposit and withdrawal of funds led to be (80 percent) of the cash mass in Iraq is not invested» This term was initiated by Undersecretary of the Ministry of Agriculture Administrative Dr. Mahdi Sahr Jubouri, that:
«Iraqi economy suffers from structural and structural imbalances cast a shadow over all economic sectors, including the banking sector, which is still far from the technical and cognitive development, so must develop plans and mechanisms of the Central Bank of Iraq and government and private banks to encourage savings and raise the confidence of citizens in these banks and find effective mechanisms to withdraw those funds And encourage individuals and companies to deposit in banks and private banks and government through improving the level of financial and banking services and the adoption of the electronic system of CBS for the exchange of credit information, which can contribute to the assessment of risks Tmanah and take the necessary treatment in the granting of loans and repayment and build confidence between the citizen and the banking sector. »
"The Central Bank has adopted a new approach to building a real banking sector that is able to increase savings and encourage investment to support economic development plans. The process is not only to restore confidence between the banking sector and the citizen, but to restore confidence," said the director of payments at the central bank. The government and investors in the banking system, there is a project in cooperation with the Central Bank and the Secretariat General of the Council of Ministers on the transfer (70 percent) of the salaries of employees to banks at competitive prices and offers to withdraw the external cash mass to banks ».
The director of payments at the Central Bank concluded by saying: "To resolve the problem of lack of cash liquidity to pay the dues of citizens was selected (15) banks enjoy liquidity and credit very high and take a percentage of deposits, in case of facing the citizen, any reluctance by these banks to receive the amount Deposit can be received from the central bank accounts, thus these measures will increase confidence and encourage an increase in the liquidity ratio of savings ». The panic of the banker Professor of Macroeconomics at the University of Wasit Dr. Jaafar Baqer Alush Al Waeli:
"There is no measure to determine the percentage of money to the public of the currency in circulation, because these ratios depend on two things are Governor: the proportion of the legal reserve, which affects the proportion of reserves held by banks and the other money is the interest rate and determine the percentage of what is saved or investment of funds in the public , And since the interest rate is an inefficient and ineffective index, the talk about the mass of cash outside the banks is a matter of Muslim, and commercial banks, specifically eligibility, which is limited to trading currency through the auction located in the Central Bank, which took his share of the debate Criticism and confirmation for two reasons: first The narrowness of the functions of commercial banks and limited to the role of financing salaries, and the second lack of public confidence in banks, ways to instill confidence related to the Central Bank and through ... Received the talk of Waeli Professor at the Faculty of Business Economics Dr.
(B) the efficient use of deposits by banks' administrations and the improvement of the required liquidity levels in the banking sector; and the demand of banks to set up allocations and reserves to deal with vulnerability and sufficiency, in addition to issuance of certificates of deposit in order to attract money from outside the banking system The public in the banking system ».
Nima adds after hesitation:
"Mismanagement in a number of banks and the seizure of citizens' deposits and their use to serve the owners in the form of loans and facilities led to the transformation of the phenomenon of distrust of the banking system into the so-called (banking panic) and the withdrawal of citizens the bulk of their deposits to meet their own purposes, especially after the war with the da'ash that forced them To use the bulk of their savings to pay the living requirements of food, clothing, treatment and treatment at home or abroad, or used as a deposit in some neighboring countries such as Iran, which pay a nominal benefit of up to (20%) and if we put the rate of inflation (17%) and differences in the price of the bank, The deposits are received in foreign currency and received in Iranian currency, so interest rates are close to interest rates in Iraq. "

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