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Iranian banks succeed in attracting Iraqi money

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Iranian banks succeed in attracting Iraqi money

Written by Economic news editor
Date: October 03, 2016

Iranian banks have succeeded in attracting Iraqi money phenomenon began to grow by giving attractive benefits and taking advantage of the lack of confidence in the Iraqi counterparts, where armed Shiite factions and played religious fatwas encouraging role on those investments, except the Iraqi capital investment specialists in neighboring countries "danger" that threatens the economy of Iraq, demanded the Finance Committee in the House of representatives to "reconsider" a Iraqi banks and banking policy.

$100 for every 10 thousand

Adnan Kadhim decided residents of Sadr City, East of Baghdad, sell his house bunk of a 144 m 2 and move to Iran after he invested his money in banks, taking advantage of the benefits offered by the "hot" enough.

Kadom, that "the value of his house amounted to 230 million dinars, equivalent to about $176, where 120 000 dollars invested in an Iranian banks", stating that "Iranian Bank gives $100 per month for each $10,000.

Adds "Kazim, he moved with his family, composed of nine members, to live in a city a scene four months ago where appropriate price rented a House compared to its counterpart in Baghdad," returned to "Iranian banks safer and confident Iraqi counterparts."

Kazim, confirms that "life in Iran from Iraq as 320 per month is sufficient and his family", noting that "many jobs available in Iran, where currency management provides the equivalent of 40 tomans per day to meet expenses.

Kazim tracks, that three of his children joined the private schools affiliated to the Iraqi Ministry of education in Mashhad, an annual $ 300 for pay, including freight, adding, "lower food prices and household needs in Iran than in Iraq."

Shiite faction leaders and clergy "sweep" to invest in Iran

Hussein Abbas decided to turn, and is a native of Sadr City also, invest $10000 in one Iranian banks, returned to those banks "safer and confidence" of Iraqi counterparts, asserts that "armed Shiite factions leaders who first began to invest their money in Iran, revealed that hundreds of people began to invest there after an opinion from the clergy.

Abbas says that "Iranian banks grant more facilities to the foreign investor without complications or conditions obstructive," returned to "Iranian banks safer and more confident that I began to go bankrupt after I wasted depositor, without moving the Central Bank and other concerned residents".

Abbas asserts that "armed Shiite factions leaders and elements, who first began to invest their money in Iranian banks to follow them after hundreds of people", stating that "religious opinions that no forms of illegal benefits given by Iranian banks, given that Iran Islamic State does not deal with RIBA, paved the way for investments in those banks.

Expert: a dangerous phenomenon threatening the Iraqi economy and money holders themselves.

In return, the expert believes that "loss of confidence" with the Iraqi money employers forced banks to seek overseas investment, while it involves "significant risks" to the Iraqi economy and investors themselves, to develop quick solutions to restore confidence in national banks and activation of the financial and banking sector to eliminate usury and money laundering and fraud.

Abdel Hassan "several reasons frozen yogurt led to the departure of the Iraqi capital to neighboring countries, like Iran, that the Iraqi banking sector activity your little became in terms of interest and investment", stating that "the Iraqis are not trust their own banks what forced them to run their funds in other countries."

Banking expert adds that "Iranian banks interest rate over 15% to attract investors and owners of funds, prompting many Iraqis to sell their property and transfer money to them," he said, adding that "Jordan has succeeded in attracting substantial Iraqi investments and deposits because financial stability and security and what gives him the facilities and advantages."

Frozen yogurt, follows "Iraqi banks were previously attracting many citizens, but lost their confidence because of the nature of her work," returned to the Iraqi capital investment "in neighbouring countries constitute a threat to the Iraqi economy and Iraqi citizens."

Banking expert, attributed it to "the difficulty of retrieving his Iraqi citizens of Iranian banks, being will not allow this as it will not allow any other country to take out that money means collapse, adding that remittances from Iraq is easy, but returned to him would be very difficult."

Frozen yogurt, demands that government agencies need to "prosecute and hold accountable all who promotes investing in Iranian banks or any other State", stressing the need for "quick solutions to avoid any threat to the Iraqi economy as a result of the spread of this phenomenon and fight."

And calls for frozen yogurt, to "restore confidence and encourage national banks to grant benefits suitable for depositors as well as the activation of the financial and banking sector to eliminate usury and money laundering and fraud," urging citizens to "invest their money in the construction business in Iraq is more secure and profitable area of deposit banks.

Parliamentary review claims banking policies and warnings of exit funds

And the House Finance Committee, attributes the phenomenon to the "failure" of the Iraqi bank policies, and demanded an investigation of the causes of that phenomenon, warned of "grave repercussions" on the national economy.

Committee Member says Magda Tamimi, said "loss of confidence in Iraqi banks, after bankruptcy many of them and not to replay the depositor, have a lot of money" Resort owners, demanding, "reviewing the Iraqi banks and banking policy action to restore the confidence of citizens."

Tamimi adds that "the departure of the Iraqi money to neighboring countries are a great loss to the national economy, especially that the country is going through financial hardship," his lack of Iraqi asylum reasons to take out their money to neighboring countries and forced the Government to borrow from the World Bank to Bank policy failure "and no reliance on international standards, and lack of control of the Central Bank for banks".

Tamimi calls to investigate the causes of the phenomenon and whether intentional or spontaneous", warning of "grave repercussions on the national economy."

He was charged in the professionals (July 17, 2016), banks charged with granting government loans to "circumvent" and "block" controls, and criticized the Government for "marginalized" the role of the private sector economists and not to cooperate with them to overcome shortcomings in procedures, industry expressed astonishment of changing conditions granted five times so far, and "citizens complained their complexity" which prevent their dreams by getting residential unit.

The CBI was confirmed on 15 July 2016, possibility to compensate depositors of citizens in banks ' "If losers worked deposit guarantee corporation", while bankers attributed the reluctance of private banks to "lean" liquidity as a result of the inability of contractors and importers to pay what they owed.

The speaker was Selim Jabouri called, 19 June 2016, to amend the law of private banks in line with developments in the stage, with students forming a financial court capable of resolving problems with banks and relevant actors.

The Central Bank announced, in (7th of June 2016), Cabinet approval for setting up a company to insure deposits in State banks for a capital of 100 billion dinars, while the company aims to stimulate citizens to deposit their money in banks rather than its collection, assured funds stashed away for citizens outside the banks of more than 30 trillion dinars.

The Association of private banks in March 2016, that Iraq has suffered cash shortages because of low oil prices, promised that the problem in Iraq lay in money management, while the parliamentary Finance Committee denied a scarcity of funds, stressing that the Iraqi Government was able to pay salaries for the remainder of the year 2016.

The Association of Iraqi banks, announced (October 2015) the ratio of deposits banks ranging from 65 to 68 trillion dinars, including 22 trillion private bank deposits.

Iraq's banking system consists of (54) a Bank as well as the Central Bank and distributed by seven governmental ownership and 23 private commercial, including nine in addition to Muslim (15) branches of foreign banks.

Iraq suffers from a financial and economic crisis as a result of a decline in global oil prices and economy of unilateral dependence on oil exports to finance the balance annually without relying on non-oil resources.

Source/long press

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