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Invitations to create an Iraqi bank under gold meet cash

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2017/08/28 (00:01 pm) - hits: 59 - number (4007)

Invitations to create an Iraqi bank under gold meet cash


Despite modern developments in the global banking system around us both working speed and complete banking transactions or through trust and safety provided by this system to all its customers, remained the citizen in Iraq is confident State and private banks alike,

especially regarding the process of saving, which loses its national economy by many experts the strengths and opportunities that contribute to maintain and build a robust economy the size of wealth owned by Iraq.

The Central Bank, which earlier adopted a strategy for financial inclusion as other actors to contain money stashed away outside the banking system, which is 77% central estimates of monetary value,

confirms that the lack of awareness and put troubled banks insurance needs of applicants as well as that country's financial circumstances are now paying citizen to keep money at home rather than deposit them in a bank."

At the time of confirming the Central Bank official last sought to establish a company to ensure public deposits and is in the final stages of completion after the deposit guarantee system number three for the year 2016 as the company provides cover to guarantee citizens' deposits in banks so that all banks would pay a monthly insurance escrow company to suit each bank deposits,

indicating that the central demand of the Iraqi Chamber of commerce company name registration according to the contexts and have been getting the company name reservation by the Iraqi Chamber of Commerce Under the name of Iraqi company to guarantee deposits, at a time when the Central Government approval for the founding of this company on the 7th of June 2016.

Financial adviser says the appearance of Mohamed Saleh in an interview for (how) to talk about the aspects of various proportions still compactness in Iraq between compactness in kind (such as gold or gold filled almkhshlat) and precious jewellery and valuables that you no longer remember in Iraqi banks,

between the Iraqi dinar compactness upstaged by about 77% of exporting currency outside the Iraqi Central Bank as well as compactness in foreign currency,

are all factors that destabilize the national economy one of the most important factors in its power to transform his savings that sustain income and production cycles to leaks Mitt was obtained in the course of income or weaken production opportunities and sustain economic activity, adding:

here the demand for money or similar forms of wealth with money for the hedge.

Invalid tracks: accordingly the Iraqi banking history has witnessed during the past century gold paper currency swap phenomena by placing gold hostage at goldsmiths or moneylenders meet usurious,

since demand for money helps here via the gold guarantee by taking out money stashed away cash spills course official to turn tunnels and move economic activity but illegal market tools,

and this demand is On cash for transactions but necessarily incomplete income cycles and does not lead to real economic balance,

also saw Iraq's modern economic history, particularly in the 1960s attempted to establish a Government Bank called bank mortgages,

as a legal alternative and formal phenomenon of moneylenders and all illegal market transactions in cash loans guaranteed by mortgage bank gold in cash loans meet keep gold that is held by the borrower until the due date of the loan or pay off the Mortgage Bank earned interest to meet the costs

The operational part of the same guarantee value risks of almkhshlat or gold filled, but: but unfortunately is the abolition of the Bank in the early 1970s for reasons really.

And refers to: that although banks remained-bank relationship with customers in providing certain services, banking or Bank safes boxes remained profile targets available to citizens and allow use within each bank in particular and especially the Rafidain and Rasheed).

citizen can maintain and bemkhshlath gold and precious assets and documentation task in that the Narrator stronghold for pay and safe 100% for pay monthly or yearly lump,

with positive phenomenon subsided not long ago and They contribute to bring the citizen to the Bank or the banking environment and defined as a legal institution characteristics.

in the absence of this service one snapped Secretary linkages between the citizen and the Bank as an entity maintains the wealth of society and creating a climate of direct links between individuals and banks.

And calling: the Central Bank of Iraq to proceed with a study of an Iraqi bank to leave mortgages (mortgage gold busy meeting cash) which enhances bank credit and semiconductor converts wealth stashed away to guarantor power in generating demand for money for transactions and support economic activity,

this promised one of the institutional channels to eliminate the phenomenon of hoarding money as gold and other semiconductor,

as well as maximize confidence among banks and civic reception mkhshlathm precious gold and other valuables in safes, vulnerable banks wage,

asserting at At the same time the importance of actively deposit guarantee corporation by the looks of it public soon to check on the Banking Fund of risk exposure and failures of banks, with being lower case demand for cash as hoarding,

which is a function that is not stable (deeply) and high correlation in interpreting the effect of uncertainty on individual request for cash in its liquid (compactness) or quasi money, prevent institutionalize her in turn, denying income to fuel economic activity cycle doing his stuff.

He continues: the reluctance of service and not to keep up with some banks to modernity and routine in the private banking system that was supposed to cross these things play a role and impact in addition to poor awareness of the importance of personnel having a private banking sector and this implies the need to expand financial inclusion which means delivery service for all citizens, both in the public sector or the private sector.

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