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Private banks ... a hotbed of corruption and bankruptcy!!

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Private banks ... a hotbed of corruption and bankruptcy!!

Saad Jassim Al Kaabi  102 2020-11-16

 Saad Jassim Al Kaabi ||
In our country there are 81 banks, 8 of which are governmental only, 21 commercial banks, and 29 branches of foreign banks, all of which have a capital of 17 trillion and more, according to specialized bank data.

Most of these private banks have their investment and development activities almost completely non-existent..

What they offer are announcements of banking facilities that are considered fraudulent.

Most of them belong to political figures and parties, all of whose work is to engage in currency auctions at the central bank and speculate in the currency market..in addition to other illegal activities such as smuggling of hard currency and money laundering..

They do not provide any service to the citizen and are satisfied with financing Lebanese, Egyptian, Turkish and Iranian banks.

Any projects supported by these private banks that we have not seen for years on the ground, let us judge that they operate in Iraq and profit from these businesses.

Most and all of these banks profit greatly through currency selling, smuggling and money laundering.

Employees in some of these banks have acquired great fortunes during a short period of work that does not exceed two years, although they were working in simple jobs that were related to entering sums into people's accounts, money laundering and currency smuggling adopted by private banks they worked in Iraq.

The private banking business has been transformed into an overt brokerage.

Rather, most banks are "shops" and facades that bear nothing but a name for the well-known banking business.

The difference in value between cash sales and remittances formed a profit margin for private banks, which later turned into interfaces for political parties to plunder the Iraqi economy on a daily basis through the (currency auction) portal,

and thus the auction became a conduit for profit instead of real banking and the exit of hard currency with forged import bills, and the purchased goods were not checked.

In exchange for these transfers, which formed a conduit for the corrupt to get their money outside Iraq in a legal way and not to adopt the documents followed in the world to cover commercial deals.

The private banks until now and the banking companies still share the spoils by transferring the currency abroad without the need for importation and at various addresses, which led to a loss Tens of billions annually in hard currency.

What we live today is deliberate sabotage that hastens the country to the abyss of bankruptcy, and there will be no hope without an iron hand on corruption.

Otherwise, history will speak a lot about a country called Iraq, whose wealth is abundant, its people are hungry, and its rulers are thieves.

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