Representative Finance: Lack of lean banks and insecurity are behind the hoarding of money in homes
Economy Parliamentary Finance Central Bank of Iraq The Iraqi economy Deposit money
Shafaq News / Member of the Parliamentary Finance Committee, Representative Jamal Cougar, said on Sunday that lean banks and insecurity are behind people hoarding their money in homes.
Cougar said in an interview with Shafaq News; "There are hoarded money among the people, and therefore when the situation is worrisome, the owners of these funds do not have the courage to work in internal investment," noting that
"they either invest abroad or remain hoarded."
He continued, "Our banks are not as solid as required, in addition to the confused security environment that is expelling investments and capital, making most people keep their money either at home or in a MasterCard and not use it."
He added, "The government can give reassurance and confidence to the citizen, create safe job opportunities and create a stable security environment to make citizens get out of these hoarded money and invest it in a way that drives the economic process."
Iraq has been suffering from a suffocating financial crisis for several months due to the collapse of crude oil prices, the repercussions of the Corona virus and the economic effects it caused on most countries of the world.
According to the Central Bank of Iraq, there is a large percentage of the money hoarded in homes and not invested, indicating that 77% of the Iraqi currency circulating in the market is hoarded in the homes of citizens.