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Economic advisor: The banking system is unwilling to adapt to the requirements of “disciplined” work
14 hours ago 71 one minute
Special|..
Today, Thursday, economic advisor Ziyad Al-Hashemi considered that the Iraqi banking system is unwilling to adapt to the requirements of disciplined work.
Al-Hashemi said in an interview with “ Al-Jarida ”, that
“private banks are working on a strategy of maximizing profits through one main activity related to dollar purchases through the central bank window, without the presence of diversification in other banking services, and
this has led to banking practices that have a lot of financial greed.” , which is represented by transferring dollar cash blocks to the parallel market (through intermediaries) and taking advantage of the price differences,
in addition to exploiting the network of relations with external banks and even international financial transfer companies, to conduct fraudulent operations to transfer dollars and circumvent the recommendations of the Central Bank of Iraq and the controls of the US Federal Reserve. He explained,
"This leads us to the conclusion that the Iraqi banking system is unwilling to adapt to the requirements of disciplined banking with mechanisms that require a high level of compliance and transparency, and to work towards expansion towards providing real and diversified banking services through which it achieves rewarding revenues." He continued,
"The efforts of these banks focus clearly on searching for loopholes and weaknesses in the Iraqi monetary, banking and legal system to take advantage of them to sustain their operations and reap profits in a way that violates central controls and has a lot of damage to the Iraqi economy."
https://jaredaiq.net/News/4901
14 hours ago 71 one minute
Special|..
Today, Thursday, economic advisor Ziyad Al-Hashemi considered that the Iraqi banking system is unwilling to adapt to the requirements of disciplined work.
Al-Hashemi said in an interview with “ Al-Jarida ”, that
“private banks are working on a strategy of maximizing profits through one main activity related to dollar purchases through the central bank window, without the presence of diversification in other banking services, and
this has led to banking practices that have a lot of financial greed.” , which is represented by transferring dollar cash blocks to the parallel market (through intermediaries) and taking advantage of the price differences,
in addition to exploiting the network of relations with external banks and even international financial transfer companies, to conduct fraudulent operations to transfer dollars and circumvent the recommendations of the Central Bank of Iraq and the controls of the US Federal Reserve. He explained,
"This leads us to the conclusion that the Iraqi banking system is unwilling to adapt to the requirements of disciplined banking with mechanisms that require a high level of compliance and transparency, and to work towards expansion towards providing real and diversified banking services through which it achieves rewarding revenues." He continued,
"The efforts of these banks focus clearly on searching for loopholes and weaknesses in the Iraqi monetary, banking and legal system to take advantage of them to sustain their operations and reap profits in a way that violates central controls and has a lot of damage to the Iraqi economy."
https://jaredaiq.net/News/4901
