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Warning about canceling the electronic platform: It may end the banking system in Iraq
November 30, 2024
Baghdad/Iraq Observer
The Central Bank of Iraq intends to cancel the “electronic platform” for financial transfers early next year.
The researcher and specialist in financial and banking affairs, Mustafa Hantoush, says that the
Central Bank of Iraq, by not finding real solutions for remittances and moving towards stopping the platform (Fitr) and handing over the Iraqi dollar to (4) banks owned by investors and banks (Jordanian and Gulf), will fire the coup de grace on the entire Iraqi banking system. Hantoush added during his speech to the Iraq Observer,
“The banking system in Iraq as a whole will become punished, which will lay off approximately (100) workers in the Iraqi private banking sector for the benefit of Jordan and the Gulf countries.” He continued,
“He may demand social welfare for them, and the stability of the exchange rate will become difficult due to the monopoly of the dollar by those banks, and it may cause new fluctuations in the exchange rate.” The financial expert continues, “Thus, the
Central Bank of Iraq is failing in one of the most important banking policies, which is the policy of achieving competition in the banking sector and preserving banking sovereignty. Thus,
we call on the Central Bank to provide certain solutions, including extending work on the (Fitr) platform in coordination with the new administration of the United States of America.” He continues by saying,
“Iraqi banks must be guaranteed to open accounts in dollar-denominated correspondent banks (Citibank/GBMorgan), as the countries of the region have done.” He pointed out that
“it is also necessary to define and announce a mechanism for cooperation and auditing with Ernst & Young regarding transfers in currencies other than the dollar (euro - yuan - lira - dirham).” He stated,
“Announcing the results of the agreement and contract with the company (Olver and Ayman) regarding the 28 sanctioned banks and what their fate is.” The financial expert called for
“the necessity of approaching the central banks of the countries (Turkey - the Emirates - China - India) to agree to open branches of Iraqi banks to move from a remittance relationship to a banking relationship in trade.” The
decision to cancel the electronic platform for financial transfers represents a major challenge to the Iraqi economy, and may have direct effects on the exchange rate of the dollar against the Iraqi dinar.
https://observeriraq.net/تحذير-من-إلغاء-المنصة-الالكترونية-قد-ي/
November 30, 2024
Baghdad/Iraq Observer
The Central Bank of Iraq intends to cancel the “electronic platform” for financial transfers early next year.
The researcher and specialist in financial and banking affairs, Mustafa Hantoush, says that the
Central Bank of Iraq, by not finding real solutions for remittances and moving towards stopping the platform (Fitr) and handing over the Iraqi dollar to (4) banks owned by investors and banks (Jordanian and Gulf), will fire the coup de grace on the entire Iraqi banking system. Hantoush added during his speech to the Iraq Observer,
“The banking system in Iraq as a whole will become punished, which will lay off approximately (100) workers in the Iraqi private banking sector for the benefit of Jordan and the Gulf countries.” He continued,
“He may demand social welfare for them, and the stability of the exchange rate will become difficult due to the monopoly of the dollar by those banks, and it may cause new fluctuations in the exchange rate.” The financial expert continues, “Thus, the
Central Bank of Iraq is failing in one of the most important banking policies, which is the policy of achieving competition in the banking sector and preserving banking sovereignty. Thus,
we call on the Central Bank to provide certain solutions, including extending work on the (Fitr) platform in coordination with the new administration of the United States of America.” He continues by saying,
“Iraqi banks must be guaranteed to open accounts in dollar-denominated correspondent banks (Citibank/GBMorgan), as the countries of the region have done.” He pointed out that
“it is also necessary to define and announce a mechanism for cooperation and auditing with Ernst & Young regarding transfers in currencies other than the dollar (euro - yuan - lira - dirham).” He stated,
“Announcing the results of the agreement and contract with the company (Olver and Ayman) regarding the 28 sanctioned banks and what their fate is.” The financial expert called for
“the necessity of approaching the central banks of the countries (Turkey - the Emirates - China - India) to agree to open branches of Iraqi banks to move from a remittance relationship to a banking relationship in trade.” The
decision to cancel the electronic platform for financial transfers represents a major challenge to the Iraqi economy, and may have direct effects on the exchange rate of the dollar against the Iraqi dinar.
https://observeriraq.net/تحذير-من-إلغاء-المنصة-الالكترونية-قد-ي/
