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The collapse of monetary policy in Iraq.. Investment in banks is almost non-existent and the central bank is going against the grain
Economy | Today, 12:13 |
Baghdad today - Baghdad
Financial and economic expert Mustafa Akram Hantoush commented today, Tuesday (December 31, 2024), on the performance of the Central Bank of Iraq for the current year.
Hantoush said in an interview with "Baghdad Today",
"The reality of monetary policies in Iraq is heading in the opposite direction to the process of building monetary policies, and there have been problems for years that have led to a clear collapse in Iraqi monetary policies."
He added, "For years, the banking system has been subjected to near annihilation. 32 banks are subject to sanctions, and the rest are banned from receiving the dollar only in specific currencies, and the mechanism is still unclear."
He pointed out that "there are more than 70 Iraqi banks without lending, because the central bank did not establish a clear lending policy of loans, categories, and guarantees."
He continued, “The policy of attracting deposits is more than 80 to 85% of the currency issued by the Central Bank, and it does not appear in the monthly transactions in the monthly banking system, so this currency is supposed to be offered as marketing deposits, so the banking system does not enter into this process,” indicating that “The investment policy of the Iraqi Bank is almost non-existent.”
Hantoush explained that the policy of investment banking operations is not specific in direction, and the remittance policy also has a problem with the cancellation of the platform, “so I see a clear collapse in Iraqi monetary policies.”
Hantoush called on the Central Bank to reform its monetary policy, set new standards for developing the Islamic banking system, and go further to keep pace with the requirements of the current and future economic stage.
https://baghdadtoday.news/264928-انهيار-السياسية-النقدية-في-العراق.-الاستثمار-في-المصارف-شبه-معدوم-والبنك-المركزي-يسير-عكس-التيار.html
