Iraqi News Early Wednesday AM 2-9-22
Iraqi News Early Wednesday AM 2-9-22
TLM724 Administrator BondLady’s Corner
Preserving People's Money Is A Responsibility That Deserves Attention
Although corruption spreads in Iraq in a way that makes our country at the forefront of the list of countries in which transparency is weak and thefts prevail, we hear from time to time that the state has been able to detect some cases through financial control, the Integrity Commission, the House of Representatives, through the judiciary or from During the committee formed by the Prime Minister, regardless of the quantity, quality and effectiveness of these measures and the extent of their contribution to the radical treatment of the phenomenon of corruption, it is primarily concerned with the money and assets stolen from the state, as if those authorities are concerned with defending the rights of the state and its looted funds in isolation from the rights of citizens.
It is true that the judiciary is concerned with civil cases related to people’s looted money or due through the courts of first instance or other authorities, but there is an almost missing link, which is the defense of people’s rights and money in their relationship with the private sector, including the private banking sector, as there are related matters that have not been resolved for years
On the one hand,Legal, the Central Bank of Iraq is responsible for organizing this relationship, addressing its violations, and holding perpetrators accountable, based on Banking Law No. 94 of 2004, which did not leave any stray or incoming except and included it in the texts of the articles contained therein.
Where oversight and regulation, he also enjoys the independence that gives him the right to take all the measures stipulated by law without interfering in his business and affairs by others except to the extent permitted by legislation.
This superiority and independence is supposed to be invested in a way that achieves the goals and reputation of the banking business and provides full protection for the money of all individuals and institutions, as it is the exclusive authority in granting licenses for establishing private banks and supervising their affairs in various fields.
Because of these advantages, people have come to deal with private banks with confidence on the basis of Their performance is guaranteed by the authority of the Central Bank, and
when we talk about the performance that harmed citizens by the (lagging) private banks, we do not find, in actual fact, an effect of activating the articles of the law for those private banks that still forcibly keep the money of shareholders, depositors and creditors, individuals and companies without taking Procedures that restore rights to its people who are now suffering from injustice, for example, the Al-Warka National Bank, which started violating since 2010 and its creditors did not find the appropriate response from its management or from the Central Bank to return the money to its owners.
The case is in a state of silence far from the knowledge of the owners Rights, and the result is that depositors have not recovered their deposits for more than 12 years.
What they hear are promises, to say the least, that they are procrastination and wasting more time.
It is strange that this bank is still operating in its only headquarters in Baghdad (Al-Mansour) and a number of employees work in it.
Those who occupy their time drinking coffee and tea and receive their salaries from depositors’ money, and they do not allow (their victims) to be visited and do not answer any questions regarding the exact date for returning the money. guaranteed by the constitution) and a deliberate reduction of rights because the purchasing capabilities of depositors’ money are decreasing due to inflation rates that increase annually, according to the data of the Ministry of Planning .
And the depositors did not leave a door without knocking on it, whether by reviewing the same bank, the central bank, the judiciary, or organizing sit-ins and appeals to the various levels of the state, but all of them did not work.
The ears of the depositors were filled with phrases (guardianship, merger, restructuring, capitalization, re-election of the board of directors) and they were frightened by the promises and solutions that were sterile because the most important and most important was not achieved by returning the money, and because we are in a country with working authorities and laws, this problem is supposed to be solved without secrecy.
Anyone, by taking practical measures to return people’s money and to stop the deadly silence that brought nothing but ruin to the homes of Iraqis, who entrusted this bank with their money and found nothing but to cover it up, and during these years some of them died and others were exposed to the most embarrassment.
With their money and the bank did not move a finger Years ago, and you can imagine the material and immaterial damage that they suffer because of stopping the withdrawal and recovery of funds from 2010 until today, and the strange thing is that no responsibility has been determined for what happened and no one has submitted to the judiciary. the people?!
• Source: http://www.kitabat.info/subject.php?id=164632
• Date of adding the topic: 02/08/ 2022 • Date of printing: 8/2 202
https://www.kitabat.info/print.php?id=164632
A Record Rise In The Rate Of “Domestic Cash” Outside Iraqi Banks In 2021
Economic 02/07/2022 | 3:21 pm Information / Baghdad.. The economic expert, Manar Al-Obaidi, revealed, on Monday, the high proportion of the local monetary mass outside the scope of Iraqi banks at the end of last year.
Al-Obaidi said, in a Facebook post followed by / the information, that “the local cash outside the banking system has increased by 50% since the beginning of 2020 to reach more than 70 trillion dinars at the end of 2021, after it was 47 trillion dinars at the beginning of 2020.”
He attributed this to "the weak banking culture and the lack of confidence in the banking system, which kept many from dealing with local banks."
The expert explained that “deposits with Iraqi banks increased by 15% to reach 93 trillion dinars, after it was at the beginning of 2020 81 trillion Iraqi dinars,” noting that “the ratio of cash outside the banking system to the volume of deposits is about 75%, which is a high percentage. Very much compared to other countries.
He pointed out that “the private sector deposits constitute 45% of the total deposits, while government institutions’ deposits amount to 27%, while the central government’s deposits with banks amount to 28%, in contrast, the contribution of the banking and insurance sector to the GDP is less than 1.5%.”
He called for "the adoption of banking policies that increase confidence in the banking sector,
as well as the adoption of stricter policies in monetary transactions outside the banking system that would increase the value of deposits and reduce the cash outside the banking system,
which would lead to an increase in the banking sector's contribution to the domestic product, which would create job opportunities.
Reality in a country where the unemployment rate is more than 30%.”
Al-Obaidi considered that “Iraq is among the countries with a low banking mass, where there is a bank for every 32 thousand people, while the global average is 10 thousand people for each bank, and Iraq needs to open 3 times the number of banks and their branches that currently exist, and many of the existing banks are weak banks that depend on an auction Work on the sustainability of its work.” finished/25h https://almaalomah.me/2022/02/07/580993/
To read more current and reliable Iraqi news please visit BondLady’s Corner: