Specialists: most foreign banks "banking shops" for smuggling currency
Specialists: most foreign banks "banking shops" for smuggling currency 2015/11/19
Economists stressed that most foreign banks representing Bank shops only speculative profits, while others called for activation of the service of the Central Bank to follow the work of foreign banks.
The Economist said the name Abdul Hadi said in an interview for (term), "the Central Bank, through the policy of previous years has worked to expand the numbers of foreign banks by Bank licenses lacking the most elementary standards of banking".
He added that "despite the diversity of Arabic and foreign banks operating in the country, but most do not have large amounts of capital, so find work exclusively on speculative currency auction process for quick profits, which reflected negatively on local market realities".
Abdul Hadi said "files that have been opened to foreign banks and community have proven that there are operations to smuggle money out of the country through daily deal with Central Bank auction, which requires strict laws that banks and benefit from capital to develop the country's economic system".
He said that "the solution lies in integrating more of the Bank to establish a joint stock company with significant capital could operate within the country's monetary system, which needs to be accelerated development in banking transactions and reducing financial corruption and illegal profit routes".
He noted the need to "activate the service in the Central Bank to follow the work of banks in accordance with the specific laws and on a daily basis to avoid violations and prevent wasting money significantly".
Financial experts and economists, (18 September 2014 last), the volume of deposits held by banks in Iraq, whether governmental or eligibility report 70 trillion dinars, indicating that the total Iraqi banks capital rose from $ 30 million in 2004 to $ 1 billion and 600 million the end of 2014, except its Arabic and foreign bank branches operating in Iraq, and the number of private banks in Iraq rose from 17 in 2004 to 31 the end of 2014, with the number of branches has increased in Baghdad and other governorates from 100 to more than 600 branch to compete in number and level of services, branches of the Rafidain Bank and Rasheed.
Said economist Mohammed Abdel Latif al-ANI said in an interview for (range), that "most of the foreign banks in the country are not working within the banking laws and regulations universally recognized but not banking shops".
He added that the "daily currency auctions its controversial method, called for a lot of companies and individuals exploiting the easy Central Bank conditions for the founding of Banks Peninsula fake interface to suspicious financial transactions are depleting the country's foreign exchange".
Al-Ani said the "political mafia behind most of those banks to pass money corruption and washed with legal ways and under the instructions of the Central Bank that need to be activated to ensure the stability of the domestic market and sale and transfer funds internally and externally".
The "banking system in the country needs to restructure and evaluate the work of each Bank and work to resolve and close violation thereof according to law to get rid of rampant corruption within the State's financial institutions".
The Iraqi banking system consists of 54 banks, including seven Government one modern Islamist origins, there are 23 commercial banks, nine. There are also 15 branches of foreign banks, and there are many institutions that some banking, including 34 financial transfer company, and nearly 200 affiliated exchange company or deal with banks, banks with loan guarantee company for the financing of small and medium-sized enterprises, with two electronic banking and smart card, in addition to approximately 800 banks and subsidiaries spread across provinces.