Iraqi banking pays money to Iran as "green light" from clerics & leaders of factions
"Failure" of the Iraqi banking pays money to Iran as the "green light" from the clerics and leaders of factions
Author: AB, HH, MJ
Editor: AB, BK, HH
Number of Views: 820
Long-Presse / Baghdad
Iranian banks have succeeded, to attract Iraqi funds in the phenomenon it began to widen through the granting of facilities and benefits attractive untapped distrust Iraqi counterparts, where armed Shiite factions and religious fatwas played an encouraging role on those investments, with the exception of specialists invest the Iraqi capital in the neighboring countries, "danger" that threatens Iraq's economy, the Finance Committee asked in the House of Representatives to "reconsider" the work of Iraqi banks and banking policy.
$ 100 for every 10 thousand
He decided Adnan Kazim, a resident of Sadr City, in eastern Baghdad, the sale of his house with two floors, measuring 144 m2 and move to live in Iran after they invested their money in the banks, taking advantage of the benefits of "tempting" awarded by enough needs.
He says Kazim, in an interview to the (long-Presse), said that "his house amounted to 230 million dinars, equivalent to about 176 thousand dollars, which invested 120,000 dollars of them in one of Iranian banks," noting that "the Iranian bank gives $ 100 a month for each 10 thousand dollars. "
He adds Kazim, he "moved with his family of nine members, to live in the city of Mashhad, four months ago, where he rented a house for the price an appropriate analogy counterpart in Baghdad," he returned to "Iranian banks safer and more confident of their Iraqi counterparts."
Confirms Kazim, that "life in Iran is less expensive than Iraq, as the US $ 320 a month enough for him and his family a month," he said, adding that "many of the jobs available in Iran, where he works as the conduct of currency provides the equivalent of 40 Tomana a day to meet the expenses."
He continues Kazim, that "three of his children joined the private schools affiliated to the Iraqi Ministry of Education in the city of Mashhad, in return for an annual fee of $ 300, including transportation costs," adding, "lower prices for food and household needs in Iran than it is in Iraq."
Shiite faction leaders and clerics "pave" to invest in Iran
In turn decided citizen Hussein Abbas, a resident of Sadr City also invest 10 thousand dollars in one of Iranian banks, they returned to the banks, "a safer and more confident" of Iraqi counterparts, and, underscoring that "the armed Shiite factions leaders are the first to have begun to invest their money in Iran, revealed that hundreds of people have begun to invest there after a fatwa from the clergy.
Abbas says, in an interview to the (long-Presse), said that "Iranian banks give more facilities to the foreign investor without complications or conditions obstructive," returned to "Iranian banks safer and more confident Iraq that began declare bankruptcy after it missed depositors' money, without The central bank and the rest of the concerned authorities lifted a finger. "
Confirms Abbas, that "the armed Shiite factions leaders and its members, who first began to invest their money in Iranian banks to follow them after hundreds of people," adding that "fatwas clergy that there are no forms of illegal benefits given by Iranian banks, on the grounds that Iran is a state Muslim does not deal with riba, it paved the way for investment in those banks. "
Expert: dangerous phenomenon that threatens the Iraqi economy and the owners of the funds themselves
On the other hand sees banking expert, that the "loss of confidence" of Iraqi banks forced the owners of the funds to seek to invest abroad, while the longer that it involves a "serious risks" to the Iraqi economy and the investors themselves, calls for the development of quick solutions to restore confidence in national banks and activation of the financial and banking sector to eliminate usury and money laundering and fraud.
He says Abdul Hassan Ziadi, in an interview to the (long-Presse), said that "a number of reasons have led to the withdrawal of the Iraqi capital to neighboring countries, such as Iran, including the activity of the Iraqi private banking sector has become virtually non-existent in terms of interest and investment," noting that "the Iraqis are now private banks do not trust what forced them to run their money in other countries. "
He adds a banking expert, that "Iranian banks granted the benefits increase more than 15% to attract investors and owners of the funds, which encouraged a lot of Iraqis to sell their property and transfer their funds to it," adding that "Jordan has succeeded is the other in attracting deposits and huge investments in Iraq due to their financial stability and security and what gives him the facilities and advantages. "
He continues Ziadi, that "the Iraqi banks were previously attracts a lot of people, but they have lost their confidence because of the nature of their work," she returned to "invest in the Iraqi capital of neighboring countries pose a threat to Iraq's economy, but the Iraqi citizen himself."
Attribute the banking expert, to "the difficulty of retrieving the Iraqi citizen money from Iranian banks, they will not allow it and will not allow any other nation because the output of these funds means collapse," explaining that "the money from Iraq output is easy, but returned to it would be extremely difficult ".
It demands Ziadi, government agencies need to "prosecute the both promoted to invest money in Iranian banks or any other country," stressing the need to "develop quick solutions to avoid any threat to the Iraqi economy as a result of the proliferation of those bad phenomenon and control."
And it calls Ziadi, to "restore the confidence of national banks and encourage them to give appropriate depositors benefits as well as the activation of the financial and banking sector for the elimination of usury, money laundering and fraud," and urged citizens to "invest their money in the construction field in Iraq as an area profitable and safer than depositing Bmassarv neighboring countries."
. Parliamentary claims to reconsider banking policy and warnings from out of money
Finance Committee attributes the phenomenon in the House of Representatives to "failure" of the Iraqi banking policies, and demanded to investigate the causes of this phenomenon, as warned of "serious repercussions" on the national economy.
Says committee member Majda al-Tamimi, said in an interview to the (long-Presse), "The loss of confidence in Iraqi banks, after the bankruptcy of many of them and not to return depositors' money, he had a lot of money to resort to Iranian owners," asking to "re-examine the work of Iraqi banks and banking policy to restore citizens' confidence and trust. "
It adds Tamimi, that "the Iraqi funds out to neighboring countries constitute a big loss for the national economy especially as the country is in financial distress," attributed the reasons for asylum Iraqis to take out their money to neighboring countries and the government's need to borrow from the World Bank to "banking policy failure and lack of dependence on international standards, and not to the central bank to monitor the work of banks. "
It calls Tamimi, to "investigate the causes of this phenomenon and whether deliberate or spontaneous," and warned of "serious repercussions on the national economy."
The specialists were charged, in the (17 July 2016), in charge of banks granting government loans to "circumvent" the controls and "blocking" is granted, and criticized government agencies for "marginalize" the role of economists and not to cooperate with them to "overcome the shortage" of the private sector in their actions, and with industrialists expressed surprise at all to change the terms granted five times so far, complained citizens and employees of the "complexities" that prevent the achievement of their dreams to obtain housing units.
The Central Bank of Iraq confirmed, in the July 15, 2016, the possibility of compensating depositors of citizens in banks, "losers" in case I worked, "Deposit Insurance" company, while attributing Bankers reluctance of private banks to "liquidity squeeze" as a result of contractors and importers were unable to pay what Bzmthm to her .
The House Speaker Salim al-Jubouri, in the June 19, 2016 called for the amendment of the Banking Act in line with the developments of the stage, with the formation of a student is capable of resolving the private banks and relevant financial problems tribunal.
The Central Bank announced, in (the seventh of June 2016), the Cabinet approval for the establishment of a deposit guarantee in the government and private banks with a capital of 100 billion dinars, while the company aims to stimulate citizens to deposit their money in banks rather than Aktnazha, confirmed money chunky citizens outside banks of more than $ 30 trillion dinars.
The Association of private banks confirmed, in March 2016, that Iraq is suffering a shortage of liquidity due to lower oil prices, and promised that the main problem in Iraq lies in the management of funds, while the Parliamentary Finance Committee denied the existence of a scarcity of funds, stressing that the Iraqi government is able to payment of salaries through the rest of 2016.
The Iraqi private banks association, announced (October 2015) that the ratio of deposits to the government banks, ranging from 65 to 68 trillion dinars, of which no more than 22 trillion and deposits of private banks.
The banking system in Iraq consists of 54 banks as well as the Central Bank and distributed according to property between the seven state-owned and 23 private businesses, including Islamic nine in addition to the 15 branches of foreign banks.
Iraq has suffered from the financial and economic crisis as a result of lower oil prices worldwide and is a one-sided economy based on oil exports to finance its budget every year without relying on non-oil resources.