Iranian temptations behind the migration of Iraqi money to it

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Banking experts expressed growing concern the persistence of a private Iraqi banks to non-dues depositors Exchange As a result of tight liquidity, while an official at the central bank revealed the existence of banks do not comply with the requirements of the Central Bank. The newspaper quoted "life", all banking expert, high-Nasser Hussain, as saying that "the stage where the Iraqi banking sector, particularly private banks pass, very difficult, due to the loss of public confidence in, and a way to pay The majority of depositors in private banks to withdraw their deposits. While others could not do so due to lack of liquidity of many banks to reimburse depositors. " As pointed out what appeared in the local media about the resort many citizens to travel to Iran and to deposit their money in Iranian banks an interest rate of over 15 percent, "a semi-attractive percentage yield good financial returns," warned "The gravity of another exodus of Iraqi funds." He believed that "citizens to travel to Iran to deposit their money in banks or invest in important implications for the future of the private banking sector, which is witnessing falter in performance with double the strict censorship." Hussein made it clear that private banks "facing the problem of lack of liquidity," attributing it to the many reasons the most important "not to get borrowers contractors, importers entitlements from the government, what made them slow to re Bzmthm money to the banks. " He pointed out that this was "exacerbated the problem of private banks with depositors." According to the newspaper, the general manager of the banking and credit in the CBI, Ihsan al-Yassiri, declared that "now is focused on the control of private banks for their contribution to the economic development process, through the development of customer service in accordance with the regulations and developments and international standards." He pointed out that the central bank, "the face of the establishment of banking awareness and protect the public department to receive complaints from customers, as our international calendars and in particular for each bank," noting that "the existence of distressed banks in compliance The requirements of the Central Bank on the subject of the fight against money laundering. " He explained, "Some departments of these banks mismanaged funds invest customers, and did not lose sight of the central bank committed troubled banks deposit funds in their accounts to him, and that must be paid, including the demands of its customers," he said, adding that he "Banks will have to deposit all amounts that we recommended was a total of 820 billion dinars (about 656 million dollars) and should be deposited in their accounts, and to improve their performance and appoint administrators for compliance and risk." He attributed Yasiri "the establishment of a deposit insurance company, to find work of some private banks, to meet the demands of some of its customers to withdraw some of their assets." He stated that "of dinars in circulation amounting to 42 trillion Iraqi dinars, or about $ 35 billion, and there is in the banking system 15 percent of them, and the rest is stored in the homes of non-banks to check on people. " The Central Bank announced the approval of the Cabinet set up a company to guarantee deposits in the government and private banks with a capital of 100 billion dinars. He explained that the company aims to "encourage people to deposit their money in banks rather than Aktnazha." He revealed that "the money chunky citizens outside banks exceed 30 trillion dinars." The banking system in Iraq consists of 54 banks, and are distributed according to the ownership of the seven state-owned and 23 private businesses, including nine Islamic banks, in addition to the 15 branches of foreign banks.