Invitations to establish an Iraqi bank to pledge gold for cash money
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    Invitations to establish an Iraqi bank to pledge gold for cash money

    Invitations to establish an Iraqi bank to pledge gold for cash money



    Despite the modernity and developments witnessed by the global banking system around us, whether the speed of work and completion of banking or through the confidence and safety provided by this system to all its customers, the citizen in Iraq is still not confident in government and private banks alike, especially with regard to the savings process, which loses the economy According to specialists, many of the strengths and opportunities of production that contribute to sustaining and building a solid economy the size of the wealth owned by Iraq.

    The Central Bank, which had earlier adopted a strategy for financial inclusion described by some as effective in order to contain the funds extorted outside the banking system, which according to the Central estimates of 77% of the monetary value, he reiterated that the lack of awareness of banking and the status of troubled banks to secure the needs of depositors as well as financial conditions that Passes through the country are those who are now paying the citizen to keep his money in his home rather than to deposit it in a bank. "

    At the same time, an official source at the Central Bank confirms that the latter is seeking to establish a company to secure deposits of the public and is in the final stages of completion after the issuance of deposit guarantee system No. 3 of 2016, where the company provides a cover to guarantee deposits of citizens at banks, where all banks will pay monthly insurance to the insurance company commensurate with deposits with Each bank, indicating that the Central has asked the Iraqi Chamber of Commerce to register the name of this company in accordance with the established procedures, has been obtained a name of the company by the Iraqi Chamber of Commerce under the name of the Iraqi company to secure deposits, at a time when the Central has announced the government's approval to establish e This company is on June 7, 2016.

    The financial adviser says the appearance of Mohammed Saleh in an interview with (of the extent) that talk about manifestations of stalemate still takes various dimensions in Iraq between the compactness of the eye (gold or gold occupied Almkshlat) jewelry and precious valuables that are no longer remembered in Iraqi banks, and the compactness of the Iraqi dinar, On the proportion of nearly 77% of the currency exported outside the Central Bank of Iraq as well as foreign currency hardness, all of which have lost the national economy one of the most important factors of its power to convert savings that support the cycles of income and production to leakage in the income cycle or weaken production opportunities and sustainability Economic activity, adding: Here is the demand for money or forms of wealth like money for hedging purposes only.

    Saleh continued by saying: Accordingly, the history of banking in Iraq during the last century, the phenomena of gold exchange in paper currency by placing gold as a hostage to the goldsmiths or moneylenders for interest interest, as the demand for money here helps through the guarantee of gold to take out the official money condensed from the cycle of cash spills To the cycle of spending and the movement of economic activity but the tools of the market is illegal, and thus the demand for cash for the purposes of transactions, but the cycles of income are not necessarily complete and lead to the real economic balance, as witnessed the modern economic history of Iraq, especially in the sixties The establishment of a government bank called the Mortgages Bank as a legal and legal alternative to the phenomenon of moneylenders and the general illegal market transactions in the provision of gold-guaranteed cash loans that the Mortgage Bank will exercise in providing cash loans for the retention of gold held by the borrower until the maturity of the loan or payment for interest The Bank of Mortgages to cover the operational costs and part of the risk of fluctuation of the value of the same guarantee from the liquid or gold coins occupied, but: Unfortunately, the bank was canceled in the early seventies of the last century for reasons I do not really know.

    Saleh pointed out that, despite this, banks remained in a semi-banking relationship with customers in providing some services, as bank funds or personal bank vaults remained available to citizens and available for use within each bank, especially the government, especially Rafidain and Rashid banks. The citizen has to keep his golden assets, valuable assets and important documents in those protected hubs for a fee and 100% safety for a monthly or annual fee, while this positive phenomenon receded not long ago and was contributing to bringing the citizen closer to the atmosphere of the bank or the banking environment and Arifa legal institution of their properties .obgaab this service faithful cut one of the bonds of the link between the citizen and the bank as an entity maintains a wealth of society and spread a climate of direct links between individuals and banks.

    He calls on the Central Bank of Iraq to proceed with the study of granting a license to an Iraqi bank for mortgages, which enhances bank credit and turns the quasi-fortified wealth into a guarantor in generating demand for money for purposes of transactions and supporting economic activity. This is one of the institutional channels In the elimination of the phenomenon of self-sufficiency like money and others, as well as to maximize the atmosphere of confidence between banks and citizens to receive their gold and other precious valuables in the vaults at the banks for easy wages, stressing at the same time the importance of starting the activity of the Deposit Guarantee Company Which is considered by the public soon to check on the bank deposit from the risk of banks' exposure and failures, while reducing the demand for liquid cash as catalysts, which is an unstable function (highly concerned) and highly linked to explain the impact of uncertainty in individuals demand to cash in its liquid form (compactness) Or quasi-money, and to prevent the entry of the cycle of income and deprive the cycle of economic activity to fuel and active money.

    He added that the delay in the service and the lack of keeping pace with some banks to modernity and routine in the private banking system, which was supposed to skip and these things have their role and impact in addition to the weakness of awareness among individuals to the importance of a private banking sector and this view means the need to expand the scope of financial coverage, For all citizens, whether in the government sector or the private sector.

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    Last edited by pusinsbiz; 08-27-2017 at 10:22 PM.



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