On Saturday, economic researcher Mustafa Hantoush considered the actions of the Central Bank of Iraq and the US Federal Reserve to be “annihilation” of the Iraqi banking sector.
Hantoush told Jarida , “Not all exchange companies, banks, and financial companies use devious methods, as there are specific percentages in them, and many exchange companies are respectable, whether in category A, B, or even C.”
He explained, “The Central Bank was unable to establish a mechanism for trade with Iran and Syria, stop smuggling, and open new mechanisms. It was also unable to change financial policy, due to the limited minds that manage it. Therefore, it accused the banks in front of the US Federal Reserve, which in turn worked to exterminate… The banking sector, and the demand to reduce cash.”
He stressed, “The mechanism used allows the smuggling of the dollar in light of the existence of a profitable parallel market, so we resorted to making quick profits.”
He pointed out that “the Central Bank began withdrawing mechanisms from the parallel market to prevent the dollar from reaching the citizen, and decided to stop Western Union, MoneyGram, Zain Cash, and almost others, and this is the annihilation of the banking sector.”
He explained, “All of this is due to the lack of knowledge about regulating trade with Iran and Syria, opening accounts at TBI for small merchants, and stopping smuggling.”
jaredaiq.net
