63 trillion dinars of “reassuring cash” … half of it is in homes
63 trillion dinars of “reassuring cash” … half of it is in homes
11/08/2020 09:52:19
{Baghdad: Al Furat News} The director of the Rasheed Bank, Basem Abd Ali, confirmed the bank’s management’s ability to meet all loan requests in local currency, especially employee advances.
Abd Ali said in a press statement, “The bank’s branches are witnessing a great turnout for the purpose of credit. The bank’s liquidity and other banks are very reassuring and there is no reason for fear and panic over its retreat. In addition, we will launch a new loan initiative next year.”
Commenting on the words of the director of the Rasheed Bank, a member of the Finance Committee in the House of Representatives, Ahmed Hama, said in a press statement, that “small and medium loans may move the markets temporarily, meaning that they cannot be relied upon for long periods.”
Hama finds, “The cash liquidity released by the government in the form of salaries, grants and expenses that moves and revitalizes the local markets is indispensable.”
Within the context, the director of Al-Rafidain Bank, Hussein Ali, revealed that there is a tendency to support and finance “new and stalled” strategic projects.
He said: Al-Rafidain decided to grant interest in advance to fixed deposits deposited by citizens for different periods of time, in addition to working to “reduce interest on all advances and loans granted to citizens and employees.”
Banking expert Abdul-Hussein Al-Mandhari said in a press statement, “Any delay in launching these sums (salaries and monthly allowances) disrupts commercial and service interests, and causes local markets to stagnate and shrink,” and he estimates them at 8 trillion dinars per month.
He pointed out that “most of the employees resort in such circumstances to banks to obtain small and medium loans to meet their current expenses, such as rent and other pressing expenses.”
The banking expert pointed out that “the volume of cash issued (printed) by the Central Bank is 63 trillion dinars,” noting that half of it is “chunky in homes”, while “the other half is in banks.”
alforatnews.com
