A revolution against corruption.. Will the Sudanese compass turn towards private banks?

A revolution against corruption.. Will the Sudanese compass turn towards private banks?

11-20-2022

A revolution against corruption.. Will the Sudanese compass turn towards private banksInformation / Baghdad..
The government of Muhammad Shia al-Sudani set out strongly to fight corruption. Since its inception, it has attached great importance to this file, and has proceeded at an accelerated pace in working on its aspects. However, there are questions about the possibility of heading towards private banks, especially since many of them are involved in the file of money smuggling and laundering during the government period. The previous caretaker, headed by Mustafa Al-Kadhimi.

Not only that, but private banks deliberately seized the initiatives of the Central Bank, according to deputies, in order to work on developing their investments and opening other branches of their banks. This comes after following a policy that distances citizens from the initiatives and loans offered by the Central Bank.

* Currency depletion

And speaking of violations of private banks inside Iraq, the deputy of the State of Law coalition, Jassem Atwan, accuses private banks of smuggling currency and money laundering in the previous period, calling on the new government to control the doors of smuggling currency out of Iraq.

In an interview with Al-Maalouma, he said, “The currency smuggling file is controlled by the 75 private banks,” stressing that “the improvement in the economic file starts from controlling the currency smuggling file in order to ensure an increase in the state’s foreign reserves.”

Atwan continues his speech, that “there are illegal practices that have taken place in the recent period from private banks, through which currency was smuggled and money laundered.”

* Clear and egregious takeover

In addition, the economic expert, Abd al-Rahman al-Mashhadani, confirms, in an interview with Al-Maalouma, that “private banks have taken over all the initiatives of the Central Bank in order to finance themselves and open other branches for them,” pointing out that “we have not seen these huge initiatives to support investors and owners of emerging projects.” of citizens.”

And he points out that, “Most of the private banks inside Iraq put the name of investment and development next to their name only without any benefit to the citizens.”

And he adds, “The establishment of private banks in Iraq has become mainly for the purpose of financing affiliated projects,” pointing out that “there are many private banks working to keep citizens away and to monopolize their own projects.”

* Beginning of control

For his part, the representative of the State of Law Coalition, Muhammad al-Shammari, attributed, in an interview with Al-Maalouma, that “the decrease in the central bank’s sales of dollars in the currency auction occurred after controlling all the funds that were smuggled and laundered,” stressing that “the Sudanese started a correct start.” By standing up to everyone who was reaping profits from selling hard currency for very high amounts, especially in the recent period.

Al-Shammari explains, “The features of the work of the new government began to appear through a number of files that were dealt with in the period that followed the previous caretaker government.”

And after all that has been proposed and what is hidden from the violations of private banks inside Iraq and the deprivation of citizens of many of the initiatives and loans that have been seized, will the new government work to open the file of private banks in order to reduce the illegal practices in which they operate now?

almaalomah.me