Central Bank Governor in Parliament: Transfers of Millions of Dollars and Unanswered Questions
Central Bank Governor in Parliament: Transfers of Millions of Dollars and Unanswered Questions
2025-03-04 | 03:00
New parliamentary hosting for the governor of the Central Bank after a break
It has been a long time since the last time the governor of the central bank was a guest of Finance Committee Until he is hosted again in Mid This February, before this time it was Finance Committee The governor hosted in August 2024 on several issues, most notably the continuing gap between the official exchange rate and the parallel market.
5 months since the last hosting.. Raising salaries fees and real estate ceiling are the most prominent items of hosting
With the passage of more than 5 months since the last hosting, and the developments that occurred during it and the issuance of many decisions and instructions from the Central Bank, and during these five months, mountains of questions and question marks have accumulated that political and popular circles are waiting to obtain answers to from the Central Bank, but, the hosting of the Central Bank passed in Finance Committee Without any clarifications or answers about what happened in the hosting session, especially with regard to the two most important decisions issued by the Central Bank during the past weeks, which affect the real estate sector and salary recipients, which can be considered the two most important files that drive the economy. The market In the country.
Anyone who has 100 million dinars is “suspicious”. Parliament Waiting for answers on the decision to sell real estate
The hosting focused on the file of the instructions issued by the Central Bank of Iraq weeks ago regarding reducing the maximum ceiling for real estate that must be sold through banks, as the ceiling was reduced from 500 million dinars to 100 million dinars, which means, as a result, that all real estate buying and selling operations are included in a new routine cycle represented by passing through banks, and the property buyer must prepare answers for the bank to the question “Where did you get this from?” According to the new decision, anyone who owns 100 million dinars or more will be a “suspicious person”, in a paradox that can be described as burying one’s head in the sand about major thefts in exchange for pursuing sums that cannot buy a room in Baghdad, which makes the ceiling set by the Central Bank “unrealistic.”
The Central Bank and banks “storm” commercial and other operations in search of funding sources
When looking at this decision and other decisions, one fact can be reached, which is that the Central Bank and Iraqi banks in general are trying in one way or another to exploit all commercial operations of any kind to obtain fees and financial revenues from them, to enter the banking system in Iraq as a partner in various commercial and non-commercial operations, even to explore additional financing avenues with the increasing pressure on spending on the state and the lack of liquidity in banks.
Raising card issuance fees and doubling salary withdrawal fees.. The second reason for hosting
What reinforces this perception is the other decision taken by the Central Bank of Iraq recently, which was the second main axis that pushed Finance Committee To host the Governor of the Central Bank, represented by the decision to raise fees and commissions for issuing and replacing electronic payment cards and localizing salaries, in addition to doubling cash withdrawal amounts from cash withdrawal point devices, as well as ATMs.
8 thousand dinars out of every million dinars.. New profits for banks and electronic payment companies
The Central Bank, through banks, raised the card renewal commission from 10 thousand to 15 thousand dinars, in addition to setting the commission for issuing a new card at 25 thousand dinars, while raising the account management commission and raising the salary on the card to two thousand dinars per month, in addition to the card withdrawal commission of 6 per thousand, which means that the salary of one million dinars will have 8 thousand dinars deducted from it monthly instead of only 6 thousand dinars.
14.3 million salary cards.. 29 billion dinars per month for banks in exchange for loading salaries.
When referring to the existence of 4 million cards for employees, in addition to 2 million and 700 thousand retirees, as well as 7 million and 600 thousand social protection salary recipients, this means that there are more than 14 million and 300 thousand salary cards, from which 2 thousand dinars are deducted from each card monthly as a commission for managing the card and raising the salary by the banks, so that the total amount is about 29 billion dinars per month in advance deductions.
48 billion dinars per month for electronic card companies and salary payment outlets
. In addition to this amount, monthly commissions amounting to 6 per thousand on salaries are distributed between electronic card companies and the owners of salary payment outlets. While the value of salaries amounts to 8 trillion dinars per month, this means that the monthly deductions will amount to 48 billion dinars per month, which means more than 70 billion dinars per month go to the banks as well as electronic payment companies and card issuers, as well as the owners of salary payment outlets, but the Central Bank did not provide answers to the Finance Committee, and Finance Committee Any clarifications about what happened with the governor of the Central Bank regarding these files.
This report is part of the “Harvest of Alsumaria” program presented by Ward Al-Muzani and prepared by the “Alsumaria” newsroom, aired every Friday at 8:30 pm.
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