Chaos and Sole Control… Who is behind the National Bank’s monopoly on foreign remittances?
Chaos and Sole Control… Who is behind the National Bank’s monopoly on foreign remittances?
2025-07-03 | 04:33
Alsumaria News- Economist:
The banking sector is witnessing…Iraq Recently, there has been an escalation in popular discontent and political controversy following the bank’s dominance. Al-Ahly Iraq’s monopoly on remittances from abroad has led to the exclusion of a number of local banks from this vital issue, causing real crises for citizens and raising widespread questions about the motives behind this monopoly and who is behind it.
A sudden decision… and a mysterious exclusion
. The story began when a sudden central decision was made to assign the foreign remittances file to the bank. Al-Ahly Iraqi, in a move observers described as having implications that go beyond technical or regulatory considerations, especially after the exclusion of well-known Iraqi banks that had been performing this role with relative efficiency.
Informed sources revealed that “the decision was made under pressure from influential figures seeking to strengthen their financial influence within the banking sector, exploiting what is known as the “financial window system” that regulates the receipt of remittances.
The sources indicate that “these figures have common interests with some members of the senior management at the National Bank, which opens the door to the possibility of financial and administrative corruption.
A monopoly disrupts the market… and the citizen pays the price.
Since the National Bank assumed responsibility for managing remittances, the receiving offices in Baghdad The governorates are experiencing unprecedented congestion and frequent delays, not to mention technical problems and unprofessional treatment by some employees, according to citizens’ complaints.
Citizen (K. N.), one of those affected, confirmed to Alsumaria News “After the National Bank took over the remittances, I went to collect my remittance and kept moving from one office to another because each employee sent me to another,” he explained, adding, “The current administration does not organize the work and we need to facilitate procedures for citizens and not complicate matters.”
Citizen “Abu Ali” complained about the deterioration of technical services, as he confirmed to SumerianNews, “Since the day Al Ahli Bank took over the remittances, the application has become more of a failure.”
He stated that “the application stops more than once, remittances are delayed or do not arrive, and if a malfunction occurs, there is no one to respond, in addition to endless excuses.”
Customer service is substandard .
There are many complaints related to the mistreatment of customers within the bank’s branches, which has sparked a wave of anger On the street.
Citizen (H. A.) indicated, “Since I went to the bank to inquire about a remittance that arrived in my name, I was surprised by the behavior of some employees,” explaining that “this is worrisome.”
Employee (J. S.) said, “I received a remittance through Al-Ahli Bank, after reviewing and postponing the appointment more than once,” explaining that “the customer is being neglected, as if he is forced to endure mismanagement and delays.”
Delayed remittances… Losses, suffering,
and delayed remittances have become an almost daily occurrence, causing economic harm to many citizens who rely on this money to manage their living conditions.
(Y. M.) says, “I called customer service to inquire about a delayed remittance, but there was no response.”
He continued, “When they did answer, their response was general and useless,” noting that “since Al-Ahli Bank took over remittances, the problems have increased and there are no real solutions.”
Citizen (A.D.) describes the situation as a “real crisis,” noting, “When I receive a remittance from abroad through Al-Ahli Bank, there is definitely a delay, and it does not arrive on the same day.”
He stressed that “this causes us embarrassment due to the existence of financial obligations,” calling for allowing other Iraqi banks to conduct remittances and not monopolizing them with the National Bank.
Unanswered questions… and the regulatory authorities remain silent.
In light of this critical reality, citizens and those interested in financial affairs are raising questions about the entity that made the decision to restrict remittances to the National Bank, and why other banks that provided acceptable services were excluded?
Why are the regulatory authorities – such as the Central Bank of Iraq and the Integrity Commission – not taking action to investigate the reasons behind the decision?
Economists warn that “the continuation of this monopoly will lead to financial distortions in the remittance market, restrictions on citizens, and a collapse of public confidence in the local banking sector. ”
Calls for a transparent investigation
Economists are demanding “a transparent investigation into the issue of assigning remittances to the National Bank, and holding accountable any party that manipulated banking competition or caused the exclusion of other Iraqi banks.” They are calling on the Central Bank to “urgently intervene and redistribute the remittance file to qualified banks according to standards of efficiency and fairness.”
alsumaria.tv
