Economic Center Calls for a Comprehensive Review of Banking Operations in Iraq
Economic Center Calls for a Comprehensive Review of Banking Operations in Iraq
2024-12-04 00:07
Shafaq News/ The Iraqi Center for Political and Economic Affairs, on Wednesday, extended an open invitation to the Iraqi government and relevant authorities, on the occasion of the International Banking Day, to conduct a comprehensive review of the work of both government and private banks in Iraq.
The director of the center, Wissam Al-Helou, said in a statement received by Shafak News Agency, that there are indicators confirming the urgent need to reconsider the work of government and private banks, and the modern and advanced technological changes that the world is witnessing, which have begun to cover the banking sector in most countries of the world.
He added, “To be fair, there are some operating banks, and very few government and private banks, which constitute one or two percent, whose managements are working to develop and keep pace with their work in a manner consistent with the financial and economic situation in the country, and linking them to the global banking system.”
Al-Halou also confirmed that there are “negative and fatal indicators observed in most government and even private banks, as most government banks have become an unattractive work environment, and banking systems have become unattractive due to the observed slowness in procedures, and the lack of clear facilities and instructions that encourage the Iraqi citizen to deposit financial amounts in banks or loan instructions, and the increase in official media statements from some banks, most of which are not true on the ground.
He added, “Not to mention the dealings resulting from some of the moods of employees working in the banking sector, some of the complexities and routine, and some of the favoritism witnessed in this sector. He diagnosed a great poverty in the work of banks, especially in the technological aspect and the speed of completing financial transactions, and the development witnessed by the world in the field of artificial intelligence and modern banking programs.”
He explained that “all these factors are the reason why most Iraqi citizens resort to saving their money at home, the lack of complete confidence in the banking system, and the ambiguity regarding the interest rates on deposits and the percentage of loans and advances granted to employees and citizens, which also shows indications of some favoritism in issuing loans and advances through people from within banks or brokers who deal with the subject of advances and loans, and exploit the citizen’s need and deduct a bribe from the loan or advance amount in exchange for obtaining it faster or through devious means through secret coordination between some employees from within some banks and some brokers and brokers in this sector.” Al-Halou continued by saying that this requires the Iraqi government and the relevant ministries and bodies to put an end to these problems, and make 2025 the starting point for correcting the banking system completely in Iraq.
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