Expert: 70% of Iraq’s remittances are controlled by Jordanian and Gulf banks
Expert: 70% of Iraq’s remittances are controlled by Jordanian and Gulf banks
1-22-2025
Information / Special..
Economic expert Ahmed Abdel Rabbo confirmed today, Wednesday, that Jordanian and Gulf banks control more than 70% of financial transfers in Iraq, noting that the dollar is delivered to only four Jordanian and Gulf companies.
Abdul Rabbo said in a statement to Al-Maalouma Agency, “Jordanian banks did not provide any real services to Iraq,” adding that “closing the dollar selling platform opened the way for Jordanian and foreign banks to take over the Iraqi financial market, which raised questions about the role of Iraqi financial institutions in this regard.”
He pointed out that “Jordanian banks control more than 70% of financial transfers in Iraq,” explaining that “this control constitutes a direct harm to Iraq’s sovereignty and financial decisions, especially with the absence of any effective role for these banks in serving the Iraqi economy.”
He called for “reviewing financial policies and strengthening the local role to ensure the stability of the country’s financial sector.”
Reports indicate that 8 Jordanian and Gulf banks control money transfer operations in Iraq, which led to these banks controlling the flow of dollars into the country. This control imposed the exclusion of more than 1,000 Iraqi banks and offices, which raises concerns about negative effects on the local economy and financial sovereignty.
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