Nebna criticizes granting licenses to foreign banks.. “It undermined the work of the Iraqi Bank”

Nebna criticizes granting licenses to foreign banks.. “It undermined the work of the Iraqi Bank”

5-14-2024

Nebna criticizes granting licenses to foreign banks.. It undermined the work of the Iraqi BankInformation/Private..
Today, Thursday, Ali Al-Zubaidi, a member of the Al-Fatah Alliance, criticized the Central Bank’s controls for granting licenses to foreign and Arab banks to operate in the Iraqi banking sector, while stressing that continuing to grant the dollar at reduced prices to these banks amounts to wasting the country’s share of the dollar.

Al-Zubaidi said in an interview with the Maalouma Agency, “Granting licenses to these banks should be in the field of investment, construction, loans, and initiatives, and not working on the electronic platform,” noting that “these banks have undermined the work of Iraqi banks to a very large extent.”

He continued, “The entry of Jordanian, Emirati, and Gulf Arab banks into the dollar selling platform will make them compete directly with Iraqi banks,” calling on “the Central Bank to reconsider these licenses or limit the points they offer in general.”

Al-Zubaidi concluded his speech: “These banks’ possession of the dollar must be ended by buying the dollar at reduced prices and selling it at a higher price,” pointing out that “there is a clear error in the Central Bank’s controls in granting licenses to foreign and Arab banks to work in the Iraqi banking sector.”

The economic expert, Mustafa Akram Hantoush, had confirmed that the measure taken by the Central Bank of Iraq was to grant business licenses to Jordanian banks and operate in the country, indicating that it was the duty of the Central Bank to strengthen Iraqi banks instead of Jordanian ones.

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