The truth about the withdrawal of Rafidain and Rashid funds: sovereign funds, not citizens’
The truth about the withdrawal of Rafidain and Rashid funds: sovereign funds, not citizens’
2025-05-03 23:12
Shafaq News/ The Iraqi Ministry of Finance stressed on Saturday that the funds withdrawn from the government-run Rafidain and Rashid banks do not represent citizen deposits or the banks’ insurance balances. Rather, they belong to the ministry’s sovereign accounts, were kept as a temporary operating tool, and were transferred back in accordance with financial and administrative instructions to be allocated within the general budget.
In an official statement received by Shafaq News Agency, the ministry confirmed that some media outlets, social media platforms, and a number of MPs had circulated false information, as part of what it described as the promotion of lies and rumors for political and electoral motives. It considered this a form of electoral rhetoric that lacks moral responsibility.
The statement added that comparing these measures to experiences of banking collapses in other countries is inaccurate, ignoring the unique legal and regulatory structure of the Iraqi banking sector, which is subject to the Central Bank’s oversight and strict compliance and governance regulations.
The statement indicated that Rafidain and Rashid Banks maintain high liquidity and cash reserves that exceed the established ratios, and that they regularly perform their duties in disbursing salaries, financing projects, and fulfilling obligations to customers. It also indicated that Rafidain Bank’s legal reserve at the Central Bank amounts to approximately 9 trillion Iraqi dinars.
The ministry noted that the latest letter issued by the Central Bank, dated April 24, confirmed that Rafidain Bank’s unused reserves amounted to 4 trillion and 277 billion dinars, while its used reserves amounted to 4 trillion and 263 billion dinars, for a total of more than 8 trillion and 540 billion dinars, without any harm to them.
The statement explained that the thefts that previously affected some trust accounts were due to funds remaining idle for extended periods, allowing corrupt networks to exploit loopholes. It confirmed that new oversight measures have been implemented in coordination between banks and the Ministry of Finance to mitigate risks.
The ministry called on citizens to be aware and discern the motives behind political misinformation, warning against attempts by some parties to distort the facts and distort government performance.
She emphasized that the levels of economic transparency and reforms adopted by the government have been praised by international financial institutions and have contributed to raising Iraq’s credit rating and attracting global investment.
The Ministry of Finance emphasized the government’s commitment to continuing its economic reform approach and strengthening financial and banking management. It called on media professionals and social media users to exercise accuracy and assume national responsibility, affirming that the doors of the ministry and banks are open for professional review of official data and reports.
shafaq.com
