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Specialists: The banking sector needs new legislation to guarantee deposits and restore confidence with the citizen DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Specialists: The banking sector needs new legislation to guarantee deposits and restore confidence with the citizen

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Specialists: The banking sector needs new legislation to guarantee deposits and restore confidence with the citizen Empty Specialists: The banking sector needs new legislation to guarantee deposits and restore confidence with the citizen

Post by claud39 on Sun Dec 01, 2019 3:15 pm

[size=32]Specialists: The banking sector needs new legislation to guarantee deposits and restore confidence with the citizen[/size]



27/11/2019



Specialists: The banking sector needs new legislation to guarantee deposits and restore confidence with the citizen %D8%B1%D8%A6%D9%8A%D8%B3%D9%8A-35


Baghdad / Trend - Reports



The lack of confidence between the citizen and the banking sector is still prevalent, as a result of the policies of banks during the crises experienced by the country in monopolizing depositors' money and not returning them under false pretexts.



It is estimated that the volume of liquidity in Iraq by 47 trillion Iraqi dinars hoarding in homes about 70 percent of this amount, according to the indicators of specialized centers and financial experts, which indicates the size of the gap between the citizen and government and private banks.



The actions of banks reflect the nature of the public environment and the private financial environment, which has lost the requirements of sound global governance, which represents the approach to audit and control and fortify the work of all types of banks.



Most banks operate in the currency window of the Central Bank and did not attach importance to banking operations because the window provides them with huge financial profits, and this approach led to a significant deterioration in the banking sector, which is still underdeveloped and did not keep pace with technological development in the world.



Iraqi banks turned to the security side, when you open an account of any citizen find security questions surrounded by the bank, especially where you get this money, which left negative effects on the citizen and most important reluctance to deal with public and private banks.



If this problem is addressed and the chunky mass is directed to the banks, it requires serious work that will lead to restoring confidence between citizens and all banks. And enable it to play its real role in development. ”



Economist Dr. Abdul Rahman al-Mashhadani said in a press statement: There is a crisis of great confidence between the citizen and the banking sector, as a result of wrong practices by banks in times of crisis in the country, which caused the failure to deposit 70% of the volume of cash in citizens' homes, which has a negative impact On the dealings of financial banks, which preferred to go to the currency auction because it provides huge profits, which lost the moral value of banks, and the Central Bank did not do its duty to protect the deposits of citizens in banks, which increased the gap between the parties.



Al-Mashhadani continued: Foreign investor is also losing confidence in the banking sector because of the routine in the operations of deposit and withdrawal, so laws must be legislated, the most important of which is the law of guaranteeing deposits and loans and other things that contribute significantly to bring cash to the banking sector smoothly, noting that The cornerstone of this issue and its application is the real beginning to move liquidity in the right direction and transfer it to the banking sector, which will employ it in the service of the national economy.



For his part, says economist Jassim Alaiwi in a press contact: the weak banking culture in Iraq due to lack of awareness and lack of transparency in the work of banks, the number of Iraqi adults who do not have bank accounts amount to 1.17 million people, out of a total of 37 million citizens make up the population according to the latest statistics Ministry of Planning.



He added that “the uncertainty in the work of banks is another reason.



“The lack of transparency in the management of private banks is a third reason, as many of them are family-owned companies that have served the owners more than customers. And create coins inside.



Source: Iraqi Observer











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claud39
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