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Ways to encourage citizens to deposit their money in banks DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Ways to encourage citizens to deposit their money in banks

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Ways to encourage citizens to deposit their money in banks Empty Ways to encourage citizens to deposit their money in banks

Post by claud39 on Sat Feb 22, 2020 12:14 pm

[size=36][rtl]Ways to encourage citizens to deposit their money in banks[/rtl][/size]

Friday, February 21, 2020

Ways to encourage citizens to deposit their money in banks Alsabaah-31600

Baghdad / Al-Sabah

Experts and specialists in the Iraqi financial and banking affairs see the need to encourage citizens to deposit their money in Iraqi banks to contribute to promoting economic development in the country, stressing the importance of taking administrative measures to ensure the rights of depositors and tightening control over the work of local banks.

The banking expert, Abdulaziz Hassoun, said in a statement to "Al-Sabah": The banking system in Iraq is operating under a turbulent environment and then was not able to carry out its natural tasks, indicating that the financial issue is usually related to security, social and economic conditions, and these are all troubled in Iraq, as well On the absence of governmental economic approaches.

He added, that spending to spend financial returns on import only is a great reason for the delay and deterioration of banking work, pointing out that most banks are currently carrying out tasks and businesses that are not affected by banking work.

He explained, that banks usually do not work in banking and do not deal in foreign currencies by buying and selling currencies, indicating that the nature of the work of banks attracts deposits and invests them in a safe manner and achieves returns and growth and this is not available in the Iraqi banking environment, because all banks are busy dealing in foreign currency, i.e. buying and selling hard currencies. .

He stressed the need for the central bank to take measures that secure the citizen’s rights and tighten control over the banks ’work, and that the bank not be a spectator in front of the lawlessness of some banks that do not give citizens their rights.

He pointed out that the development of the banking system needs administrative procedures and tightening the control of the central bank because it is the primary responsible for the work of banks and it is those who granted them investment licenses, and it does not need legal legislation because laws exist.

He continued: There should be programs that encourage citizens to deposit their money in banks to contribute to achieving economic development in the country.

In turn, the financial expert Mohsen Abdul Jalil stressed that the failure of the Iraqi banking system is a major reason for the reluctance of foreign companies to invest in Iraq.

Abdul Jalil said in a statement to "Al-Sabah": that there must be development programs for the Iraqi banking system to keep pace with developments in international banks to be an attractive factor for foreign companies to Iraq.

He added, encouraging citizens to deposit their money in banks instead of accumulating them in homes and investing them in development projects that generate significant profits for the bank, for the citizens and for the country in general, calling for the restoration of citizen confidence in Iraqi banks by launching incentive programs to motivate him to deposit his money.

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