Its inability was exposed.. The Central Bank’s procedures confuse the Iraqi monetary sector

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iraq news

Today, on Friday, the economic expert Ziad Al-Hashimi discussed the challenges that the Iraqi monetary and banking sector is facing. He highlighted that the Central Bank’s pressure measures on all banking companies, without distinguishing between compliant and defaulting ones, can create confusion in a monetary work environment that is not managed and monitored accurately and clearly by the Central Bank.
In an interview with “Jarida”, Al-Hashemi pointed out that the Iraqi monetary and banking sector is facing a major challenge. The Central Bank and local banks are struggling to establish an appealing and efficient banking environment with cost-effective services that can earn citizens’ trust. To achieve this, they need to provide flexible and seamless banking services that encourage citizens to rely on banks instead of turning to exchange companies for cash services.
He said, “The Central Bank has not yet adopted precise standards to evaluate exchange companies’ work and separate compliant from negligent ones.”
The economic expert explained that the Central Bank’s pressure measures have harmed and restricted compliant banking companies.
Al-Hashimi said that when the Central Bank does not accurately manage and monitor the monetary business environment, it leads to confusion and uncertainty.

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