On Saturday, Mustafa Hantoush, an economic scholar, described the acts of the Central Bank of Iraq and the US Federal Reserve as “annihilation” of the Iraqi banking system.
According to Hantoush, “Not all exchange companies, banks, and financial companies use devious methods, as there are specific percentages in them, and many exchange companies are respectable, whether in category A, B, or even C.”
“The Central Bank was unable to establish a mechanism for trade with Iran and Syria, stop smuggling, and open new mechanisms,” he stated. It was also impossible to adjust financial policy due to the restricted number of brains in charge. As a result, it accused banks in front of the US Federal Reserve, which then sought to exterminate…
He went on to say, “The mechanism used allows the smuggling of the dollar in light of the existence of a profitable parallel market, so we resorted to making quick profits.”
In his remarks, he said, “the Central Bank began withdrawing mechanisms from the parallel market to prevent the dollar from reaching the citizen, and decided to stop Western Union, MoneyGram, Zain Cash, and almost others, and this is the annihilation of the banking sector.”
He goes on to say, “All of this is due to the lack of knowledge about regulating trade with Iran and Syria, opening accounts at TBI for small merchants, and stopping smuggling.”
