Iraqi Private Banks should take Important Steps to Prevent Bankruptcy: Finance Committee

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Bankruptcy

A member of the Iraqi Parliamentary Finance Committee Ahmed Sarhan issued a press statement on Sunday that the Iraqi Central Bank is not accountable for the economic failure of private banks.

He also indicated that misbehavior of the private banks can cause economic failure in the private banks. He also added that some of the private banks are not taking the specific preventive measures to accommodate Iraqi citizens that can cause economic failure.

The Iraqi Central Bank didn’t specify specific perimeter for these banks, but those private banks taking a wrong turn that can cause bankruptcy.

A number of Iraqi citizens complained about the unwillingness of winning in a drag and repeated excuse and apology by the private banks due to the shortage of fluidity in order to pay its customers according to the request. It is also added that Iraqi Central Bank announced earlier that the CBI is only dedicated in prearrangement of the cash required for all Iraqi domestic banks.

The powerlessness in the achievability, lack of planning and the major activities of the banks than the physical hypothetical projects made a severe shortfall of hard currency and the local currency. It would cause bankruptcy for these private banks.

The government of Iraq and Iraqi Central Bank are working very hard to empower the private banking sector and Iraqi Prime Minister has planned reform package to boost up the Iraqi private and governmental banks.

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