Economist warns of ‘danger’, takes aim at central bank: Banks are evaluated by 1970s standard

Economic expert Mustafa Hantoush warned today, Tuesday, of a danger to the Iraqi economy caused by foreign banks inside the country, while he pointed out that the Central Bank evaluates local banks according to the “seventies standard.”

Hantoush told Sumaria News, “Iraqi banks are evaluated by the Central Bank of Iraq according to the (camels) standard, which is the standard of the seventies of the last century, so we find weakness in the banking operations of the Iraqi banking sector because the Central Bank’s standard does not give it importance in the evaluation,” stressing the need to “adopt a modern standard that focuses on (deposits – loans – investments – electronic payment).”

He pointed out that “the Iraqi banking sector is almost at a standstill, and work and profits are confined to a number of banks (owned by foreign owners) supported by their countries and governors of their central banks,” considering that “these banks pose a threat to the Iraqi economy and their liquidity position is ambiguous.”

Alsumaria.tv