Iraqis lost half a billion dollars after the fall of the Iranian currency

Economy News _ Baghdad

Iraqi depositors in Iranian banks have lost more than half a billion dollars after the huge losses suffered by the Iranian currency during the last period as a result of US sanctions on the Iranian economy.

The Iranian banks raised the interest rate on the fixed deposit, to 22% of the deposit in 2016, which attracted Iraqi capital estimated at $ 1 billion, while economists said that Iran resorted to raising interest on the fixed deposit in order to obtain hard currency and raise the value of Tuman to confront The economic siege imposed on it.

Said Haider al-Hasnawi, one of the owners of capital, which had deposited about $ 100 thousand in an Iranian bank, in an interview with a newspaper viewed by "economy News", the fall of the exchange rate of the Tuman against the US dollar, led to the loss of about half of what deposited, The interest he was getting for what he deposited was $ 2,500 monthly.

Iran provided facilities to Iraqi investors by depositing their money in some branches of Iranian banks inside Iraq, specifically in the provinces of Najaf and Karbala, and withdrawing interest without going to Iran. One of the conditions was to deposit money in dollars and convert them into Iranian Toman.

He attributed the economic expert, Nabil Mersoumi, the reasons for the use of Iraqis deposit in Iranian banks to the fatwas of the clerics that there is no legitimate forms in obtaining benefits.

"Some religious fatwas issued by clerics have encouraged Iraqis to deposit their money with Iranian banks, which have been infalled by the absence of a legitimate problem in the benefits given by Iranian banks as Iran is an Islamic country that does not deal with usury," he said in an interview with Al-Iktissad News.

"Many traders have had to deposit their money in Iranian banks that attract the dollar and turn it into Tumen to finance their large trade with Iran, which is more than $ 6 billion a year," he said.

He pointed out that "the low interest rate in Iraqi banks, which did not exceed 5% while Iranian banks give interest rates higher than 15% and sometimes up to 22%, which encouraged many Iraqis to sell their property and transfer their money to it."

He pointed out that "Iranian banks have set easy conditions through which the depositor can receive the interest rate monthly, quarterly, semi-annual or annual with the survival of the principal amount that can not be withdrawn after one year after depositing."


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