Central Bank: 20 financial transfer companies turned into banks

Economy News Baghdad:

The director of the Central Bank's accounts department, Ihsan Shamran, said that the government has drained the resources of Al-Rasheed and Rafidain banks, adding that 20 financial transfer companies have become banks.

"The government has drained the resources of Al-Rasheed and Rafidain banks and borrowed from them 25 trillion dinars to cover the salaries of companies," Shamran said in an interview with the satellite "Iraqi News" and his "Economic News", adding that "Al-Rasheed Bank and Rafidain did not offer anything because of lack of liquidity."

He explained that "20 companies converted to the financial banks," pointing out that "the draft Central Bank granted 6 trillion dinars to banks aimed at reducing the unemployment rate and stimulate the economy."

He pointed out that "this project faced many challenges, including the lack of granting loans to citizens," noting that "the only housing fund, which spent its share of more than one trillion dinars."


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