Private banks continue to monopolize foreign remittances, without providing any tangible banking services!

Private banks continue to monopolize foreign remittances, without providing any tangible banking services!

This is a NotebookLm AI generated podcast

See the entire article that is the basis for the podcast at:

https://www.myfxbuddies.com/2025/04/the-treasury-department-will-play-role.html

Many economic experts believe that foreign and local banks with foreign management, such as the Jordanian-run National Bank of Iraq, monopolize bank transfers in Iraq and deprive local banks of these services, without providing any tangible banking services to Iraqis. The Iraqi banking system is collapsing because most Iraqi banks are subject to US sanctions. This has prompted foreign and local banks with foreign management to monopolize bank transfers in Iraq and deprive local banks of these services, without providing any tangible banking services.

This was done with the approval of the Central Bank of Iraq, despite the fact that these banks, including the Jordan National Bank, lacked any competitive advantage. However, they were guaranteed by the Americans and had accounts opened for them at Citibank and JPMorgan Chase in the United States, solely because they were owned by foreign investors affiliated with banks in Jordan and the Gulf.