WOTS TUE APR 19 22 The Central Bank of Iraq reveals the amount of money in circulation: 80% of it is hoarded in homes for one reason

WOTS TUE APR 19 22 The Central Bank  of Iraq reveals the amount of money in circulation: 80% of it is hoarded in homes for one reason

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The Central Bank reveals the amount of money in circulation: 80% of it is hoarded in homes for one reason

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The Central Bank of Iraq revealed, on Wednesday, the volume of circulating funds, while indicating that 80% are stocked in homes due to the lack of high confidence in the citizen towards banks.

Ihsan Al-Yasiri, Deputy Governor of the Central Bank, said in an interview with our colleague Karim Hammadi, followed by “Nass” (April 20, 2022): “We have 76 trillion dinars as a source of circulation, 20% of which are deposited in banks, and 80% of them are hoarded homes, and this is a deprivation for society.” .

He added, "Hoarding money in homes, which is behind the mistrust of some citizens in banks, regardless of whether they are private or governmental, is a high risk, as these funds may be exposed to damage, burning or theft."

And he stated, "The Central Bank has set strict standards to control the behavior of banks and we are witnessing a development in performance, knowing that the banks' control has 3 tracks, the first is improving performance, merging the bank, or withdrawing the bank's license if the reluctance continues."