A Major Collapse is Expected in Iraqi Banks

Iraqi Dinar 123 News:– The Iraqi Ministry of Finance stressed that Iraqi government and Iraqi Ministries didn’t decrease their expense during past six months. It is also said that there is a risk of failure in most of the Iraqi banks. Our authentic source from Iraqi Finance Ministry said that Iraqi federal budget would not be able to finance the project in Iraq for any sector in 2016 without reducing expenses of the Iraqi government and its ministries. He further said that the calculated amount for investment funds for current year are 47 trillion Iraqi dinars and this amount will be reduced in the coming year.

The calculated amount for coming year would be 45 trillion Iraqi dinars and a large amount would go to the credit companies. It is also said that only oil companies would get more than 35 trillion Iraqi dinars. This amount will not be terminated from the current budget. He further added that Iraq is now facing a major financial issue which would be a main factor for disruption of most of the Iraqi banks. A large number of projects have been stopped and contractors are asking to Iraqi government to pay their debts. Some Iraqi banks are avoiding to pay back deposits to their customers which caused low deposits in the banks. It is said that issuing debts to contractors and oil companies indicating a free investment budget and state funds will be utilized for starting any project for the next coming year.

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