Financial Impact of Banking Restrictions in Mosul
Overview of Economic Losses
Abdullah Al-Jiro, head of the Severe Syndicate in Mosul, has reported significant financial repercussions for the city, estimating a loss of approximately $14 million per week. This decline is attributed to restrictions on banking transactions and a disadvantageous allocation of dollar access compared to southern governorates.
Operational Challenges for Exchange Companies
In a recent statement, Al-Jiro elucidated that Mosul’s exchange sector continues to operate under stringent limitations. Presently, only 47 out of 90 licensed exchange companies have received authorization to conduct business since the onset of 2021. These companies face considerable challenges, as they are barred from facilitating external transfers and participating in auctions held by the central bank.
Broader Economic Consequences
The restrictions on exchange companies have severely impacted the local economy, exacerbating the plight of residents. The continued limitations contribute to elevated prices for goods and a marked decline in economic activity, further diminishing the financial well-being of citizens in Mosul.
Summary of Financial Data
| Metric | Value |
|---|---|
| Estimated Weekly Loss | $14 million |
| Licensed Exchange Companies | 47 out of 90 |
| Date of Statements | Recent (specific date not provided) |
These developments underscore the urgent need for policy reassessment and support for economic recovery in Mosul.