His Excellency The Governor Of The Central Bank - Zaid Al-Hilli, 24 MARCH

March 22, 2025  Open mouth, closed mouth

His Excellency the Governor of the Central Bank - Zaid Al-Hilli 
I would not have intended to address this appeal directly to Your Excellency, as I am convinced that you are a man known for your humanity and that you understand the implications of this appeal.

 However, the numerous inquiries and appeals received from hundreds, perhaps thousands, of citizens in the media, including our newspaper, have prompted us to issue this appeal. We are hopeful that you will make your just decision during these blessed days of the holy month.

To summarize, there are private banks that failed to perform their duties for a variety of reasons we don't have the business of mentioning. This prompted the Central Bank to place them under its guardianship. Shareholders and depositors were delighted with the guardianship decision, hoping to rectify the situation of these banks and return them to strong operation. However, the matter took too long and became a disaster for citizens.

Citizens affected by the guardianship decision have been making intensive and persistent appeals to the media, even threatening to organize demonstrations to make their voices heard. 

The phenomenon of placing many private banks under the guardianship of the Central Bank has begun to appear as a punishment for citizens who deposited their money or purchased shares in banks originally licensed by the Central Bank itself and established under valid government laws.

The "guillotine" of guardianship has eroded the remaining capital of these banks through rent payments, electricity and water bills, generator costs, employee salaries, and maintenance, all at the expense of the remaining funds of depositors and stockholders. 

These are banks that are both open and closed! I ask: Wouldn't it be reasonable to end this anomalous situation, liquidate these companies, and distribute the remaining funds—which are a small amount—according to the creditors' apportionment system, instead of letting everything be lost, as happened with the Basra International Bank and others?

I have great hope in your wisdom and your usual humanity, because I believe that the prolonged guardianship situation may turn into a public opinion issue, although it is easy to solve. 

Please, do not leave people alone to face this ordeal, some of whom are orphans, so rush to help those who have lost a small part of their savings, especially since we are in the last days of the blessed Ramadan. And be certain, Your Excellency, that the hand of charity is never empty, but rather God fills it with the blessings of giving.

Please accept my highest respect and appreciation.  LINK