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Series of steps
Economist George Kazam wrote:
The hijacked money
On what legal basis does the current central bank administration restrict the withdrawal of funds in multiple installments rather than in a lump sum to those who have financial balances (whether wheat growers, contractors or farmers)? Other?
It is as if the money in the trust in the bank has been kidnapped and can only be recovered by paying a ransom in multiple installments in the name of withdrawal commission.
Restrictions on the withdrawal of funds from banks have a devastating effect on the national economy:
1__ Switch from depositing Syrian pounds in banks to depositing dollars and gold in the country for easier storage and deposit in foreign banks.
This has led to an increase in the amount of cash circulating in the market in Syrian pounds, and with it an increase in the demand for US dollars for savings purposes.
This means a lot of dollars are leaving the market, which is the driving force of the economic wheels.
The resulting slowdown in economic growth and decline in output
2__For farmers, this means they will not be able to grow wheat next year due to delays in paying dues
3__ Going to the bank and waiting is a waste of time
4__ Withdrawing funds in batches rather than all at once means freezing and slowing down the process of buying and selling these funds in the market.
Restrictions on the withdrawal of bank trust funds are illegal and a violation of trust regulations and should be paid in full upon demand.
It erodes trust between banks and citizens, as banks have shifted from being a source of financial security to a source of fear.
It damages the reputation of the most powerful financial institutions
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