State-owned banks money .. You will be an ideal solution to overcome the financial crisis and save the stifling the private sector? ..tgarir Expanded

07/03/2015 10:06


BAGHDAD / Source News / .. moving state-owned and Obnasihh from government banks, for the implementation of the largest lending operation for the benefit of the private sector, in a move to invest large balances that govern the banks and move the semi-stalled economic sectors, and secure the return help overcome the suffocating financial crisis taking place in Iraq .

The government operates the largest three banks, are «rational» and «Iraq» and «Economy», in addition to the four sectoral banks are «real» and «agricultural» and «artificial» and «Housing». While the number of private banks rose to 28, and working alongside 10 Arab and foreign banks.

The government plans to borrow nearly 11 trillion dinars from the Central Bank and the Rafidain and Rasheed to address the budget deficit in 2015, according to a statement issued by the government which showed that domestic borrowing approved in the budget law by the Iraqi Central Bank to purchase worth six trillion dinars of Treasury bills and money orders and borrow nearly five trillion dinars from other bank Rafidain and Rasheed, and promised that this represents a borrow-lined process.

In this regard, an economic advisor to the prime minister the appearance of Mohammed Saleh told / Source News / explained that this solution was approved by the budget and will contribute to reducing the deficit through the provision of central bank for a package of liquidity to the market and this will support the budget indirectly by enabling banks to buy money orders treasury .

Saleh and between the employees and pensioners of up to 50 trillion dinars, which constitutes 45% of the budget, which represents the largest in the budget segment.

A member of the Parliamentary Finance Committee MP Abdul Qader Mohammed that the budget bill approved domestic borrowing from the Central Bank and the Rafidain and Rasheed to reduce the deficit, which is part of the solution, if the financial crisis continued Veseljo Iraq to domestic borrowing, pointing out that oil prices began to rise and probably will not resort Iraq to external borrowing.

To that between economic analyst Majid picture that the funds in the banks is part of the savings the government, pointing out that the central bank decided to buy nearly 6 trillion dinars from the secondary market as well as indirectly to finance the budget of the reserve requirement, considering it as a step in the right direction.

Sees financial expert Abdul Aziz Hassoun said pumping so much money into the market it is imperative that result in growth and the rising rates of savings, which appear on the high figures of the banking system. But in Iraq, we are still not in the absence of all of this. As it was on the monetary and fiscal authority to pay attention to it by the necessary treatment that involves encouraging people with access to the reduction of unnecessary consumption and shift to savings after that you give them - Alsulttan- the necessary stimuli that involve guarantees provide them with peace of mind on the value of their money in the future.

Confirms expert Hassoun said the financial crisis does not pass easily excreted collateral damage but still need to be addressed seriously, not all long-term, and resort to borrowing countries and is usually outside of it is the worst because it involves Like it or not on the mortgage for the future. The internal debt, it is important and Galina in expenses that are certain element of motivation for citizens to contribute to the tranquility.

The «Trade Bank of Iraq» has announced the launch of loans worth $ 10 million for artisans in all provinces. And confirmed its director general Hamdiya dry, «determined to help mitigate the financial crisis energies available to the Bank». She pointed out that «financial and security crises Khalafta and beyond slice of unemployment in the form of direct or indirect, prompting the bank to release loans to artisans.»

They pointed out that Iraq «is characterized by the presence of craftsmen have the attributes of a good but underfunded, and this logic will present the bank an amount up to $ 10 million distributed to the group of those who will file for a loan at the bank branches scattered in a number of governorates of Iraq.»

She explained that «the interest on the loan of up to 4%». It considered that it «will contribute to reducing the unemployment rate and the creation of a generation of artisans develop local industry, also drives the economy and the market».

For his part, proceeded «Rafidain Bank» in granting loans to citizens to buy cars, and said the media office of the bank in a statement, b «continue granting loans to citizens to buy a car in installments in the number of its branches», referring to «a select number of companies to exercise this activity». And extends the installment period of five years.

And saw the head of the Iraqi Banking Association meek Handal, that «indicators in the banking sector appear acquisition of three government banks at about $ 30 billion, or 80 percent of the money in the country, and the rest is distributed among private banks and citizens, and faced with the need to exploit this currency bloc optimally ».

He pointed out that «the currency bloc Dinars up to 37 trillion, and whether they belong to the government or citizens, mostly deposited in state banks because of previous instructions that prevented ministries deal with private banks». He explained that «make citizen fear of dealing with it, which impacted negatively on the nature of private sector activity is limited to his work on simple transactions, such as foreign remittances and sell the dollar».

She said an economic expert in Chancellor House Suhad al-Obeidi, «he should start step exploit available at the banks years ago Monetary like the rest of the States, which invests all of its holdings of cash to ensure the additional revenue is available to have».

And emphasized the need to «get out of the financial crisis by any means, that we begin again to reduce our dependence on a single source is selling oil».

They pointed out that «the Agricultural Bank» continuously in the campaign, as well as lending to farmers «Industrial Bank» through the Ministry of Industry for the benefit of businessmen and industrialists. » And announced «private banks support soon or disclosed in the area before the intervention is also in project lending, in order to move the market and domestic investment, and raising the per capita income level». She stressed that «the most important is to achieve earnings ratios can reduce the dependence on oil».

Economist Karim Mansour says that Iraq holds all the unsafe state of reclaimed for settlement head cowardly money and the private sector Ghaderaly accommodate tens of thousands of graduates specifications, but in a safe investment environment that allows for all the work without fear conditions

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