Experts for (dinars): banks departments and extravagant loans and weak oversight confound the work of banks

06/20/2015



Dinars / Nabil Fawzi / .. called experts in economic affairs to the need to speed up a review and sweeping reforms in the work of banks and the adoption of modern techniques and methods in their work, loaded with departments of banks and weak government oversight responsibility for the failures suffered by banks.

The economist said on behalf of Antoine in a special statement to the Agency / JD /: "The banks are related to the central bank through the registrar of companies, and that the confusion that gets in its work due to several factors, notably the lack of harmony departments Add to this downloaded more than energy loans and usability without real guarantees For most of them, "asserting that" these reasons led to a contraction in liquidity with weak oversight, monitoring and accounting. "

For his part, economist Ibrahim al-Mashhadani told / JD /: "There is duplication and confusion at work as a result of banks correlation between the Ministry of Finance, which includes government banks Iraqi Central Bank, which is associated with its own banks," he said, adding that "Observers of the stages of the development and expansion of private banks movement did not It appears only after the issuance of Resolution 12 of 1976, as was the establishment of 19 banks until the adoption of the Banking Act No. 94 of 2004, which allowed the opening of branches of foreign banks. "

He said al-Mashhadani: "The banking system in Iraq comprises 54 banks, including six state banks and 30 private banks and 15 branches of foreign banks, and the Central Bank of Iraq," pointing out that "the commitment to liquidity available to banks and payment allocations on time and abide by its promises with depositors longer The fundamentals in achieving economic development. "

He said: "Most banks are suffering a lack of banking competencies with the absence of strategies annual detailed plans, Add to this impairment banking density which currently stands at 32 000 inhabitants of the Bank per compared to the global amount of 10 000 people," adding: "The duplication of reference for banks led to a and the intersection of the contradiction in the provision of banking services, and the General Authority for any bank would be unable to hold its meeting without obtaining the approval of the Registrar of Companies "...

http://dananernews.com/News_Details.php?ID=5859