The renewal of economic plans does the role of banks in development

3/10/2015 0:00

Call for scientific project identifies paths banking

BAGHDAD Mustafa al-Hashemi

Banking adviser Acanutorasam Mahouelle stressed that banking is one of the Finance and has a long history began in the early twentieth century and has passed through several stages in Iraq, Sometimes compete with foreign banks with branches in the country and again found itself in alone without a competitor in the local banking scene.

Banking competition

He said Mahouelle in a statement to «morning» that banks in general have not experienced a real stable at a certain position over the previous years, in terms of competition, given the circumstances and the stages through which banking in Iraq, calling at the same time to renew the economic plans by drawing a road map Iraqi economy is determined by banks in order to roles in the development process.

He said that allowing foreign and Arab banks that operates again after many years in Iraq, enjoined the Iraqi banks to be able to compete with foreign banks.

He pointed out that instability on the particular situation of competition or lack thereof is surprising in a rich country like Iraq, and has investment opportunities are countless her, explaining that the strangeness comes from bank financing reluctance to enter the arena of economic life strongly and so noted by many of the private banks is simple operations in order to achieve the profit that seeks to cover operational expenses.

Central Initiative

However, the central bank initiative in the allocation of funds launches in loans to the public who wish to establish small and medium-sized projects real economic Stazzaktt to leave ample room and deliberate for banks to play their part in the investment and financing in accordance with the economic insights that will reduce unemployment and provide jobs and moving the capital to serve the country's economy.

He added that the future of banking in Iraq needs to renew economic plans and make it a well-defined through drawing by the Iraqi economy roadmap in order determined by banks roles in it, calling for the need to expedite the provision of a scientific project to build a broad economic renaissance is based on solid and strong foundations in order to determined the banking paths.

Banking adviser pointed to the need to improve the performance of management and the consolidation of governmental guidance, along with the strengthening of external and internal oversight and intervention of good to the owners of the banks in the granting of loans and facilities in exchange for appropriate and reasonable assurance of what would bring about progress in the banking sector, including well positioned to compete with the rest of the banks and their branches operating in operations Country.


He returned to confirm that the bank is an economic entity based in science and his work on the planning and realization and a deep understanding of the current economic situation and try to extrapolate the future through careful analysis.

He concluded by saying Mahouelle: so we can understand the way he should go by banking in Iraq ..triv the economic strategy and a clearly defined and there is no way
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