The development of the banking system supports a balanced development

10/18/2015 0:00

BAGHDAD - the joy of pumice
The banking sector is suffering in Iraq, among other challenges hindering progress, despite the central bank aims to support the development and revitalization of the work of banks, but the claims rising day after day to put modern mechanisms for the development of the banking system to become a role player in support of the Iraqi economy.

Many of the recommendations of the stakeholders has emerged in this area, which is the establishment of a bank for economic development and a greater role for the private sector, as well as to facilitate the review of the issue of guarantees and map the spread of banks in
Provinces.

Facts and Figures

Says economist Tawfiq Ali Hassoun in a statement »Sabah»: The «economy is a facts and figures, supports the balanced economic development, and exploitation of optimal physical and human resources through the development of the banking sector to become a role player in the implementation of financial policies».

The expert added that Iraq up to the present time «lacks the establishment of a bank for economic development, although the budget for the year 2006 law approved the establishment of such banks in all provinces to cover the investment services and infrastructure reconstruction».

And calls for observers and specialists in the banking regard to the advancement of »the private banking sector» in Iraq, through the enactment of laws that will contribute to the development of his work, arguing the importance of the establishment of a specialized investment bank, to facilitate the entry of foreign capital into Iraq.

Local Investment

And saw Hassoun that the current role of the banking sector is effective, efficient and closer to neutrality, noting that private sector banks are few in number the stock market, and most of the heads of a family of their money, along with the fear citizen of investing his money in an undefined institutions or advertiser for its services and facilities offered by the community , Like the rest of the companies listed on the Iraq Stock Exchange, where indicators shows weakness Alastosmaralamhali.

He stressed that the contribution of the citizen his money chunky in those banks and companies lead to increased rates of investment, thereby increasing economic activities, they returned to the investors a significant role in increasing liquidity and reducing the inflation rate to the fact that their contribution to the project will reduce the presence of cash that will increase its value due to lack of
Display.

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