Calls for a review of prices of bank stocks and tightening control over banks

01/05/2016


BAGHDAD / JD / .. invited a number of experts and specialists in economic affairs and banking to the need to reconsider prices of bank stocks and tighter government oversight and control of the Central Bank on the work of banks, especially civil to develop their work and stay away from the financial problems and the fight against money laundering, pointing out that 77% of cash Iraqi exists outside banks as a result of a lack of confidence in those banks.

He says the Minister of Planning and former member of the House of Representatives MP Mehdi al-Hafez, that the work of local banks is still limited as a result of a lack of confidence by the citizens and companies, because there are many problems in their work as a result of the absence of effective control over the banks, especially the civil action.

He said Hafiz told / JD /: that the central bank for banks control remains weak largely what make some banks dare to carry out suspicious acts harmed the national economy and the reputation of local banks, calling on the central bank, government and parliament to tighten control over the work of banks for the development of the banking sector and the fight against laundering money as well as stay away from any financial problems.

He noted that the process of dollar selling by the central bank is a sensitive issue for the citizen it is assumed that the process of converting amounts normal and easy way prevail as is prevalent in other countries, stressing the lack of separation between what exists in the banking sector transactions and the central bank and the state of corruption in in the state.

For his part, he called the economic expert on behalf of Anton, to the need to reconsider prices of banking stocks, noting that there are 77% of the Iraqi currency outside banks, even if this size is present government was able to finance the budget deficit Iraqi dinar and the dollar by borrowing from these banks, and this was the result of the wrong approach for banks and lack of monitoring and follow-up and the role of passive registered companies.

He's Anton / JD / that the banking system and because of the tremors he suffered and the withdrawal of large sums of money from banks, some of which was not the level of responsibility led to shake the confidence of the citizens of these banks.

He stressed the importance of reviewing the absence of government and the absence of legislation in this regard the standards, calling for activating the control procedures by the central bank away from the courtesies.

The banking expert Abdulaziz Hasson, has stressed that the difficult conditions in which the private banking sector is currently going through Mqlqh, specifically in light of faltering performance that accompanies the banks Khash, especially with regard to its ability to fulfill the rights of depositors.

He pointed Hassoun's / JD / to be trust between the citizen and the private banks has become difficult Halaa, and may fade until address this situation in the sector, pointing out that the reluctance of some banks to reimburse citizens Modein, paying citizens who have accounts in other banks are financially stable and able Modeiha, to meet requests to withdraw their deposits in case of any emergency.

He said the situation requires measures by the Central Bank of Iraq for the return of citizens' confidence in Almassarv, because her guarantor and is responsible for its activities and its work.

He pointed out that private banks have seen a remarkable development in Alojerh, years in practice all forms of banking activity and the adoption of modern systems and mechanisms, calling on the central bank to tighten its supervision of banks and provide any necessary support in order to restore confidence in those banks. / End / 8 /

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