Banker: the idea of transforming the private banks to financial institutions will organize their work and promote the national economy

25-10-2012 | (Voice of Iraq) - Add a comment -
Baghdad (news)

Banking expert called Mohsen Ali, the need to transform the private banks to large financial institutions to strengthen the financial assets and organization of work, which will promote the national economy.

Ali said (of the Agency news): The idea of ​​the central bank to convert the private banks to large financial institutions through integrated Baovernmah will organize their work and enhance its financial position through increased financial assets.

He added: some private banks declared bankruptcy recently because of the lack of sober law regulating its work and the absence of strict control and follow-up by the central bank, while if it turned out to be large financial institutions will develop their work and contribute to the advancement of the national economy.

Stated: that the private banks when running large financial institutions will make her ability to promote the economic reality of the country, being a work by a special law regulating work under the supervision of the Central Bank or other government bodies.

This confirms the Central Bank of Iraq that the number of private banks arrived in Iraq to 40 banks, while capital is still weak and need to be that banks more aggressive with each other to form a strong capital.

He indicated that the government banks dominant 92% on the domestic market and that private banks do not exceed the 10% dominance It does not take space from the Iraqi market, according to the central bank.

CBI seeks to restructure private banks in line with the general structure of the Iraqi market and the nature of its relationship with other global markets.

Read more: http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sl=ar&tl=en&u=http://www.sotaliraq.com/mobile-news.php%3Fid%3D75071&usg=ALkJrhjcjyqowQDSlLhInnanSWFNhOjyxQ#ixzz2AK33Iayk