Specialists: Iraq needs (640) bank for economic development

Date: 02/12/2012 12:42:24 Sunday



Baghdad (news) / report / Hussein Faleh / .. A number of experts and specialists that the current Iraqi banks two branches of government and private sectors is not sufficient to contribute to economic development in the country, revealing that all (50) thousand citizens need for a single bank to meet their banking needs, with about (640) banks.
He stressed in their talk (of the Agency news) on the need to promote rigorous international banks to open branches at home to strengthen the banking business and stimulate the national economy.

It is noted that the banking system in Iraq consists of forty-three banks as well as the Central Bank and distributed by property (7) government and banks (30) Al Ahli Bank, including (7) Islamic banks, in addition to (6) of foreign banks.

Member of the Finance Committee MP / National Alliance / Abdul Hussein al-Yasiri, said: that the strategic new economic which the country is supposed to be transported from the system socialist economy (totalitarian) system to a free market economy and private sector support, is working to achieve a balance between local and international banks to contribute in the development of the country.

Yasiri said (of the Agency news): that the current domestic banks is not sufficient to meet all the requirements of the economic process in the country, in terms of funding and deposit, the fact that the limited capital, in addition to it lacks the most basic services enjoyed by international banks.

He added: that international data suggest that all (50) thousand citizens need one bank to perform their requirements banking, since the average size of the population of Iraq is (32) million, when divided by (50) thousand will produce up (640) bank assumes that there in the country.

For its part, confirmed a member of the Committee on the economy and investment MP / coalition in Iraq / Nahida Daini, the inability of commercial banks government to fill the requirements of the investment process and economic development in the country, due to lack of capital, calling for promoting open branches of international banks in Iraq to contribute to the economic development.

The Daini (of the Agency news): The government banks of Bmusrfa Rafidain and Rasheed could not cover all the requirements of the economic process in the state grants advances or percent salary or loans, because not meet ministries debts to these banks, what made their capital a few.

She pointed out: that there are a lot of borrowers are in "trouble" because they borrow money in installments to build houses for them in the middle of their children depends loan due to lack of sufficient funds, as well as the Ministry of Finance approves a lot of projects in the country and I deal with her money as a result of the lack of cover Mali's enough.

She added: that the Iraqi investment environment needs to sober international banks recapitalization has high interference strongly to the Iraqi market to contribute to the development of the country's economy through the granting of loans, stressing the need to grant the facilities and privileges to them to encourage them to open branches in Iraq.

The banking expert Mohsen Ali, called for: the need to allow investment banks to support the international development of the investment process and create a competitive atmosphere between them and the local banks.

Ali (of the Agency news (: The international banks sober with capital and high considerable experience will create an atmosphere competitive among local banks in terms of providing the best services at the lowest costs, when given the opportunity to enter the Iraqi environment, as well as it will support the Iraqi banking sector and its development through to move the global experience.

He added: should encourage international banks to enter the Iraqi environment and open branches in Baghdad and the provinces, because it would serve the national economy in terms of its support for the banking sector and the development process of investment in the country, especially since the central bank law current authorizing open international banks in Iraq and deal by the treatment of local banks from by the central bank through the granting of foreign currency in the foreign remittances and provide facilities to them.

Although the Investment Law No. (13) for the year 2006 has excluded investment in the banking sector of its provisions, but the investment in the banking sector takes its legal framework based on the legal central bank No. (56) for the year 2004, banks No. (94) for the year 2004, with a minimum to create a bank in Iraq (100) billion Iraqi dinars (around 85 million dollars. / end / 8. n. p /


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