Seminar: private banks need to strengthen its links with the Central Bank

The time on Monday, December 07, 2 / January 2013 08:47


Baghdad / Orr News

People are interested in the economic reasons behind the decline performance of the banking sector private and public, to افتين to banking that lack of awareness among the public and poor communication between banks and customers most prominent reasons for the decline in the growth of this vital sector, which he can achieve investment renaissance can check significant economic gains for the country, calling for the need to reconsider the legislative framework for the work of private banks and mechanisms for dealing with the Central Bank of Iraq.

As concerned stressed the importance of increasing the volume of cooperation and interaction between financial institutions and the Iraqi market for securities and banking system, announced general manager of statistics and research at the central bank and Walid Idi Abdul Nabi said government banks' capital witnessed consecutive increases to $ until the end of October of last year 2012 (754) billion dinars, compared with 4.053 billion dinars for private banks, at a time where investment balances in banks operating in Iraq (5.947) billion dinars, including (4.929) of government banks, versus (1.018) billion dinars for private banks up to 10.31.2012.

Concerned discussed during the annual scientific symposium organized by the Department of Economic Studies at the Center Mustansiriya Arab and International Studies and titled (the private banking sector in Iraq and development role in the economy), four research made ​​by experts and are interested in economic affairs focused as a whole the importance of following the government more interest in the private banking sector, and to overcome the obstacles that could stand in the way of growth, as well as to facilitate measures to the establishment of special development banks, particularly that prepared in Iraq can not be matched population size nor investment wide.

Said Professor Dr. Sattar al-Bayati, head of studies at Mrkzalmstansria that the seminar came out a number of recommendations that would activate the role of the banking sector in Iraq and increasing role in the investment and development process, stressing that serious dialogue scientifically to the theme of the Symposium and content scientific papers that have been put forward was traded by economists and those interested in the banking sector who participated in the seminar. Bayati said that the seminar concluded the need to reconsider the legislative framework for the work of private banks and mechanisms for dealing with the Central Bank of Iraq.


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