##### Economic Analyst attribute the cause of openness to private banks to restrictions imposed by the World Bank to Iraq to schedule debts

Author: Bian2 on: Sunday 05/19/2013 12:56 pm







BAGHDAD / WAP / attributed the economic analyst Abdul-Rahman al-Mashhadani reason the opening of private banks on the Iraqi economy to the restrictions imposed by the World Bank in 2004 on Iraq to schedule its debts.


Mashhadani said news agency Baghdad International / WAP /, that "the International Compact, which was signed on 24.09.2004 by Adel Abdul Mahdi, which has committed Iraq a set of laws and procedures which worked to transform Iraq into a market economy, and going to the Paris Club in order to Scheduling Iraq's foreign debt. "

He added, "These measures include reducing the role of government banks of the Iraqi economy and revitalize the work of private banks, whether domestic or Arab or foreign, and that the problem so that the government banks are the strongest in the Iraqi arena and were occupies advanced positions in the past at the level of percent Arab bank."

He said, "The government banks have capital beyond what is owned by private banks in Iraq through its dealings very large but has been restricted procedures the World Bank through the Compact International, indicating, that the banks Iraqi civil are banks, small and capital small."

And, said the "next June will increase the bank's capital to 250 billion dinars, and even this amount is for the few transactions to be carried out by the private banks."

Saw, that "the main reason behind the control of private banks is the Convention on the International Covenant signed by Adel Abdul Mahdi and imposed by the World Bank for debt rescheduling Iraqi abroad, as the big race pay the tax because of this issue."


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