Economic parliamentary: the banking business need-to-date techniques in order to live up

Monday, 28 October 1 / Okrudolf 2013 08:00




[Baghdad where]

A member of the parliamentary economic committee, and the representative of the mass of the citizen, Abdul-Hussein Abtan, the banking sector needs to multiple factors for the advancement of incident, including attract Heads of funds.

Referred to the Iraqi banking sector shackled legal restrictions and especially from the presence of the central bank, which does not allow for banks that have good balances invested in economic activity by contributing to the production companies and industrial and agricultural products.

He said Abtan told all of Iraq [where], "The banking sector has not progressed according to the level enjoyed by the country's economic growth," noting that "there are many factors that could be involved in the development of the banking sector, including the process of اداخل modern technologies in the work of banks , and devise new mechanisms to attract heads money, in addition to the open field for the private sector in the banking business. "

He added that "there are many steps to promote the reality banking, some of which have been implemented, and others are not implements so far, and serious needs to be applied by the Central Bank as the entity responsible for the work of banks."

And met with the desire of some foreign banks, notably Citigroup, American Standard Chartered British open branches in Iraq after the departure of the last of Chapter VII [the sanctions the UN imposed on Iraq after its invasion of Kuwait] widely welcomed in the economic circles of Iraq, and saw economists that foreign banks will pull the rug from under the feet of the local banks because it has good services and gain the confidence of the Iraqi citizen.

Said a member of the Finance Committee parliamentary MP Najiba Najib said that after the withdrawal of Iraq from Chapter VII showed foreign banks universal desire to open branches in Iraq, and began legal proceedings required of them in order to engage in business in the coming period, believing that this step will contribute to advancing the Iraqi economy forward and the advancement of the banking sector condition.

They believed Najib that Iraq most in need of entry of foreign banks with a high level that deal modern technology encourages individual Iraqi to deposit his money where it enjoys great confidence, and called Najeebeh Government to amend the banking laws in order to increase the presence of foreign banks in the country, including the law's central bank and private banks, private and governmental.

The private banks seeking to find ways to expand the circle of its activities in the provision of banking services and collide with obstacles laws and ugly red tape and bureaucracy in dealing with state institutions.


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