Presence of international banks in Iraq, the economy revives

8/12/2013 0:00

Chalabi : with the introduction of modern technology will be a competition for the most
BAGHDAD - Hussein al-Tamimi Tgb


Represents the efficiency of the regulatory environment for the private banking sector and an ambitious goal to be attained , where banks have achieved progress in civil work and most of the joints have become financial solvency can adopt the implementation of strategic projects which promote the reality of production and service .

This is what began president of the Association of private banks in Iraq , Adnan Chalabi talk in answering a question (morning ) on the evaluation of the workshop for amending the banking laws said that the local economy is heading towards an open market economy , and this is acknowledged constitutionally , pointing out that the despite the passage of 10 years, but there has not been any changes to the reality of the laws in force , and some of which do not fit the phase shift .

He cautioned Chalabi private banks that realize the meaning of the entry Banks global banking to the country , and with it the best technology global banking and , most recently , Standard Chartered Bank UK , which requires work on access Bmassarva to the same level in the provision of banking products , to gain more customers and keep existing customers , confirming the presence of international banks in a sophisticated way to enter the field of employment in the local competition will be greatest .

Chalabi added that private banks were able to develop their capital and has become a high sums of money required to invest in projects develop the local economy , pointing out that it would require an amendment to the laws in force and this is what the central bank runs it now .

He noted that the workshop CBI , which recently organized and stood at the article (28) which is an obstacle to the entry of banks to invest their capital in investment projects directly and there is a tendency to make the necessary adjustments on them.

And the reality of banking services offered by private banks, said Chalabi : Global banks offer more than 200 banking service developed to facilitate financial transactions provided to customers , while still services our banks without the level of ambition and to exceed their products (15) service , pointing to the importance that the law of private banks Mtcefa required flexibility that facilitate the operations of the supply of advanced technology and its dependence on a large scale to achieve these goals.

He called on private banks to cooperate with the Central Bank and a commitment to operations issued by the central and the convergence of views to create a climate preserves the stability of the financial market.

He Chalabi said that the Association of private banks in Iraq represents a vessel that combines private banks and has views towards the organization of the work of many private banking , calling for banks to cooperate with the Association in order to create a block local bank serving the investment process , which began doing within the country gradually .

He pointed out that the supply of advanced banking technology in a short time and work to keep up with developments in this sector , and the adoption of the evolving global regulations , so as to create the atmosphere of a competitive business serving the amount of work that awaits the country.

 He suggested Chalabi on banks that did not reach their capital to the approved by the central bank set to 250 billion dinars in the attempted merger to reach the financial ceiling is specified , as well as checks to the bank of the benefits when you achieve this integration.

Called on private banks to cooperate with the media , which represents the mirror reflective of the reality of the work of private banks and achievements during the last period , as well as advanced systems , which began to enter these banks gradually.

Chalabi and concluded his speech by saying that the country has a wide portfolio of investments in many sectors and this requires a well-developed banking sector provides services commensurate with the volume of work required by the stage , where there are local and international companies the heads of big money .


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