Economist calls for restructuring the banking sector and the introduction of modern technology work

Published on Saturday, September 22 / September 2012 08:27 | Written by: kawthar



BAGHDAD / With: called Mustansiriya University economics professor Ali Al-Shammari, Saturday, to restructure the banking sector and to enact laws that more disciplined by the central bank to regulate the sector, pointing out that some banks operate without controls have affected economic activity.

Al-Shammari said the reporter and news agency the future, that: "There are special mechanisms operate accordingly private banks in the country, but despite the existence of these mechanisms, there are several violations practiced by some of these banks, and this is due to the absence of laws and rigorous governing the work of those banks, where to be bound by it, "and that" there are many private banks went bankrupt during the past few years, thus affecting the confidence of citizens in banks eligibility significantly. "

He explained that: "Economic activity in the country relies heavily on the work of private banks, through their dealings banking and created the investment environment to work in the country, facing difficulties in work due to bureaucracy and a lack of laws regulating the work", calling for a "restructuring of the banking sector and enact laws more disciplined by the central bank to regulate the sector, and the introduction of modern technology in the banking business through the provision of banking services to mobile phone subscribers, to facilitate the circulation of cash in the country. "

Iraq has seen after the change of the former regime in 2003 increased significantly the number of private banks operating in the country, enabling some of them to stay and work to this day, while months and many of them declared bankruptcy for many reasons (finished)

Ahmed al-Rubaie


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