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Parliamentary Finance calls for the restructuring of the local banks in proportion to the global development
Economists urged the Iraqi government to restructure the banks in proportion to the global development of the global banks and keep up with economic openness with the countries of the world, expressing satisfaction over the decision of the contribution of the World Bank in restructuring state-owned banks to raise the rate of the Iraqi development. Restructuring has become an urgent need for government banks in proportion to the reality of the global economy, which has seen quantum leaps represented technological renaissance that facilitated and canceled a lot of routine obstacles faced by customers in the banking and financial system.
The restructuring of the banks as follows: -
/ Rehabilitation of human resources and attracting administrative and banking competencies and the provision of banking services
/ Rehabilitation Maalikis rights of individuals and provide sufficient financial liquidity at banks
/ Create real economic partnership between the state institutions to supplement the major projects of large liquidity
/ Solve the bad debt problems and provide real opportunities for the development of banking staff skills
Financial sources said that the delay in the development of technological systems in which they can connect bank branches centralized information network management, due to lack of funding faced by the government banks.
Parliamentary Finance Committee revealed its intention to restructure the legislation law Rafidain and Rasheed to free them from the domination of the Ministry of Finance, adding that the World Bank allocated ten million dollars to restructure the banks in the coming years for the development of the electronic aspects and raise the level of financial transactions.
So I went back to the financial circles of the Iraqi government to put development plans that advance the banking sector, the government, which represents 91% of the deposits, but was hit by helpless because of non-viable loans granted without adequate safeguards.
It is noteworthy that the Association of private banks in Iraq, estimated the number of private banks reached 32 banks in two decades, in addition to the growing number of branches in Iraq to more than 500 branches, with assets of more than 12 trillion Iraqi dinars volume of deposits in eight trillion dinars
For his part, called on the International Monetary Fund and the Central Bank of Iraq to take measures towards the gradual liberalization of foreign exchange offer through auctions held by the Bank so as not to repeat disorders suffered by the financial market in the past year.
It is noteworthy that Iraq has seven banks owned by the state and 23 private banks and eight Islamic private banks, according to the central bank's website, while dominated by the banking sector, banks, Rafidain and Rasheed Aovernmaan, currently undergoing restructuring for debt accumulated after years of war and sanctions repay
Although the Banking Act, despite repeated amendments do not keep pace with the great development witnessed in the Iraqi market since 2003 and until now, but the banking sector is one of the fundamental pillars for the promotion of economic growth in any country. Because banks and investment twins go hand in hand to make the process of growth and sustainable because it constitutes a financing channel for investment activities in Iraq and other developing countries.
Report: Ahmed al-Abadi
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Economists urged the Iraqi government to restructure the banks in proportion to the global development of the global banks and keep up with economic openness with the countries of the world, expressing satisfaction over the decision of the contribution of the World Bank in restructuring state-owned banks to raise the rate of the Iraqi development. Restructuring has become an urgent need for government banks in proportion to the reality of the global economy, which has seen quantum leaps represented technological renaissance that facilitated and canceled a lot of routine obstacles faced by customers in the banking and financial system.
The restructuring of the banks as follows: -
/ Rehabilitation of human resources and attracting administrative and banking competencies and the provision of banking services
/ Rehabilitation Maalikis rights of individuals and provide sufficient financial liquidity at banks
/ Create real economic partnership between the state institutions to supplement the major projects of large liquidity
/ Solve the bad debt problems and provide real opportunities for the development of banking staff skills
Financial sources said that the delay in the development of technological systems in which they can connect bank branches centralized information network management, due to lack of funding faced by the government banks.
Parliamentary Finance Committee revealed its intention to restructure the legislation law Rafidain and Rasheed to free them from the domination of the Ministry of Finance, adding that the World Bank allocated ten million dollars to restructure the banks in the coming years for the development of the electronic aspects and raise the level of financial transactions.
So I went back to the financial circles of the Iraqi government to put development plans that advance the banking sector, the government, which represents 91% of the deposits, but was hit by helpless because of non-viable loans granted without adequate safeguards.
It is noteworthy that the Association of private banks in Iraq, estimated the number of private banks reached 32 banks in two decades, in addition to the growing number of branches in Iraq to more than 500 branches, with assets of more than 12 trillion Iraqi dinars volume of deposits in eight trillion dinars
For his part, called on the International Monetary Fund and the Central Bank of Iraq to take measures towards the gradual liberalization of foreign exchange offer through auctions held by the Bank so as not to repeat disorders suffered by the financial market in the past year.
It is noteworthy that Iraq has seven banks owned by the state and 23 private banks and eight Islamic private banks, according to the central bank's website, while dominated by the banking sector, banks, Rafidain and Rasheed Aovernmaan, currently undergoing restructuring for debt accumulated after years of war and sanctions repay
Although the Banking Act, despite repeated amendments do not keep pace with the great development witnessed in the Iraqi market since 2003 and until now, but the banking sector is one of the fundamental pillars for the promotion of economic growth in any country. Because banks and investment twins go hand in hand to make the process of growth and sustainable because it constitutes a financing channel for investment activities in Iraq and other developing countries.
Report: Ahmed al-Abadi
[You must be registered and logged in to see this link.]
