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Experts: community banks vulnerable to bankruptcy and the government support
5/27/2015
Baghdad news / Baghdad
invited a number of experts and specialists in the financial and economic affairs, to the need to support local banks, especially those suffering from financial scarcity, noting that there are a large number of banks threatened with bankruptcy because they do not possess sufficient cash flow, as called for activating the investment side in the banking industry for the advancement of the national economy. " says
Executive Director of the Association of private banks Abdul Aziz Hassoun, said the government and the Central Bank, demanding to provide the necessary support to domestic banks own, especially with weak cash flow, rather than take deterrent punitive measures right, pointing out that the support of those banks means the development process support in the country on the grounds that local banks will contribute to the financing of investment projects and the launch of soft loans. "
He said Hassoun in a press statement, that "the necessary urgent to pass a new law for the banks working on the development and support of local banks and the fact that the current law hinders the opening up of local banks process the World, "stressing" the importance of promoting banking twinning between local and international banks to create a major development banks able to finance giant in the country projects, and thus we could be integrated and sophisticated banking system in the country. " The banking expert Mohsen Ali warned the exposure of a large number of banks local financial bankruptcy in the case not to consider it by the central bank and lend a helping hand to them, noting that there are big names of banks known threatened with bankruptcy and closure because they suffer from a financial shortage in assets. " Ali said in a press statement, the government and the central bank, demanding the encouragement citizens in dealing with local banks through bid farewell to their money and by certain dividends to save those banks, as well as encourage those banks to open new projects to lend citizens in various projects to accelerate development. "
For his part, member of the Committee of Economy and Investment parliamentary Ahmed Salim, said banks civil suffer from financial shortages and the government support. " Salim said in a press statement, he said that "there are several doors that can open in front of the Iraqi economy, including investment door, in addition to the modifying Law No. 13 to bring in capital," adding that "what is going through the country is directly linked with the economy and has a negative impact what makes the market in a constant state of stagnation. " He said that "to deal with the market situation at the moment has to be that the government with the support of private banks amounts of loans from the central bank according to the standards and controls," noting that "most of the banks scarcity of funds suffer because of lack of money in the market trading properly to the scarcity of the currency and this is reflected on and traders in general private sector. " He added that "the country is in crisis, security in light of the economic crisis and there are many reforms on the side of the economic sector of Iraq, including opening the doors to global banks and the exchange of bonds by private banks and partners in this aspect and all that enters in the revitalization of the Iraqi economy factors. " He noted that the "Committee for the economy in Parliament has a lot of reforms in the Iraqi economy, but it must be the stability of the security situation." it intends to Iraq's request for emergency funding worth 400 million dollars to 700 million dollars from the International Monetary Fund, while the government made a decision to issue government bonds worth $ 5 billion, and it continues to negotiate on their own terms. " pass the country in a state of fiscal austerity and a crisis in the provision of cash called on the government to think and study in the extension period payment of employees' salaries to forty days instead of a month and the imposition of numerous taxes to cover the deficit in the budget. " testifies Iraq and many countries in the world economic crisis, as a result of falling oil prices, the global stock market, below $ 48 per barrel, after it was $ 110.
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5/27/2015
Baghdad news / Baghdad
invited a number of experts and specialists in the financial and economic affairs, to the need to support local banks, especially those suffering from financial scarcity, noting that there are a large number of banks threatened with bankruptcy because they do not possess sufficient cash flow, as called for activating the investment side in the banking industry for the advancement of the national economy. " says
Executive Director of the Association of private banks Abdul Aziz Hassoun, said the government and the Central Bank, demanding to provide the necessary support to domestic banks own, especially with weak cash flow, rather than take deterrent punitive measures right, pointing out that the support of those banks means the development process support in the country on the grounds that local banks will contribute to the financing of investment projects and the launch of soft loans. "
He said Hassoun in a press statement, that "the necessary urgent to pass a new law for the banks working on the development and support of local banks and the fact that the current law hinders the opening up of local banks process the World, "stressing" the importance of promoting banking twinning between local and international banks to create a major development banks able to finance giant in the country projects, and thus we could be integrated and sophisticated banking system in the country. " The banking expert Mohsen Ali warned the exposure of a large number of banks local financial bankruptcy in the case not to consider it by the central bank and lend a helping hand to them, noting that there are big names of banks known threatened with bankruptcy and closure because they suffer from a financial shortage in assets. " Ali said in a press statement, the government and the central bank, demanding the encouragement citizens in dealing with local banks through bid farewell to their money and by certain dividends to save those banks, as well as encourage those banks to open new projects to lend citizens in various projects to accelerate development. "
For his part, member of the Committee of Economy and Investment parliamentary Ahmed Salim, said banks civil suffer from financial shortages and the government support. " Salim said in a press statement, he said that "there are several doors that can open in front of the Iraqi economy, including investment door, in addition to the modifying Law No. 13 to bring in capital," adding that "what is going through the country is directly linked with the economy and has a negative impact what makes the market in a constant state of stagnation. " He said that "to deal with the market situation at the moment has to be that the government with the support of private banks amounts of loans from the central bank according to the standards and controls," noting that "most of the banks scarcity of funds suffer because of lack of money in the market trading properly to the scarcity of the currency and this is reflected on and traders in general private sector. " He added that "the country is in crisis, security in light of the economic crisis and there are many reforms on the side of the economic sector of Iraq, including opening the doors to global banks and the exchange of bonds by private banks and partners in this aspect and all that enters in the revitalization of the Iraqi economy factors. " He noted that the "Committee for the economy in Parliament has a lot of reforms in the Iraqi economy, but it must be the stability of the security situation." it intends to Iraq's request for emergency funding worth 400 million dollars to 700 million dollars from the International Monetary Fund, while the government made a decision to issue government bonds worth $ 5 billion, and it continues to negotiate on their own terms. " pass the country in a state of fiscal austerity and a crisis in the provision of cash called on the government to think and study in the extension period payment of employees' salaries to forty days instead of a month and the imposition of numerous taxes to cover the deficit in the budget. " testifies Iraq and many countries in the world economic crisis, as a result of falling oil prices, the global stock market, below $ 48 per barrel, after it was $ 110.
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