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Calls for the economic development of state-owned banks
History of edits :: 1330253130 • 0 time readable
A number of economists that the state-owned banks need to further develop and modernize the regulatory framework for the full banking dealings.
In this regard, stressed the President of the Institute of Economic and Monetary former Minister of Planning Mahdi Al-Hafiz's News} {Euphrates that "there is a need to evaluate the reforms taken on the performance of the gravity of the financial sector as well as to assess their contribution in raising the country's economic growth."
"The economic performance and financial support to the borders of a large on the oil industry in the country, Foaúd oil constitutes about two thirds of GDP, which amounts to about 90% of the total financial resources, so the development of the financial sector would support the growth of economic sectors, non-oil."
He explained that, "notes the trend of private banks {civil} to develop their work and their practices in order to secure the performance of advanced banking but these efforts still need to promote and develop ongoing, where there are seven state banks dominate the banking sector, which is {Rafidain Bank and Rasheed, and the Trade Bank of Iraq!" .
He pointed out that "86% of banking assets owned by these banks in addition to 69% of the loans either private banks are still small and weak potential with a number more than forty banks."
As explained Deputy Governor of the Central Bank of Iraq the appearance of Mohammed Saleh {Euphrates News} that "the emphasis on the reform of State-owned banks and private {Rafidain Bank and Rasheed Bank} require urgent efforts to this goal includes the reform and the redistribution of roles and missions of government banks and private banks, including Bank of Iraq Trade {TBA} ".
He stressed "the need to reconsider the role of private banks, especially since it works in a heterogeneous environment in relation to the banks and the government there is a need to bridge the many gaps in the development of the core of these banks."
He pointed out that "the infrastructure of the financial sector is still weak and an obstacle to clear events funding and infrastructure repair and development of the level required Registration includes the credit and the development of an overarching framework in order to formulate regulations and legal frameworks, accounting, auditing advanced."
For his part, economist and deputy governor of the Central Bank of the former Iraqi Ahmed Abreha {Euphrates} News that "the small and medium industries and microfinance are other non-well-developed in spite of its importance in supporting the work of the large private banks and government."
He explained that "according to financial studies suggest that about 5% of the projects the economy official has received bank loans, and there is an urgent need to take the recommendations of the International Monetary Fund to make the financial sector more able to promote the missions of financial intermediation and promote the economic reality in the country." Ended
Updating :: 26/02/2012 13:45
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History of edits :: 1330253130 • 0 time readable
A number of economists that the state-owned banks need to further develop and modernize the regulatory framework for the full banking dealings.
In this regard, stressed the President of the Institute of Economic and Monetary former Minister of Planning Mahdi Al-Hafiz's News} {Euphrates that "there is a need to evaluate the reforms taken on the performance of the gravity of the financial sector as well as to assess their contribution in raising the country's economic growth."
"The economic performance and financial support to the borders of a large on the oil industry in the country, Foaúd oil constitutes about two thirds of GDP, which amounts to about 90% of the total financial resources, so the development of the financial sector would support the growth of economic sectors, non-oil."
He explained that, "notes the trend of private banks {civil} to develop their work and their practices in order to secure the performance of advanced banking but these efforts still need to promote and develop ongoing, where there are seven state banks dominate the banking sector, which is {Rafidain Bank and Rasheed, and the Trade Bank of Iraq!" .
He pointed out that "86% of banking assets owned by these banks in addition to 69% of the loans either private banks are still small and weak potential with a number more than forty banks."
As explained Deputy Governor of the Central Bank of Iraq the appearance of Mohammed Saleh {Euphrates News} that "the emphasis on the reform of State-owned banks and private {Rafidain Bank and Rasheed Bank} require urgent efforts to this goal includes the reform and the redistribution of roles and missions of government banks and private banks, including Bank of Iraq Trade {TBA} ".
He stressed "the need to reconsider the role of private banks, especially since it works in a heterogeneous environment in relation to the banks and the government there is a need to bridge the many gaps in the development of the core of these banks."
He pointed out that "the infrastructure of the financial sector is still weak and an obstacle to clear events funding and infrastructure repair and development of the level required Registration includes the credit and the development of an overarching framework in order to formulate regulations and legal frameworks, accounting, auditing advanced."
For his part, economist and deputy governor of the Central Bank of the former Iraqi Ahmed Abreha {Euphrates} News that "the small and medium industries and microfinance are other non-well-developed in spite of its importance in supporting the work of the large private banks and government."
He explained that "according to financial studies suggest that about 5% of the projects the economy official has received bank loans, and there is an urgent need to take the recommendations of the International Monetary Fund to make the financial sector more able to promote the missions of financial intermediation and promote the economic reality in the country." Ended
Updating :: 26/02/2012 13:45
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