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IRAQ DOSSIER
Chapter VII obstacle in the way of advancement of the banking sector
The entrance to the Iraqi Central Bank in Baghdad
30.06.2011
Faris Omar , Khalid Waleed
Long live Iraq, long years in isolation almost completely from the outside world and its development because of the adventures of the former regime, and this isolation to the failure of vital economic sectors behind the accelerating progress at various levels, and contributed to the consecration of such failure the policy of the previous regime of central planning and controlling the bureaucracy on the national economy in all joints.
The banking sector was most affected by this international isolation and economic Alawamra at home. After eight years to change the Iraqi banks still operate in ways that the consumer is still primitive and the Iraqi cash deal at a time when the credit card became a substitute for this form of payment.
Radio Free Iraq adviser met with the Central Bank of the appearance of Mohammed Saleh, who described the case of the Iraqi banking sector as backward, pointing to the dominance of state banks in ways that work on the worn and weak activity of private banks on the other.
The failure of the banking sector of the reasons behind the reluctance of foreign capital from coming into Iraq. This is true on the international banks, large still exist modest a negligible role in Iraq despite the fact that these banks can deliver expertise and working methods developed to their Iraqi counterparts as well as its contribution to the advancement of the Iraqi economy in general through its financial services to local businesses.
In this regard, the central bank adviser brought us the appearance of Mohammed Saleh Chapter VII notorious as the leading obstacles that block the entry of international banks and capital investment in general to Iraq. He said that the provisions of Chapter VII, which states that Iraq is a threat to international security after eight years of change and discourage foreign banks deterred from coming to Iraq.
He also noted the benefit to the failure of the payments system, which prevents the contribution of the presence of international banks directly in the financial sector of Iraq, noting that Iraq is still his cards cash in hand, all while banking transactions completed via the Internet.
Economic analyst Antoine Basil beautiful summarized the Iraqi banking sector was drawing a picture of Sarah security reasons, bureaucratic and discriminatory practices against the banking sector and the total absence of civil banking culture among both the level of departments or citizens.
In 2004 the government issued a law removes all the obstacles that prevent the coming of foreign banks, and provides various incentives to encourage them to come. But what the laws say something on paper and in practice on the ground is quite another.
More details in the audio file.
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Chapter VII obstacle in the way of advancement of the banking sector
The entrance to the Iraqi Central Bank in Baghdad
30.06.2011
Faris Omar , Khalid Waleed
Long live Iraq, long years in isolation almost completely from the outside world and its development because of the adventures of the former regime, and this isolation to the failure of vital economic sectors behind the accelerating progress at various levels, and contributed to the consecration of such failure the policy of the previous regime of central planning and controlling the bureaucracy on the national economy in all joints.
The banking sector was most affected by this international isolation and economic Alawamra at home. After eight years to change the Iraqi banks still operate in ways that the consumer is still primitive and the Iraqi cash deal at a time when the credit card became a substitute for this form of payment.
Radio Free Iraq adviser met with the Central Bank of the appearance of Mohammed Saleh, who described the case of the Iraqi banking sector as backward, pointing to the dominance of state banks in ways that work on the worn and weak activity of private banks on the other.
The failure of the banking sector of the reasons behind the reluctance of foreign capital from coming into Iraq. This is true on the international banks, large still exist modest a negligible role in Iraq despite the fact that these banks can deliver expertise and working methods developed to their Iraqi counterparts as well as its contribution to the advancement of the Iraqi economy in general through its financial services to local businesses.
In this regard, the central bank adviser brought us the appearance of Mohammed Saleh Chapter VII notorious as the leading obstacles that block the entry of international banks and capital investment in general to Iraq. He said that the provisions of Chapter VII, which states that Iraq is a threat to international security after eight years of change and discourage foreign banks deterred from coming to Iraq.
He also noted the benefit to the failure of the payments system, which prevents the contribution of the presence of international banks directly in the financial sector of Iraq, noting that Iraq is still his cards cash in hand, all while banking transactions completed via the Internet.
Economic analyst Antoine Basil beautiful summarized the Iraqi banking sector was drawing a picture of Sarah security reasons, bureaucratic and discriminatory practices against the banking sector and the total absence of civil banking culture among both the level of departments or citizens.
In 2004 the government issued a law removes all the obstacles that prevent the coming of foreign banks, and provides various incentives to encourage them to come. But what the laws say something on paper and in practice on the ground is quite another.
More details in the audio file.
[You must be registered and logged in to see this link.]
