Iraqi Banks ~ Calls to activate the role of private banks in economic development

Snip ~ *Iraq under the table of Chapter VII of the Charter of the United Nations was still an obstacle in front, though the exchange banks to provide all banking services to customers of citizens within and outside of Iraq from the remittances of internal and external and letters of credit and letters of guarantee and development processes, etc., It is also moving in its activity, according to the operations of the Central Bank to deal in the fight against inflation

05/12/2011

Calls to activate the role of private banks in economic development

Baghdad, rising chorus for the need to work to promote mechanisms of action of private banks in the country, for its prominent role in the process of economic boom, through the services provided to the production and service sectors, at the time called economic experts that exclusive private banks on the basis of solid, and offer advanced services and quick to the public beneficiaries.

Continues ...read more ..

economist Qasim Khazraji told (morning): The contribution of private sector banks in the economic and social development is very important, especially in the phase shift which we live today, pointing to the importance of supporting the private and public sectors of these banks to continue and grow in their activities and the development of its business for the better Sectors Economic started to grow gradually and catching the world towards Iraq has been growing remarkably, which imposes the need to access banks for what he has reached international banks.

He said, when private banks expectations of investment major development only The article (28) of the Banking Act currently prevent these aspirations has asked banks modified has to understand the central bank that, but did not get modified to the day, indicating that these banks was founded to work with a capital-funded Iraqi private sector and contributed to the capital without the burden of the State, so the private sector banks have worked to invest funds of the private sector in the creation of these banks are using their money and their potential in the service of society and national economy, and there must be encouraged and bringing it to the ranks of international banks, especially since it is characterized by the spread over a wide area of the provinces Iraq to provide its services to all sectors where they exist in different orientations commercial, industrial, agricultural and construction sector, services and others.

He pointed out that the private banks a prominent role in the operation of other institutions such as insurance companies and the stock market and has a distinct role in the transfer of shares in the Iraqi market for securities and the feet of investors to buy shares, one of the major investments in front of the citizen, and this service investment by the private sector investor Iraqi and foreign, as they are required to have greater freedom to develop its business, although it started years ago to work for the purchase of banking systems and comprehensive use of accounts and electronic linking its branches network communications via satellite and the of the calculated to the security situation use the sites outside of Iraq to put his accounts in the sites honest and linked with its branches and its public administration operating in Iraq and imposed here that are homogenous with the public sector.

He Khazraji saying that the financial sector banking civil works funds of the Iraqi private sector and have an active role in the fight against unemployment and run workforce of graduates with specialties business, financial, legal and graduates of technical disciplines in the accounts and systems programming and disciplinary engineering to work within its staff and has a role in the operation of local employment, adding that some banks recycles ATMs ((ATM and contracts with international companies to ATM service and management operations withdrawal of these services all over the world, and payments for their purchases using the cards, MasterCard and Visa Card and put it in reach of its customers which is accomplishing an important and newly measured years of existence, this banking institution in the country, and drew attention to enable them to build relationships with many banks and Arab world to work as reporters have

Although the circumstances of economic sanctions against the former and the continued existence of Iraq under the table of Chapter VII of the Charter of the United Nations was still an obstacle in front, though the exchange banks to provide all banking services to customers of citizens within and outside of Iraq from the remittances of internal and external and letters of credit and letters of guarantee and development processes, etc., It is also moving in its activity, according to the operations of the Central Bank to deal in the fight against inflation.

He pointed out the need for the expansion of banks use depositors' funds in the operations re-investment and the granting of loans, advances and overdrafts in trade accounts and discount bills of exchange and open letters of credit and the issuance of letters of guarantee internal and external financing the purchase of private cars and productivity, housing, and has thus contributed to the economic activities of the various sectors within Iraq.

also must work to create cadres of banking intern and sophisticated wider than it is through their participation in the sessions banking inside and outside Iraq, noting that many of these banks worked on the investment their funds to buy bonds, government debt of the various an effective contribution to support the publication of the Ministry of Finance and Central Bank of Iraq from remittances Alkhoznipp.

and called for a unified study supported by economic policy and raise some of the barriers from the private sector to exercise active role in the construction and reconstruction and overall development.

link