In order to revitalize the banking sector Hassoun proposes to subject the public to the control of the central banks

1/6/2016 0:00

Baghdad Suha Shaykhli
He attributed the causes of banking expert curtail the role of banks in Iraq to lack attract deposits at a time when the deposit is to be a means of activity and effectiveness of credit did not work, where the heads of their money.


He said banking expert Abdul Aziz Hassoun (president of the Association of private banks previously) - The disparity in the volume of deposits in Iraq, attributes some of the security situation and political developments made the exchange rate uneven, and the imbalance suffered by the banks managing Hoadm spread, while in the countries of the world there are the means used by banks, including giving gifts to students to encourage them to save.

The role of banks

And the solutions required to revitalize the banking sector, especially after the financial distress Hassoun pointed out that despite the fact that the banking sector has developed his work using modern technology and foreign relations with banks around the world, yet the technology is expensive, but the intensive use be spending feasible, pointing out that Iraq the only country that pays wages and salaries in cash and suggested that there be a network of banks in which the employee can open an account and can convert his salary and thus encourage saving process which have benefits.

Hassoun and called for the need to rebuild bridges of trust between government authorities and banks first returned what has happened in the banks of the charges because of the behavior of some of the reason stagger their work and made the citizen alienate them, wondering why he did not deal with the private banks, despite the presence of the central bank supervision by a licensed and has the financial possibility and cash in excess of 50 percent. This means that the money off.

Privatization of banks

And the reasons for the weakness of the contribution of banks in the development, Hassoun said: that the Rafidain Bank, established in 1941 and Rasheed in 1988, deposits in an old government banks and trust by clear and guaranteed but with that deposits are still limited government, banks and deposits of 30 trillion Denaroacialh 20 trillion dinars, and there is a distinction in the application of laws on private banks, adding that the central bank imposes on private banks to raise their capital substantially and here they have to include also the government banks to increase their capital.

And called for a solution to the assignment of 27 banks problematic factor to the Integrity Commission and the Finance Court fined these banks after massive irregularities in money is not installed, but that is in charge of the merchant importer, and fines of up to 50 billion has been Installments.

He concluded his speech Hassoun Ptoukath 2016 that the banks will work smoothly after taking reasonable precautions and stabilize its position even if did not sleep, and wished to attract deposits and earn the public's trust, stressing that the banks are in a corner of the foundation's money-generating economic process.