Official accused banks in Iraq to bring the hard currency of the country
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    Official accused banks in Iraq to bring the hard currency of the country

    Official accused banks in Iraq to bring the hard currency of the country

    1001 2016
    Confirmed for "Arabs Today" the need to provide a suitable environment for legislative work
    Accused the head of the Iraqi Institute for economic reform in the Council of Ministers, Kamal Al-Basri, government and private banks remove hard currency out of the country and not to contribute to a real role to support the productive sectors, calling on the central bank to limit the granting of new banking licenses.

    He called the visual, through dialogue with the "Arabs Today", the banking sector the performance of a greater role for the challenges of the financial crisis facing the country now, stressing that the government go to support the private sector will not achieve the desired results unless the interest in the banking sector so that it can support the agricultural and tourism activities and industrial, real estate and others.

    President of the Institute explained that the private banks in Iraq waiting for government support is not limited to only funding, but to provide suitable for work and the adoption of the Deposit Insurance Law legislative and legal environment, pointing to the existence of the Committee in the Iraqi Central Bank to stimulate aggregate loans to finance large projects, which means the participation of more than Bank Public and private through available liquidity has to support large projects.

    He added that private banks have sufficient liquidity to fund government projects, but it is associated with the support of the government to those banks legislatively and legally, noting that there are more than 50 banks a government or civil strife in Iraq, their work is limited to the sale of hard currency transfers without a real role in supporting the productive sectors, accusing those banks to "hard currency from the country's output."

    Visual and called on the Iraqi Central Bank to intervene to control the work of banks and limit the granting of new banking licenses, and calling for national banks to "bloc and assembly under Article 148 of the Companies Act No. 21 of 1997, to provide the head of accumulated capital position to finance important strategic projects in Iraq.

    He said the state budget did not address the problems in the economic and banking sectors, saying that the treatment should be carried out through out the oil-based rentier economy, and support the local product application of the Tariff Act; to create fair competition and prevent hard currency out and stop the corruption in this area.

    Visual and stressed the importance of replacing the auction currency documentary credits subject to the supervision of the ministries of finance, trade, the interior and the Central Bank, as well as the revitalization of the business sector through soft loans, pointing out that this is a basic condition for the growth of the national economy during 2016, and that the diversity of the banking sector and to allow the private sector is a positive step towards a free market economy.

    He also noted the need for non-banks to adopt on the sale of foreign currency and buying window and other issues are similar to money-laundering process, to contribute to the provision of funds and support investment, attributing the problems faced by private banks to their inability to provide cash long-term investors and projects.

    He concluded that a large number of private banks have shown its inability to repay deposits and credits either to depositors or companies, expected to be a difficult year in 2016 to Iraq in economic terms to lower oil prices and a lack of imports.

    2016 Arabs today


    Last edited by MadDScout; 01-10-2016 at 02:36 PM.

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