Economists call for changing banks "inefficient" in restructuring of the banking
Economists call for changing banks "inefficient" in restructuring of the banking system 2016/03/13 (00:23 pm)
Invited specialists in economic, on Saturday, the Government changed the financial and banking institutions, emphasized the need to restructure State banks in accordance with developments in the financial systems in the world, and called for the introduction of modern technology in their daily transactions.
The Ministry of finance, revealed the complete 90% of Bank structure and stages of Mesopotamia, and confirmed the move to draft restructuring through the global mechanism to support the financial situation.
And Economist Mustafa Mohammed Habib said in an interview for "range" to "Iraq's banking system late significantly from global and regional systems as a result of disruption of communication with the world during the years of the embargo in the 1990s".
He added that "recent years following 2003, successive governments haven't put discreet plans for restructuring the banking system in line with market shifts that have seen considerable openness to global markets."
Beloved explained that "the accumulation of misguided economic policies and lack of critical bug fixes in the process embodied in the country's banking and financial administrative and financial corruption produced nestling in most joints of economic institutions, the most important banks and State banks which are the fundamental basis of the Iraqi economy."
The "do-it-yourself solutions from time to time to address some of the crisis does not develop the movement of money and moving smoothly during the commercial exchanges between companies and individuals, on the one hand and the Government and the private sector."
Habib stressed that "the Government banking system lacks the simplest tools that contribute to cancel most of the routine steps that cost the State more money, while the regional States took advantage of technological development as a Visa card, MasterCard in addition to ATM and electronic trading.
He was General Manager of Rasheed Bank Mohamed Abdelwahab said Saturday (20 February 2016), a (range), that "the process of restructuring the Bank and Rafidain started years ago in order to give greater support to the banks through an internationally certified".
Abdul Wahab said that "90% of the stages of restructuring the banks so far, advancing the process of restructuring the banks to support the financial situation.
In turn, economic expert said Uday Abdul Amir Amir in an interview for "term" that "Rafidain Bank and Rasheed are among the major banks operating in Iraq and have experience in the management and operation of public and private funds through mobile and fixed deposits.
"Banks need to reassess the development revolution to the splendor and glory of the banking system, which declined during recent years by laws that are enacted and ill-advised instructions which insisted on implementation of inefficient departments of State institutions".
Amer said that "multiple Government and private banks in a short period of time without the application of regulations on the development of State banks led to its decline and limited to certain loans granted by different titles such as auto loans and housing loans with large non-financial stocks an investor".
The "restructuring needs efficient management can develop its banking business in accordance with the open market that needs fast and substantial financial capacity."
It was Iraqi Central Bank Governor Ali al-allaq, revealed (November 2015), a proposal to restructure the Bank and Rafidain to the many administrative and technical problems, as pointed out the possibility of putting some of their private sector.
The Rafidain, in (November 2014), to ask Parliament to restructure with the Rasheed Bank, does not mean separation from the Ministry of finance, but come to improve OSH rank and increase the effectiveness and the mechanization of work along the lines of global banks, indicating that recent breaches fueled with CBI, a reviewing system to regulate the "tougher" to control it fully.
And Iraq's banking system consists of 43 banks, as well as the Central Bank and distributed by seven governmental property, 30 private, including seven, as well as six foreign banks