State-owned banks attract 90 percent of the deposits
Date: Monday, 10/17/2011 18:44
Citizen - the follow-up
The Minister of Planning and Development Cooperation Mahdi Hafez former, that any monetary policy in countries that adopt free market economy and encourages constructive competition, we must be careful to provide banking facilities to the private sector.
He said on the sidelines of a seminar on monetary and fiscal policy held in Baghdad this week, that one of the reasons for the reluctance in the development of the private sector is the absence of official controls required in the banking or weakness, and to provide an interest charge reasonable to enable investors to embark on the construction procedure, the resolution of problems experienced by of the national economy. He noted that the confusion made in trade policy, especially the absence of tariffs, represents a serious obstacle for the development of the private sector, specifically in the field of industry, can not continue the country without serious protection that would provide proper safeguards to encourage the Iraqi investors, particularly industrialists of them in the face of indiscriminate import of goods and services from abroad.
He told «life» that restoration of national protection and confirmed an important element to assume Iraq's position economically acceptable at the regional and global, a catalyst to accelerate the acceptance of a full World Trade Organization.
And the role of private banks in monetary policy and its contribution and if the required level, Hafiz said that a lot of those concerned with the banking sector believe that they are completely out of the picture, there are about 36 private banks in addition to the seven-governmental organizations. According to available information that about 90 percent of bank deposits settle in the latter officially authorized to deal with the monetary financing of government.
He criticized the development of Iraqi and foreign investors on an equal footing, because it harms the Iraqi side, the private sector was entitled to recover a lot behind the high walls of tariffs and customs import licenses and open markets, and this is the «sense of principle and practice of the renaissance of the national economy, and evaluate the fiscal and monetary policies, the development of Iraq on the right track of economic freedom, competition and diversification
[CENTER][COLOR=#b22222][B][SIZE=3]"Truth is everlasting, but our ideas about truth are changeable. Only a little of the first fruits of wisdom, only a few fragments of the boundless heights and depths of truth, have I been able to gather"[/SIZE] [/B][/COLOR][/CENTER]