Renewed calls for the development of the banking system of public and private
Baghdad, Hussein al-Tamimi Tgb
Achieve economic progress away from the adoption of developed banking system is can not reach the economy to the desired goals, as economists argue that the basis of the economy based on the possibility of adoption of the global monetary system developed is able to provide support for economic projects and service productivity, especially in the investment business of local and foreign-Ragheb into Iraq is dire need for advanced banking services include capital inflows into the country, in addition to the possibilities of supporting projects financially. Alaa Abdel economist Salman said in an interview (morning): that the suffering of the Iraqi economy is concentrated mainly banking side, where you can find today that the the local banking sector's weakest it takes the economic reality, pointing to the limited capital in these banks, in addition to the confusion that accompanies the work of some private banks, at the time there are private banks provide services acceptable, but sometimes affected by the mistakes banks faltering, which make them work under the instructions and regulations of the Central Bank, which issued on the organization of the work of these banks, you see some of the private banks, a restriction of the work, and these things is fraught with a lot of negatives on the investment business, which comes into the country, looking for the service of cash and which must be provided by banks through the adoption of methods cash advanced work that must be followed within the system of work.
He added that the reality of dealing bank in the country need to develop all his joints, because the services provided under the laws of ancient traditional does not serve the economic field, which leads to the need to review the mechanisms of government banks, and instructive cadres financial trained according to the methods of banking developed in the global financial institutions Advanced, and then begin the process of development of the Iraqi banking sector, noting that the Trade Bank of Iraq at the present time, adopt a system acceptable to serve the Iraqi economy at the present time, and we hope to activate the current regulations to provide better service to the local economy.
He Salman by saying: that the country needs to build an economic on the basis of a sound, strong, and this is by adopting a developed banking system is able to provide a high degree of sophistication that can provide support to projects of economic investment, and here pointed out that the banks were closed on the same also instructed the Central Bank, which is also restricted Btaúlh Chapter VII, which indicate a negative impact on the reality of his dealings International, at a time when the private banks listed on the mechanisms of action and work for its own benefit in the first place then the companies, as the central bank when the imposition of restrictions was due to some bumps that permeated the work of some banks has affected negatively on other banks able to offer great services, indicating the presence of banks with the largest real estate and property of their capital, and ask why it provides little support by the Central Bank? Although their systems to date, noting that the World Bank describes the private banks in Iraq as weak and can not deal with it, because it is subsidized, which shows that the construction of the project is winning the support of government is a failure, because the private banks need to support banks, the largest is the State-owned banks , especially that some private banks have worked on the training of its staff outside the country on the new regulations, saying the country needed to banking experience to manage the reality of private banks and investment funds within the country in economic projects that serve the country and the private sector is heading to the administration of the Iraqi economy in accordance with the Constitution local levels.. As for the Delete the zeros said that this approach leads to positive results, according to Salman and raise the purchasing power of the citizen, because the presence of zeros came to inflation and cost inflation and unemployment, and today this trend back the currency to its former level, and stop when the Turkish experience with the adoption of the subject to delete the zeros That led to the rise of economic, He noted that this matter must be accompanied by inter crack to keep the new currency, and that there is a solid mechanism for the process of replacing the large cash currency bloc in the country. The issue of equipment investment called Salman to the need to facilitate the procedures and tax rates that encourages the entry of production lines and materials
Logistics that promote the process of investment, and move away from the mechanisms used in the ports and border crossings that impact negatively on the reality of investment in the country because of the difficulties faced by investors when the introduction of their equipment and their machines, which comes out to develop production and service sectors of the various, and the investment process needs infrastructure help to promote investment reality.
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