Private banks demanding the lifting of restrictions on government institutions to deal with it
Date: Monday, 11/14/2011 17:46

Citizen - the follow-up
Confirmed Credit Bank of Iraq that Arab banks and foreign countries do not exceed the capital, each of which seven million dollars, operates in wider Iraqi private banks to provide letters of guarantee, given the failure of government institutions to take advantage of this service with private banks, which have doubled their capital and deposits. The Executive Director of the Bank of Fouad al-Hassani that needed most to lift restrictions on the handling of government institutions with the private banks, of which there were 32 banks and supported to play a greater role in investment and development and enable them to compete in the banking market, especially that Iraq is widely attended by the Arab banking sector and foreign branches and is currently available to banks for the Lebanese, Turkish and Iranian as well as branches of the world's largest banks. The Hassani to the need to amend Article 28 of the Act, private banks, allowing them to open up to investment widely and activate the resolutions of the Economic Commission for up to deal with private banks in response to the content and objectives of the resolutions of the «Central Bank of Iraq» to increase their capital to become more effective and the ability of performance to meet the requirements for reconstruction and construction.
He noted that in his statement to (life) that the four banks now have the advantage is that the size of their deposits equivalent to four times their capital, indicating the confidence of dealing with these banks. إلا أن هذه الميزة However, this feature emphasizes the need to consider the conditions of other banks, giving it the opportunity to overcome its financial status through the development of marketing plans and successful deployment and employment of the larger deposits have in funding for the purposes of trade and investment service for economic development and production.