Calls for review of Bank stock prices and tightening controls on banks 1/6
Calls for review of Bank stock prices and tightening controls on banks
June 6, 2016, 4:59 pm
He invited a number of experts and specialists in economic and banking to be reviewed by Bank share prices and tighter government control and supervision of the Central Bank to banks in particular eligibility for development work and avoids the problems of finance and money laundering, saying that 77% of Iraqi monetary accessible outside banks as a result of lack of confidence in the banks.
Former Planning Minister and member of Parliament mp, Mehdi Hafedh, the work of local banks is still limited due to the lack of confidence of the citizens and business owners, because there are many problems in its work as a result of the absence of effective control over the banks in particular.
Al-haafiz said that the Central Bank's supervision of banks remains weak largely what make some banks have the audacity to do monkey business hurt the national economy and the reputation of local banks, the Central Bank and the Government and Parliament to tighten controls on banking sector development banks and money laundering as well as to keep away from any financial problems. He noted that dollar sales by the Central Bank represents a sensitive issue for citizen assumed to dominate the process of converting amounts in the normal way and easy as it is in other countries, stressing the lack of separation between what exists in the transactions of the banking sector, the Central Bank and State corruption in the State.
Economic expert called by the name of Anton, to the need to reconsider the Bank stock prices, pointing out that there are 77% of Iraqi cash outside banks and if this volume accessible to financing Government budget deficits in Iraqi dinars and dollars by borrowing from the banks, and this was the result of a mistaken approach for banks and lack of monitoring and follow-up and the role of the Registrar of companies.
Anton said that the banking system because of concussions suffered by and large withdrawals from banks and some not to the level of responsibility led to shake the confidence of the citizens in these banks.
He stressed the importance of reviewing the criteria for lack of Government and the lack of legislation on this matter, calling activate control procedures the Central Bank away from the compliments.
Banking expert bedalazis حسون٬ said the difficult conditions in which the private banking sector currently troubling, specifically under the tripping that accompanies خاصه٬ banks performance especially regarding their ability to meet the rights of depositors.
Finch noted that trust between the citizen and private banks are currently difficult, perhaps fade until address this situation in the sector, pointing out that the reluctance of some banks pay depositors of citizens citizens who have accounts in other banks financially stable and able to meet the demands of applicants to withdraw their deposits in case of any emergency.
The situation requires measures from the Central Bank of Iraq to return public confidence in banks because her guarantor responsible activity and work.
The private banks have developed qualitatively offerings have ranged from short years in practice all forms of banking activity and adopt mechanisms and modern systems, calling on the Central Bank to tighten its supervision of banks and support necessary to restore confidence in the banks.