50 banks sell the dollar but I share the financing of projects and experts claim to benefit from the flowability

Author: HH, MJ
Editor: BK, HH

2016/01/09 14:28

Long-Presse / Baghdad
Counting experts and officials, bankers and Financial, said on Saturday that the government go to support the private sector and face the repercussions of the financial crisis "will not result in" desired results "unless" provide legislative and legal environment that supports the banking sector, and accused the government and private banks that are currently not contributing to the role of a "real" to support the productive sectors, as called for the central bank to limit the granting of new banking licenses, the bloc demanded banks to provide venture capital accumulated position to finance important strategic projects.

The executive director of the Association of Iraqi banks Ali Tariq, in an interview to the (long-Presse), "The banking sector should have a greater role to meet the challenges of the financial crisis facing the country now," she returned to "directed the government to support the private sector will not yield the desired results no interest in the banking sector to be able to support the agricultural and tourism, industrial and real estate activities. "

He said Tariq, that "private banks in Iraq waiting for government support is not limited to financing by, but to provide suitable for work and the adoption of the Deposit Insurance Law legislative and legal environment," adding that there is a "committee in the Iraqi Central Bank to stimulate aggregate loans to finance large projects, which means the participation of more than a government and a private bank through available liquidity has to support large projects. "

He assured the Executive Director of the Association of Iraqi banks, that "private banks have sufficient liquidity to fund government projects," but he also said, "But this is linked to the government to support those banks legislatively and legally."

For his part, the General Secretariat of the Iraqi Institute for economic reform by Zuhair al-Hassani, in an interview to the (long-Presse), said that there is "more than fifty banks, government or civil strife in Iraq is currently limited to work on the sale of hard currency transfers without a real role in supporting the productive sectors" , accusing those, banks and banking agencies to "take out hard currency out of the country."

He called al-Hassani, the Iraqi Central Bank to "intervene to control the work of banks and limit the granting of new banking licenses," and urged national banks to "bloc and assembly under Article 148 of the Companies Act No. 21 of 1997, to provide the head of accumulated capital position to finance important strategic projects in the Iraq".

He said a member of the Secretariat of the Iraqi Institute for Economic Reform, that "the state budget did not address the problems in the economic and banking sectors," returned to "address the problems should be carried out through out the oil-based rentier economy, and support the local product through the application of the tariff law Customs to create fair competition and prevent the exit of hard currency outside and stop the corruption in this area. "

The al-Hassani, the importance of "the replacement of the auction currency documentary credits subject to the supervision of finance, trade, the interior and the central bank and the ministries, as well as the revitalization of the business sector through soft loans," pointing out that "it forms the basis of the condition for the growth of the national economy during the current 2016".

In turn, said a member of the Commission on oil and energy parliamentary bloc of the Virtue beauty Muhammadawi, in an interview to the (long-Presse), "The diversity of the banking sector and to allow the private sector is a positive step towards a free market economy."

The Muhammadawi, the need to "non-banks rely on the sale of foreign currency and buying window and other issues are similar to money-laundering process, to contribute to the provision of funds and support investment," attributing the "problems faced by private banks to their inability to provide cash long-term investors and projects." .

The member of the Commission on oil and parliamentary power, that "a large number of private banks have shown its inability to repay deposits and credits either to depositors or companies," expected to "be in the current 2016 difficult for Iraq in economic terms to lower oil prices and a lack of imports to the state treasury."

The head of the Council of Ministers, Haider al-Abadi called in (the 12th of December 2015 the past), the banking sector to make a "leap quantity and quality" in its activities, and stressed the government's determination to activate the role of private banks, while warned of "obstacles" delayed the work of banks put own, he pledged to "hold negligent."

The banking system in Iraq is made up of 43 banks, as well as the central bank, and are distributed according to government ownership between seven and 30, including an Islamic civil seven, as well as six foreign banks and is distributed as follows: 600 branches throughout Iraq.