Calls for activation of the legislative environment for the manufacture of sophisticated banking sector


To its importance in economic growth

BAGHDAD - Hussein al-Tamimi Tgb
Banking expert asked to provide a more flexible legislative environment to regulate the banking sector in the country, pointing to the importance of investing the money supply owned by the private sector and away from investment and the implementation of the benefit of their respective owners.

He confirmed the existence of a banking sector that my family is capable of promoting banking services and reach out to the world in the event of finding a legislative system is able to attract capital, domestic and foreign to the country, especially since a large number of international banks that recognize the importance of Iraq's economic to have the desire large to invest their funds in various sectors production and service.

Banking expert Sohail Abbasi said in an interview (morning): that the reality of the case of private banks need legislation a new legal work to expand the circles to deal with private banks, pointing out that the regulations in force issued by the Central Bank of Iraq's defiance of the area treated the government departments that have accounts financial and banks with a wide range of civil, especially that the reality of the services offered by much more than something to offer the public banks to speed their response to handle new technologies.

And the Abbasid government institutions have large sums of money, not handled in the correct format for the benefit of those departments and will bring it gains additional financial, explaining the importance of benefiting from the experience of the private sector, which raises the degree of his dealings with these banks, pointing out that the private banking sector applied to all controls and legislation overseeing government agencies with great accuracy.

He pointed out that banks worldwide have the desire to enter the field of banking business in Iraq and the presence in the arena of local banking, and this is clear from the correspondence with international banks, but it needs to study the work environment is available and stand at the most important determinants of the presence of these banks and contain access Bmassarva to World in services provided to customers, whether they are citizens or investors, pointing to the adoption of electronic clearing system, which was adopted earlier this year which is an important step on the road to block the passage of the financial flow in a short time and its positive impact on trade and economic movement in general.

He Abbasid saying: that the idea of ​​merging the private banks, which Do not have the capital they set by the Central Bank is a sound, but which hinder this trend not to realize the owners of these banks and promised him Mottagataa with their interests, where it appears there is a conflict on the Board of Directors of the new bank component from several banks.

He explained that the Statistics indicate that 85 percent of banking transactions shall be vested in government banks, the (15) percent, the other carried out by the private banking sector, which could not adopt all banking activities, despite the fact that a section of which was authorized by the executive branch of the Central Bank. Stressing that the square of the local economy bears a large number of private banks, which amounted to (43) banks have a great ambition to have a strong presence in the field of economic action in Iraq.

Abbasi he concluded that the first private bank in the Middle East opened its doors in Iraq in 1870, so the country was a race to rely on private banks and has many of the technical expertise that is distributed throughout the developed and operates banks and banks with high efficiency, due to lack of an environment encourage an attractive legal work within the country.