Adviser to government calls for private banks to merge to provide large amounts of capital
03/02/2011 11:53

Baghdad, February 3 (Rn) - The government economic adviser to the merger of private banks to provide large amounts of capital can promote the banking sector in the country.
Said Abdul Hussein Al-Anbuge told the Kurdish news agency (Rn) that "the private banks operating in Iraq are still banks (family) did not reach the level of partnership cash banks active in the Iraqi economy."
The Ministry of Finance of Iraq to more than 90% of private banks in the country operate according to distinct monetary controls, indicating that the Central Bank of Iraq has succeeded in the development of private banks during the last period.
Anbuge added that "the advancement of the banking reality in Iraq begins through the pursuit of private banks to merge and form a strong cash banks have the ability to develop the banking system in the country."
The total capital of Iraqi private banks $ 30 million in 2004 to one billion and 600 million dollars now, other than those owned by the branches of Arab and foreign banks operating in the country.

The Anbuge that "the private banks have the means of monetary and banking sophisticated and modern, but the main obstacle faced by the weakness of their capital, making it unable to meet the government banks."
The Ministry of Finance announced in the May / May for the formation of an ad hoc committee to develop and organize the work of private banks in the country.

Anbuge and that "there are great efforts made by private banks in the development of its banking and elevate it to the level of international banks in business dealings."

The number of private banks rose from 17 banks in 2004 to 31 banks currently in the number of branches in Baghdad and other provinces from 100 to more than 600 branch to compete in the number and level of services branches of the Rafidain and Rasheed.