Bank: the coming years will see significant growth for banks
On: Sun 11/20/2011 6:34
Baghdad / economic-term follow-up
Expected, a banking expert Ghazi Kanani significant growth for banks in the coming years based on the quarterly reports referred to by the Securities Commission for the banks in Iraq.
Kanani said, according to the Agency (news) The bank will see significant growth by increasing their capital and the amount of money deposited by the indication by the quarterly reports prepared by the Securities Commission and the Central Bank in 30/9/2011.
Kanani said that there is an increase in the size of banks' capital differently between a bank and another, in addition to increasing the volume of funds deposited and disbursed loans of them.
He pointed out that the interest rate when the increase would encourage the owners of the money from the public and companies to bid farewell to their money in banks, indicating that the central bank has taken a positive step in giving the freedom of each bank to determine the interest rate appropriate to him although there is an interest rate primarily in the Central Bank (4% .)
He Kanani that the interest rate controlled by the Central Bank of any sense that if he wants to control inflation "in the absence of control," it increases the interest rate to attract money and reduce the risk of inflation while in the process of economic development of the country, it reduces the interest rate in order to spend loans and dramatically.
It is noteworthy that at the end of the year (2010), the number of banks operating in Iraq have arrived in (43) banks, including (7) state banks with a total capital of about (6036) billion Iraqi dinars, as well as (36) private banks with a total capital up to (202) trillion dinars.
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