The banking expert, Basim Jameel, criticized the way of the work of Iraqi banks in granting loans and advances for the citizens, referring to the complicated procedures which do not serve the economic process in the country.
Jameel told the (Agency news) on Monday: The method used in government and private Iraqi banks operations in the granting of loans and advances of the citizens do not serve the economic process in the country as it increases the interest rate and demands high guarantees that a citizen cannot achieve.
He added, there must be facilities by Iraqi banks in dealing with citizens in order to serve the country, because the granted loans will be either industrial to open small businesses or real estate for the construction, agricultural or residential units for the advancement of the agricultural sector.
He also said that the interest rate must be reduced on loans and to facilitate the procedures of its launch.