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Iraq needs 640 bank for economic improvement, said Specialists

04 Dec 2012
A number of specialists and experts said recently that the current Iraqi banks two branches of government and private sectors is not enough to contribute to economic improvement in the country, expressing that all 50 thousand citizens need a single bank to meet their banking requirements, with about 640 banks. It was also told that the need to promote rigorous international banks to inaugurate branches at home to strengthen the banking business and accelerate the national economy. It is noted that the banking system in Iraq consists of 43 banks as well as the central Bank and shared out by property 7 government and banks 30 Al Ahli Bank, including 7 Islamic banks along with 6 of foreign banks. The member of the Finance Committee MP/National Alliance/ Abdul Hussein al-Yasiri said that the strategic new economic which the country is presumed to be transported from the system socialist economy (totalitarian) system to a free market economy and private sector support, is working to achieve a balance between the local and international banks to contribute in the development of Iraq. Yasiri said that the current domestic banks is not adequate to meet all the needs of the economic process in the country, in terms of funding and deposit, the fact that the limited capital, in addition to it lacks the most basic services enjoyed by international banks. He added that international data suggest that all 50 thousand citizens need one bank to carry out their requirements in banking, since the average size of the population of Iraq is 32 million, when divided by 50 thousand will produce up 640 banks assumes that there in the country. A member of the Committee on the economy and investment MP/coalition in Iraq/Nahida Daini, the inability of profitable banks government to fill the requirements of the investment procedure and economic improvement in the country, due to lack of funds, calling for promoting open branches of international banks in Iraq in order to contribute to the economic development. The government banks of Bmusrfa Rafidain and Rasheed could not cover all the needs of the economic process in the state allows advances or percent salaries or loans, because not meet ministries debts to these banks, what made their capital a few. She pointed out that there are a lot of borrowers are in ‘trouble’ because they borrow money in installments to construct houses for them in the middle of their children depends loan due to lack of adequate funds, as well as the ministry of Finance approve a lot of projects in the country and the deal with her money as a result of the lack of cover Mali’s enough. Source: [The IQD Team]
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