Automatic teller machine in one Iraqi banks
Many Iraqis still tends to keep his money and her firmness at home without recourse to banks and open a special account, despite the increasing number of private banks by the Government and established banks.
Recent decades have undermined the confidence of Iraqi citizens in the banking system the prestige to keep the money at home or transferred to other forms of value such as real estate or gold.
They believe that the political and security situation in Iraq during recent decades, wiggle the dinar price during a period of economic blockade, some lost confidence in Iraqi banks, which already suffered from weakness in the breadth and diversity of services, and lag.
With a limited relationship with the banks but Ahmed Samer from Sadr City in Baghdad feared bureaucratic nestled in most State institutions, which are associated with bribery even if our parting, and aims to open a bank account.
53 banks did not win the confidence of the majority of Iraqis
The number of banks in Iraq today 53 banks, including six state banks, Rafidain Bank and oldest, founded in 1941, although the Director of the Association recognizes private Iraq banks-Nasser Hassan, speaking to radio free Iraq weak banking and slow, low awareness in the citizens Bank overall, noting the lack of preparation with Iraqi banks compared with in all the neighbouring countries.
Professional notes that despite mounting signs of economic development in Iraq, does not record the banking sector developed is directly proportional to its services, which represents a major challenge for Iraq, according to a former agent of the Central Bank, Mohammad Saleh appearance.
Saleh said while talking to radio free Iraq as a positive development the Bank actually reinforced by the banking law that would allow the Iraqi banking and financial system opening to the global system through management agreements, and the development and automation of banking service, is what you need all Iraqi banks.
Global banks looking for an opportunity in Iraq
Recent weeks have seen remarkable global banks mobility such as Citibank and Standard Chartered, which wished to create activity in Iraq, through visits of large global enterprises leaders and meet senior Iraqi officials, but some feared that this desire collide several negative factors in the undergoing political and security tightening continued.
World Bank expects Iraq's economy to grow by 9 percent this year, compared with just over 2% of the world economy as a whole, last year Iraq has become the second largest oil producer in OPEC, pumping more than 3 million barrels of crude oil per day.
This optimism requires significant cooperation between the State and the private banking sector to face the accusations against the Central Bank and other banks, governmental or civil, according to economist Majid did not deny the symbolic failure of Iraqi banks to improve their services, and the need to develop staff and introduction of modern technologies in the world of banking.
Pending the improvement of services and develop efficient workers in the banking sector and attracting citizens keep Hussein Yassin from Baghdad's saydiyah reluctant to go to a bank to open an account and deposit money, radio free Iraq, acknowledging that he did not know the use of instruments, as well as it had not seen the use of bank credit card only in film and television.