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Economic centre: Iraqi banks without global standards and virtually closed to external communication

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Hkp1
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Economic centre: Iraqi banks without global standards and virtually closed to external communication

Post by Hkp1 on Thu 14 Feb 2013, 7:11 pm

Economic centre: Iraqi banks without global standards and virtually closed to external communications


Published: 1: 21 pm, February 14, 2013 by ipa 2

Baghdad
(IBA). Chief economic Daraghma Media Center Mohammad Ali, the banking
business in Iraq without global standards and lacks the large capital
and foreign contacts, explaining: there are companies working in banking
capital is greater than the current banks capital.

He said in a
statement to the independent press agency (IBA). "Current banks operate
small capital and limited capacity and the absence of international
conventions for absence of sedate in their performance and cannot be
developed individually, adding: the ways of development for Iraqi banks
depends on friction with foreign banks extended and its contracts with
global partnerships. "

The development of banks depends on "a
plan for the development and activation of credit mechanisms in addition
to activating mechanisms reduce safeguards and increase the possibility
of granting loans from private banks, adding to that the Venus Flytrap
investment through the granting of loans to Iraqi industrialists and
investment projects coming from abroad and do external communications".

"Now
banks virtually closed the procedure and would not benefit from the
amounts deposited with it as safe as Treasury deposits lower interest
rates kthasal applicant that is always given credit and loans to
citizens and potential lending a few possibilities."

"The Iraqi
banks can develop only through their involvement with global banks and
increase their capital, the Central Bank imposed capital increase but
this increase is not enough unless an internationally acceptable levels
and are currently below international standards."(End)


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