April 28, 2014 at 9:34
The governor of the Central Bank and the Agency Abdul Basit Turki Saeed, Sunday, that the private banking sector in Iraq has seen little growth over the past decade.
He said Turki said that "private banks in Iraq did not work as a sector integrated during the past 10 years, but I just tried to take advantage of the opportunities of the Iraqi Central Bank in its daily auction," noting that "the work of the banking system in a simplified lies role in the receipt of individual savings and secured to the investor Mini ( credit + loans) in addition to the normal role of banks to provide the necessary funds for investments. "
He added that "some of these banks rely in this way depends on what most of the banks of the profits achieved Mnamilit buy foreign currency at the central bank auction daily, while other banks adopt my game so-called letters of guarantee to increase its capital."
He pointed out that "the central bank since 2013 and has tried to reduce this effect, and the adoption of recommendations to support the role of the president of the private banks on credit and loans to the private banking sector to move forward."
It is noteworthy that many officials are demanding the private banking sector to give special attention to the growth of investment and the country's economy in general.