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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Classic banking service in the country, a stumbling block to foreign investors

    Rocky
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    • Post n°1

    Classic banking service in the country, a stumbling block to foreign investors Empty Classic banking service in the country, a stumbling block to foreign investors

    Post by Rocky Sun 14 Apr 2013, 4:08 am


    Classic banking service in the country, a stumbling block to foreign investors


    04/13/2013 (23:01 pm)


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    Classic banking service in the country, a stumbling block to foreign investors



    04/13/2013 (23:01 pm)


     Baghdad / tributary cactus

    See specialists in financial affairs absence of real competition between government and private banks, noting that the current Banking Act suffers from a lot of gaps that banks reluctant to work.
    They demanded the need for new legislation regulating banking business in the country and stir wheel investment.
    The head of the Association of private banks Abdul Aziz Hassoun that "there are a lot of loopholes in the current banking law being written in haste as well as it is a translation of foreign texts which still need to amendments and clarifications to some of its articles.
    Goldfinch said in a statement (range) that "the current law does not allow banks to the possibility of expanding and providing services is most reluctant to work, as well as it prevents that the banks have executive Iraqi possibility to pursue debts.
    Hassoun pointed out that the banking system at the present time to make the Iraqi market is a busy commercial market speculation aimed at economic events that lead to the development of the R & D and strategic vision and this in itself is a problem.
    For his part, chairman of the Economic Media Center Dergham Mohammed Ali addressed by the investor in Iraq is the lack of banking service that meets ambition, noting that the work of banks depends on how old that do not meet the ambition for the investor.
    He added that "competition at the present time between government banks and private banks are virtually non-existent because there is variation due to the size of capabilities granted in current law.
    Ali revealed in a statement singled out the (long) "there is a new draft of the Banking Act completed and the government is waiting for approval in the House of Representatives, pointing out that it would give the Iraqi banks more space, allowing them to operate freely and wide and the granting of credit.
    Ali pointed out that the proposed law gives space for private banks to operate its real government Banks currently covers up to 90% of bank capital and what remains of this ratio is only covered by private banks.
    "The stipulated in the new banking law that deals with investors in a modern way and also help facilitate the process of integration and working with foreign banks more freely, allowing them to applicable law at the present time.
    Iraq has suffered from a drop in the per capita share of banking services to an average of one bank per 40 thousand people and this is a big difference from what exists in neighboring countries. The estimated number of workers in the private banks and three thousand government employees, including people working in departments of the Central Bank.
    According to the statistics published by the Ministry of Finance on its website recently, there are 25 banks waged, and five state banks operating in the country. Among the most prominent of those five banks Rafidain, which has 190 branches in all the provinces and abroad except for the Kurdistan region, in addition to the Rasheed Bank, which has 150 branches in the inside and outside Iraq except Kurdistan region, as well as mortgage banks, agricultural and industrial.
    The rise claims of the Council of Representatives of Iraq between now and then amending the Banking Act Iraqi blurred some of its articles in particular article 28, which states "no bank from the private sector to exercise or participate as an agent or partner or owner, trade wholesale or singular or manufacturing processes or transport or agriculture or fisheries, mining or building or re-insurance, or any activity or other work unauthorized. "






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