03-06-2013 | (Voice of Iraq) - Add a comment -
Range Press / Baghdad
Foundation Singaporean money management, said Monday that the five
private banks in Iraq has achieved total profit than the 207 percent
during the past three two, while expected to continue that sector
profitability and growth in capital over the next decade, despite the
difficult business in Iraq, called Iraqi banks because "overcome some of
the challenges" to continue its increasing growth. "
said Sansar Sansar Singapore Capital Management, which is "the biggest
investor" in Iraq, in its report, reported on (Global Finance) of the
Economic News, today, and seen (long-Presse) on it, "The top five banks,
non-governmental organizations in Iraq reaped through period from 2010
to 2012, doubled its profits to 207 percent thanks to strong economic
growth of the country with the increase in the demand for bank credit,
"pointing out that such" private banks, is north of Baghdad, the Middle
East Iraqi investment, Kurdistan International Bank (Islamic bank) and
Dar es Salaam Investment, which owns the British HSBC investment company
70 percent of its shares. "
She Sansar, in its report, that with
"the growth of oil production, also increased the growth rate of the
gross domestic product of Iraq GDP", indicating that "the IMF is
expected to increase the growth rate of nine percent during the year
2013 the current, having been increased by 8.4 percent in past the year
According to the Foundation in its report that in
exchange for that growth, "the government banks seven in Iraq accounts
for 91 percent of deposits," afterthought "but suffered disability
because of bad loans granted by, as has been restructured largest banks
government in the country and are Rafidain and Rasheed, with the
assistance from the World Bank. "
The report quoted the Director
General of the Foundation Sansar Singapore, Sanji موتواني, saying that
"GDP growth for Iraq and the revenues of the banking sector are going
parallel to the improved security situation," but he assured that "rates
of violence in Chicago than rates Iraqi regard to crimes of murder
The report also said that despite the "survival of
Iraq as a place difficult to do business, the banking sector future over
the next decade to make profits and growth in the capital," noting that
"based on the information the World Bank appropriations local in Iraq
accounted for nine percent of all the growth rate of its output,
compared to 55 percent in the other countries of the Middle East and
North Africa, and more than 80 percent of Iraqis do not have bank
accounts, and there are ATMs and one ATM for every 100 thousand Iraqis. "
concluded Foundation Sansar Singapore, that "there is a negative
relationship between the cumulative value of speculative rates and
increase the value of traditional, such as those related to economic
growth and returns as equal," and attributed this to "double the
efficiency of the market, for reasons of lack companies to analyze the
economic basis", however, had this " things are expected to go away. "
institution on the need to "overcome Iraqi banks some of the challenges
to continue their growth increasing," and that these "challenges by
deposits, which is spotty and uneven," explaining that "the government
projects are prohibited from developing ايداعاتها in private banks,"
according to the website (Global Finance) always.
noteworthy that the Association of private banks in Iraq, reported in
(the fourth of January 2013), the number of private banks in Iraq
reached 32 banks in two decades, in addition to increasing the number of
branches in Iraq to more than 500 branches and assets of these banks
amounted to more than 12 trillion Iraqi dinars, as the volume of
deposits in which eight trillion dinars, and arrived credit cash in
which a total of three trillion and six billion dinars, while reached
the capital of these banks and their reserves to three trillion and
three billion Iraqi dinars, and that the total profits of these banks
exceeded 477 billion dinars.
The study estimated that the local
banks' capital amounted to government until the end of October of the
previous year 2012, a total of 754 billion dinars, compared with more
than four billion dinars for private banks, and investment balances in
banks operating in Iraq recorded until 31.10.2012, an amount
approximately six billion dinars (5.947), and the share of government
banks, including 4.929 billion dinars, compared with 1.018 billion
dinars for private banks.
The bankers and economies, Iraqis
carried in the (15 May 2013), the Ministry of Finance and the Central
Bank of Iraq responsible for the decline and the reality of domestic
private banks, while the latter accused of encouraging Arab and Iranian
banks at the expense of Iraq.
The International Monetary Fund
said in a report issued in (the 21 of March 2013), after the end of
consultations in the Jordanian capital Amman, between a delegation from
the Fund and an Iraqi delegation headed by the Minister of Planning Ali
Shukri, and seen by (the long-Presse), that the improvement occurred in
the financial sector , but he stressed that he still needs a "greater
efforts by the central bank in the revision of monetary policy tools and
strengthen banking supervision, and to accelerate the restructuring of
the banking system."
The International Monetary Fund called the
Iraqi Central Bank to take measures to gradually towards the
liberalization of foreign exchange through auctions held by the Bank so
as not to repeat disorders suffered by the financial market in the past
UNFPA emphasized that "the establishment of a banking
system nationalist requires abandoning the current model, which is
controlled in which weak banks owned by the state, which enjoys
preferential treatment apart from private banks," calling on Iraq to do
to strengthen its institutions, public finance to ensure efficiency and
transparency in the use of oil revenues. "