30 Bank opens in four years in Najaf and economists relied on "boom town," to open more
Written by: AY
Editor: NF, RS
13/07/10 15: 48
Ngvion economists, revealed on Wednesday that the number of private banks that have been opened in the province during the past four years to 30 banks, be or become poor due to the security stability in the province, with drawn to Najaf today is the attraction for all business and corporate and investment because of the airport and visitors flock to it citizens welcomed the opening of the banks which "go beyond the routine State banks."
The Director of Al-Ahli United Bank to invest in Najaf, in an interview with alankoshi (range), that "the number of private banks in the province amounted to 30 private banks over the past four years, stating that" the economic and security situation in the province has allowed the opening of many private banks. "
And alankoshi Najaf region is a magnet for all business and investment companies and private banks, because of their substantial economic movement and security stability, as well as an airport where the visitors flock to visit the holy shrines. "
Alankoshi pointed out that "there is an intention of most bankers in the capital by opening branches of their banks in the city of Najaf that is safe and conducive to capital".
The Economist said in the name of Antoine's (range), that "a normal situation for banks is that every 10 thousand one bank, but in Iraq, unfortunately, we find that each (40) has one bank," Noting that "the evolution of banking business and the confidence of citizens in banks, in addition to the activity of banks and its multiple roles to make the city of Najaf that number of banks".
Antoine drew to Najaf as tourist city is in need of further reconstruction and infrastructure, in addition to cultural centers and hotels ", stating that" banking is an essential pillar in development processes ".
By ngvion citizens welcomed the presence of banks in the province, being in those categories beyond the routine State banks as well as provide more banking services.
Citizen, said Karrar Abdul Zahra, 40, told the (range) that "the presence of private banks increase the employment opportunities of the private sector, especially small entrepreneurs, as these banks granted loans to them and reasonable interest rates, and the presence of active civil investment banks, reflected on the evolution of architecture in the city and revive the movement.
The Najaf early last week saw the opening of corporate investment bank, is another native Bank opened in the province, and declared its readiness to provide banking services to customers, and announced its readiness to provide all services for investment projects.
The Singapore fund management institution revealed on Monday (June 3, 2013), five private banks in Iraq total profits of more than 207 percent during the past three years, while expected to continue profit-sector and growth in capital over the next decade, despite the difficulty of the work in Iraq, the Iraqi banks to "overcome some challenges" to continue growing growth. "
The Association of private banks in Iraq, stated in (4 January 2013), the number of private banks in Iraq reached 32 banks during two decades, adding to the growing number of branches in Iraq to more than 500 branches and assets of these banks amounted to more than 12 trillion Iraqi dinar, as the volume in which eight trillion dinar deposits, cash credit to a total of three trillion and six billion dinars, while the banks ' capital and reserves To three trillion and three billion Iraqi dinar, and the total profits of the banks over the 477 billion dinars.
Local study estimated that the State banks accounted for capital until the end of 2012, a total of 754 billion dinars, compared to more than four billion dinars private banks and investment stocks in banks in Iraq recorded until 31/10/2012, about six billion dinars (5 944), the share of State banks including 4 929 billion dinars, compared with 1.018 billion dinars to private banks.
It was bankers and economies, Iraqis carried on the (15 may 2013), the Ministry of finance and the Central Bank of Iraq responsible for the sagging reality of local private banks, while the latter accused of promoting Arabic and Iranian banks at the expense of Iraq.
The IMF said in a report released in (21 March 2013), following the end of the consultations held in the Jordanian capital of Oman, between a delegation from the Fund and an Iraqi delegation led by the Minister of planning Ali Shukri, obtained by (range), the improvement in the financial sector, but stressed that it still needs "greater efforts by the Central Bank on monetary policy tools revision and strengthening of banking supervision, and to accelerate the restructuring of the banking system."
The IMF called on the Central Bank to adopt progressive measures towards edit view foreign exchange through auctions held by the Bank so that repeated unrest that hit financial markets last year.
The Fund stressed that "the establishment of a national banking system requires abandoning the current form, which is dominated by the weak State-owned banks that enjoy preferential treatment to distinguish it from private banks", calling on Iraq to strengthen its public finances to ensure efficiency and transparency in the use of oil revenues. "
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