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UAB: the opening of foreign banks healthy state of the economy


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UAB: the opening of foreign banks healthy state of the economy

Post by rocky on Sun 21 Jul 2013, 7:25 am

UAB: the opening of foreign banks healthy state of the economy

Alsumaria News / Baghdad

Union considered private banks, Sunday, that the opening of foreign banks have branches in Iraq, the healthy state of the economy, while others promise does not meet the ambitious step because its profit and not to support the country's economy.

Said the managing director of the Union of Private Banks Manaf Badri said in an interview for "Alsumaria News" that "the opening of international banks have branches in Iraq is a healthy state of the Iraqi economy," noting that "the opening of foreign banks will create competition between them and the national banks."

Badri added that "the opening of branches of these banks came upon the approval of the Central Bank and thus the work is legal," noting that "the success of the Lebanese banks came because of the large number of foreign banks there is what led to the creation of the state of competition between them and thus success."

 For his part, Managing Director of the United Bank for Investment Muhannad Abdul Hamid said in an interview for "Alsumaria News" that "the expansion of the work of foreign banks in Iraq is one of the important things that would encourage the scope of the competition between Iraqi banks and foreign," returned her "away from the ambition and the reality of economic life in Iraq. "

 Abdul Hamid added that "foreign banks keep away from the details of the work of the citizen and distant from the concerns of the Iraqi trader," he said, adding that "the purpose of pure profit that is interested in supporting the national economy and promoting the Iraqi banks as they do."

The prime minister was opened, (24 June 2013), one of the branches of the U.S. Citibank in the Green Zone, which is the first U.S. bank to be opened in the capital Baghdad, while impounded a number of Iraqi banks on which it considered that the opening would threaten their work.

It is noted that in spite of the spread of private banks in Iraq, numbering more than 30 banks, but it did not play a pivotal role in the economic development process in Iraq because of its small capital added to move away governmental institutions dealing with because in their work.

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