The role of banks in the development

The role of banks in the development



5/27/2017 0:00

Ahmed al - Sumaidaie
banking performance "financial sector" is one of the most important turning points for economic development in Iraq, and its association with investment capital to be attracted to the local labor field.
The work requires the next overcome all the challenges that bedevil the advancement of productive and service sectors, through the activation of the role of banks in the development, because building a strong economy requires the establishment of a balanced and integrated economic development and promote the development of all aspects of production and service economy.
Here we impose necessities optimal exploitation of human and material resources and in line with the requirements of sustainable development, and to begin the process of economic development needs real action by the public and private sectors towards the ultimate objective of the national economy service through the creation of an appropriate environment, which represent the most important elements of investment attraction.
Development requires that we seek to start the development of the banking system in Iraq and is a very important thing, where development is difficult for the separation of banking services to complement each other, and banking products have an active role in establishing an attractive and conducive environment for domestic and foreign investor.
The sector banks could play a fundamental role in terms of finding financing and investment in various economic sectors, and the consequent expansion of the market and its impact on both ends of the banking equation, along with savings and investment, and make them moving from the field of investment finance sponsor the development and modernization of the whole to create new dynamics of overall economic building productive sectors . The foreign investments are not served by the absence of sober banking sector, but looking for advanced services that facilitate the operations required by the movement of cash by streamlining lending, financing and conversion, especially as the investment companies is considering carefully the working environment, particularly the subject of banking performance and insurance are in Iraq , they require a review of the fact . Required to work towards the expansion of the banking network with global banks that are global confidence in the international banking sector, and banking cooperation cooperation mechanism requires moving away from dealing with banks that do not have well - rated in their countries and the world.
We know very well that international companies have legal departments examine the mechanisms of the banks and its knowledge of money laundering and laundered and other financial crimes, which requires the development of the banking sector and adopt the mechanisms of advanced away from all these mistakes.


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