UN expert: Iraq reforming its banking sector for the advancement of its economy

by **Rocky** Mon 26 Aug 2013, 7:35 am

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UN expert: Iraq reforming its banking sector for the advancement of its economy

by Rocky Mon 26 Aug 2013, 7:35 am

UN expert: Iraq reforming its banking sector for the advancement of its economy

Monday, August 26 2013 [Baghdad - where]

Expert called for industrial development in the United Nations Organization [UNIDO] Sudanese Ali of the Iraqi state to work on the reform of the banking sector in order to promote the country's economy.

He says experts economy Araciyon that the banking sector in Iraq suffers from many challenges and needs to be comprehensive reforms with a view to its main functions to be able to keep up with international developments and operates according to its standards.

He said the Sudanese in a statement received by all of Iraq [where] a copy of "The banking sector is an important pillar for the advancement of the overall economy of the country, and the Iraqi state that contribute to its development because it suffers from a lot of reluctance and weaknesses and not keep up with the development that is happening in the banking sector for the countries of the world, form has become a heavy burden on the Iraqi economy."

He said the Sudanese that "the development of the banking sector is through legislation that the House of Representatives laws to facilitate the work of banks, in addition to working on the need for cross-fertilization of experiences between international banks and local transfer of modern technology and good management, and reduce the dominance of state banks on the market banks, which currently stands at more than 80%" .

The economists pointed to an imbalance significantly in the banking system boils down to having huge liquidity but untapped promised this phenomenon Balemczuhh of banking activity, calling for investment of the money supply by expanding lending and the benefits of soft addition to the need to strengthen the partnership between the public and private sectors as a optimal treatment imbalances faced by the country's economy in the current transitional phase and follow-up program of economic reforms at all levels in order to increase economic growth, especially in light of the new economic trends in the shift towards a free market economy.

It is noted that with the tens of millions of potential customers who have a few of them only bank accounts, Pat Iraq represents an ambitious target of banking institutions the world, especially that the Iraqis are looking forward now to banking services is greater than those available to them is that the old laws of the banking sector and the economic, and the majority banks controlled by the government, and weak infrastructure for this sector, in addition to a huge number of obstacles Other political Kalazmat, and the security situation, make the banking activity in the country is not guaranteed results for businessmen and foreign banks.

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