Experts: Increasing the number of banking companies and banks, a positive sign

Experts: Increasing the number of banking companies and banks, a positive sign

17/08/2017 (00:01 pm)


Baghdad / Zahraa Al-Jassem

The central bank can not stand against the process of increasing banking companies and their transformation into banks because the market generally absorb it, remains the main problem is if has economic industrial, agricultural and tourism development process, is sufficient number of these banks services that can you provide later, according to the vision specialists in economic affairs, who also stress the need to recognize that the financial work and Serafi in Iraq today is the most enjoyed plenty of the Iraqi market, so that the movement of trading in stocks and bonds in the banking sector is the biggest, so the transformation of banking companies to set up banks or sucking New Wharf is normal and positive at the same time.

Economic expert Majid picture, says in an interview (range), there is no increase in the money transfer companies, but there is a decrease in the number of these companies, because some of them turned to Islamic banks, and this has nothing to do auction currency, because the sale of the currency window issue of procedural , so there is a tendency to reduce the number of money transfer companies to the maximum extent in order to eliminate the potential smuggling of funds because these companies sometimes are not subject to the rules of compliance.

As for the banks, there are now nearly 68 banks and there are requests for these banks, therefore, the problem is not in number nor in the capital, according to the picture: but that the important issue and requested that this free economy , regardless of not identifying orientations and any free market economy , both whether economical social or socialist or Mnfelta is normal, adding: that our problem so far has not been identified the Iraqi economy, so the capital owner , regardless of the source of this money goes to the way that keeps him on capital and profits that can be achieved, so the employment in financial activities , a shift To banks is a trend in the historic whole world and not only in Iraq.

Indicates the picture to: there is another point of view confirms that the decline in the number of companies is also due to the actions of the Central Bank is also a result of the participation of some exchange companies in the illegal operations, according to some information comes through the US Treasury Department supported by evidence documents in addition to the Central Bank of evidence, the number of companies recently dropped from 2400 to 1700, on the other hand, the economic reality of Iraq says there are requests from the financial remittance companies to become banking institutions, as there are foreign institutions to open branches in Iraq, the central bank can not stand up against these things or prevents them because the market b The year accommodates, but the basic problem if it has economic industrial, agricultural and tourism development process, I think that the number of these banks is not enough for the services that you can provide.

Confirms: what we see that there is a major development in the work of banks and discipline as a result of the evolution of the work of the central bank in control of, and the evolution of the work of these banks is also a result of the pressures of the global banking industry, so in order to follow the basic principles and procedures in the global banking industry, we see development in the work of banks , support way by saying: so what is the increase in the number of banks is normal because we are in a country with its constitution emphasizes modern methods of economic development and social market economy.

On the other hand , says the economist, Maitham defect, in an interview (range), in Iraq 's financial work and Sairafi is enjoyed plenty of the Iraqi market, adding also that more trading activity in shares and bonds in the banking sector , and here are superior to other real sectors of agricultural Kqtai and industrial, because the banking sector to achieve quick and easy profits and the risk of a few, which is based on two issues : the auction currency and other business processes, because today we have a commercial sector movement is very wide, where imported and this work mechanism through the banking system.

He defect, the question is why are converted money transfer companies to Asirvat and this is normal because these companies when it becomes a money capital huge start turning into more stable through the banking system activities, so that the Bank 's share in the auction becomes bigger and more guarantee, and be It has dealings with the private commercial sector and with individuals and wide, especially since Iraq in general has shifted to the private sector and has the freedom to engage in economic activity, adding: On the other hand, the central bank also has no significant contraindications to open banks or branches of banks, which is supportive of doing banking activity , so the transformation of the companies Financial transfer to banks or set up banks as the title of the year is normal and does not have any damage to it is a positive sign, which means that people are dealing more banking system, leaving traditional customs payment and expanding placed credit, thus is to move the wheel of the economy in the country, where it can reach these banks to cities and Alriav.oary defect at the end of his speech: that the problem now is that the banks in Iraq is like companies banking, and here I blame not only the banking sector, the fact that Iraq 's economic infrastructure so far rely heavily on oil and we have no real productive sectors can be supported by sector banking, therefore The latter sector remained low profits depends primarily on the basis of the currency auction.

The bank had between earlier, he based on the Bank 's Board of Directors ' Decision No. 39 of 2017 , it was decided to postpone the granting of approval to approve the opening of branches of companies and financial transfer in Baghdad and the provinces for the years 2017-2018 plan, noting that the decision excludes companies that completed the requirements converted into Islamic banks. "

the Ministry of Commerce, has announced, (23 of February 2016), a change of six companies activity for financial transfer to Islamic banks, indicating that it was under the Islamic Banking Act and the companies Act No. 21 of 1997 as amended, and the Bank 's approval Iraqi Central.

indicates the Iraqi Central Bank Law No. 64 of 1976 , amended in Article forty - first, that the bank gives vacation banking practice for banks , government institution law or joint stock companies established in accordance with the provisions of the Companies Law No. 36 of 1982 amended, nor is these banks may exercise Sairafi work.

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