Economic parliamentary: the banking business need-to-date techniques in order to live up
Tuesday, October 29, 2013
BAGHDAD - A citizen, member of the parliamentary economic committee and MP for the mass citizen Abdul-Hussein Abtan, "The banking sector needs to multiple factors for the advancement of an incident, which attract capital. It is noteworthy that the Iraqi banking sector shackled restrictions legal, especially from the presence of the central bank, which does not allow for banks that have balances of good investing in economic activity by contributing to corporate productivity, industrial and agricultural. Said Abtan told all of Iraq where "The banking sector has not progressed according to level enjoyed by the country's economic growth, "noting that" there are many factors that can interfere in the development of the banking sector, including the introduction of modern technologies in the work of banks, and creating new mechanisms for attracting capital, in He added that "there are many addition to opening the field for the private sector in the banking business " . steps to promote the reality banking, some of which have been implemented, and others did not implements so far, and their application needs to be serious by the central bank as the party responsible for the work of banks." And received the desire of some foreign banks, notably Citigroup, American and Standard Chartered British open branches in Iraq after the departure of the last of Chapter VII (the sanctions the UN imposed on Baghdad after the invasion of Kuwait) are widely welcomed in the economic circles of Iraq, and saw economists that foreign banks will pull the rug from under the feet of the local banks because they enjoy the services of a good and gain confidence Iraqi citizen.
A member of the Finance Committee parliamentary MP Najiba Najib said that after the withdrawal of Iraq from Chapter VII showed foreign banks universal desire to open branches in Iraq, and began legal procedures required of them in order to engage in business in the coming period, believing that this step will contribute to advancing the Iraqi economy forward and the advancement of any way the banking sector. saw Najib that Iraq is in desperate need of entry of foreign banks with a high level that deal modern technology encourages individual Iraqi to deposit his money where it enjoys great confidence, and called Najeebeh Government to amend the banking laws in order to increase the presence of foreign banks in the country , including the law of the Central Bank and private banks, private and governmental organizations. while private banks seeking to find ways to expand its activities in the provision of banking services and collide with obstacles hateful laws and red tape and bureaucracy in dealing with state institutions.
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