Central»: private banks licenses are not accompanied by an increase of its services

Central»: private banks licenses are not accompanied by an increase of its services

26/2/2018

new Baghdad morning:

Study of the Central Bank of Iraq confirmed Saturday that the expansion of the granting of licenses to domestic banks are not accompanied by an increase of banking services, noting that the community dealing with banks in Iraq is limited.

According to a special study of banks, credit and financial depth between Iraq and international experience prepared by a member of the Board of Directors of the Central Bank of Ahmed Abrihi that « the expansion of the granting of licenses to domestic banks in Iraq are not accompanied by an increase of banking services, and the spread of the spatial is still limited«.

The study said «three government banks provided 71.9% of total credit, while shares of 44 Ahli Bank about 10% of the total credit», stressing that «civil banks large did not show a substantial difference from the rest, if these banks have contributed to an activity for 20% of Total credit extended ».

The study followed the «community to deal with banks in Iraq is limited , where he found in 2014 that the percentage of men aged 15 years and older who have bank accounts 14.6%, while the global average of 64.1%», adding that «among the causes of this phenomenon , the inability of banks of the spread in the place, in addition to the importance of easy and open procedures to move accounts and security reasons, and also to avoid the risk of banking crises or liquidity and other ».

He said an earlier report of the Central Bank of Iraq, said that some commercial private banks do not have any investments, indicating that some of the letters of guarantee comes courtesy of relatives and friends.

The Central Bank of Iraq issued a document referring them to stop the establishment of procedures for banks under formation and consolidation Ejerha seven banks.

The document was issued by the Central Bank on the study presented regarding the establishment of Islamic banks to form a committee of the bank to convert all of the money transfer companies that have submitted applications to switch banks or no progress so far to one bank or banks or convert them to exchange companies.

The document shows that the banks that are under formation and did not get approval after stopping to complete Ajraadtha and Tejeerha integrate all seven banks to form a non - Islamic bank.

The document continued that the bank will not consider applications for establishment of Islamic banks Jdidh.antrza: transfer and brokering of financial and investment companies do not retain the disclosure of the assets of accounts in banks

Meanwhile , the Iraqi Central Bank announced that the transfer and brokering of financial and investment companies do not retain the disclosure of the assets of open accounts at banks.

The bank said it «no luck through inspection bodies that the conversion and mediation, investment, electronic payment and guarantees for small and medium - sized loans and companies with similar work companies do not retain the disclosure of the assets of open accounts with banks, making it impossible to know the cash balance of the company.»

The bank said that it «should keep disclose open account with banks when conducting any deposit process or withdraw, or a week in the absence of modern movements, to see the cash balance of the company and is registered in your records so that the bodies of the inspection procedure required«.

And established the Central Bank of Iraq is an independent bank under the law issued on the sixth of March 2004, an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, and supervises 10 commercial banks and 26 banks waged and 16 Islamic banks, in addition to 19 foreign banks, as well as 6 financial institutions and 31 companies for financial conversion.