Presence of international banks in Iraq, the economy revives

by **Rocky** Mon 09 Dec 2013, 1:57 am

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Presence of international banks in Iraq, the economy revives

by Rocky Mon 09 Dec 2013, 1:57 am

Presence of international banks in Iraq, the economy revives

8/12/2013 0:00
Chalabi: with the introduction of modern technology will be a competition for the most
BAGHDAD - Hussein al-Tamimi Tgb
represent the efficiency of the regulatory environment for the private banking sector and ambitious goal to be attained, where banks are civil progress in most of the joints of her work and became its financial solvency can be adopted in which the implementation of strategic projects promote the reality of productive and service.
This is what started the President of the Association of private banks in Iraq, Adnan Chalabi talk in answering a question (morning) on the evaluation of the workshop for amending the banking laws said that the local economy is heading towards an open market economy, and this is acknowledged constitutionally , pointing out that despite the passage of 10 years, but there has not been any changes to the reality of the laws in force, and some of which do not fit the phase shift.
warned Chalabi private banks that is aware of the meaning of the entry Banks global banking to the country, along with the best technology global banking and, most recently, Standard Chartered Bank British, which requires work on access Bmassarva to the same level in the provision of banking products, to gain more customers and keep existing customers, confirming the presence of international banks advanced on its way to enter the field of employment in the local competition will be greatest.
added Chalabi that private banks were able to develop their capital and now has the money high require investment in projects develop the local economy, pointing out that it would require an amendment to the laws in force and this is what is running on the central bank now.
, and pointed out that the workshop CBI, which recently organized and stood at the article (28) which is obstacle to the entry of banks to invest their capital in investment projects directly and there is a tendency to make the necessary adjustments on them.
and the reality of banking services offered by private banks, said Chalabi: Global banks offer more than 200 banking service developed to facilitate financial transactions provided to customers , while still services our banks without the level of ambition and to exceed their products (15) service, pointing to the importance that the law of private banks Mtcefa flexibility needed to facilitate the operations of the supply of advanced technology and its dependence on a large scale to achieve these goals.
called on private banks to cooperate with the Central Bank and commitment to operations issued by the central and the convergence of views to create a climate maintains the stability of the financial market.
continued Chalabi said that the Association of private banks in Iraq represents a vessel that combines private banks and has many destinations to the organization of work banking sector, calling on banks to cooperate with the Association for create a block local bank serving the investment process, which began doing within the country gradually.
, and pointed out that the supply of technical and sophisticated banking in a short time and work to keep up with developments in this sector, and the adoption of international regulations developed, so as to create the atmosphere of a competitive business serving the amount of work that awaits the country. He suggested Chalabi on banks that did not reach their capital to the approved by the central bank set to 250 billion dinars in the attempted merger to reach the financial ceiling is specified, as well as checks to the bank of the benefits when you achieve this integration. Called on private banks to cooperate with the media, which represents the mirror reflective of the reality of the work of private banks and achievements during the last period, as well as advanced systems which have started to enter into these banks gradually.
concluded Chalabi speech by saying that the country has a portfolio wide in many sectors and this requires the banking sector developed provides services commensurate with the amount of work that the requirements phase, where there are local and international companies with heads big money.

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