The growing movement of deposits in Iraqi banks

The growing movement of deposits in Iraqi banks


2014-04-25
Khalid Al-Taee of Baghdad



Packages of Iraqi banknotes window employee Bank Babylon. Recorded Iraqi Government and private banks were notable gainers in financial filings. [Qasim Zain/AP]
Experts said Iraqi bankers and deposit transaction in the Government and private banks in Iraq are increasing markedly, reflecting the growing confidence of depositors in the banking systems.
The Abdul Aziz hasoon, Executive Director b.r. duck private banks to cash deposits had increased during the current year to 70 trillion dinars (60 billion dollars).
He explained that these deposits 40 trilona (34 billion dollars) belonging to the public sector in national banks and 30 trilona ($ 26 billion) as special funds deposited in banks, governmental and private.
Finch said that the main task is to attract deposits to banks they are collecting savings and surplus funds and management and operation of public utility projects.
"With the growth of the money supply flows into the country in recent years as a result of the increase in economic and development activities, expanded the deposit transaction of money by individuals, businesses and Government."
The goldfinch "deposits, known as fixed and derived mostly from the private sector representing the financial weight of being funds not subject to withdrawal at short ranges.
"This is what gives the banks the ability to dispose of them in the market and flexible Unlike temporary deposits."
He noted that increased money deposits and investment optimization them in financing various projects related to vital sectors and services such as housing, education and health would hurt the overall national development efforts and to support the local economy.
Improve customer service
He stressed the importance of working with the Finch "the development of banking services, particularly with respect to deposits and withdrawals and attribution and use of financial transfer systems and modern technologies to perform these transactions."
He said it "contributes to the enhancement of our bank depositors to demand."
From the Economist, said Bassem Jamil Antoine to the increase in the volume of deposits reflects a growing confidence among individuals and corporations, banks and banks. "
'' Said that "activity in the deposit transaction means that the Iraqi banking system now have greater confidence from depositors.
Antoine said that any increase in deposit money would be useless unless the benefit in establishing investment projects up and running properly in order not to turn into banks only vaults to the savings of depositors.
It was important to encourage lending and investors and granted banking facilities necessary to employ capital available in service operations and construction in the country and meet the needs of the citizens of public services in the various sectors of life.
Antoine drew the need to intensify efforts to stimulate the performance of governmental and private elmusa and make them more adaptable to the market economy.
He said it would help in creating a legal environment conducive to adopt standards for speed, integrity and transparency in transactions daily.
Iraqi banks updateIn turn, a member of the Finance Committee in the Iraqi Parliament, Abdul Hussein Al-yasiri to reform banking regulations currently in place of important steps to improve the work of Iraqi banks.
He said many of those systems are old and have not kept pace with the evolution and routine in banking in particular, both deposits and lending.
At the same time called on to alleviate the conditions of the warranty and reducing interest rates on deposits and loans.
Shayla noted that "there is an urgent need for new legislation for the banking sector and protect depositors and lenders and pay towards enabling banks to invest deposits in construction projects easily and without administrative complications".
He emphasized the developmental role actor who can play the banking system.

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If they included warka foreign accounts, would be even more but Iraq has not yet approved for that to be.