Frozen billion in the coffers of the government banks because of "red tape"

Frozen billion in the coffers of the government banks because of "red tape"





06/12/20140
Baghdad / Ibrahim Ibrahim called on lawmakers and economists the government to change the comprehensive law of the Central Bank, which put the civil governor Bremer in 2004 because of its direct impact on the growth of investment and development of the banking sector through the disruption of amounts up to billions in the coffers of state banks without tangible benefit to the citizen, what the reason for a decline great for keeping up with the developments taking place in the banking developed countries economically and financially. A member of the parliamentary Economic Committee Hussein Salman Mohammed in an interview for the "long" that "the lack of a sound banking environment and correct lead to a decline in investment activity in the country." "There are major international companies expressed a desire to put their mark investment levels all the important and private building cities 
integrated and malls as well as hospitals and other essential services that lacks a simple citizen" confirmed Mohammed "The presence of banking laws do not meet the ambition is repulsive to investors, let alone citizens, so The government must change the existing provisions of the banking instructions and do not keep pace with the development in the financial field. " And that "the private banks are leading the largest economies in the world, so you should take advantage of the experiences of others and to work quickly to create a strong banking sector depends on the financial investment sector according to a fixed plan to create a banking environment creative" and explained that "the proportion of high interest rates imposed by banks, government loans granted by it does not represent the underlying foundations of international banking transactions adopted in international banks. " He noted "the need to open multiple windows to grant soft loans to the owners of small and medium enterprises because they are the real nucleus to build the economy properly and scientifically." The economist said Mohammed Hammad al-Ani, in an interview for the "long" that "the amounts accumulated in the coffers of the Rafidain and Rasheed is the money frozen and unproductive" The Determinants of existing law and on the process of lending to companies and citizens to prevent operation of the money stored in all projects large and medium to move the process investment in the country "and assured Ani that" many Iraqi and foreign investors have obtained licenses from the National Investment Commission for the increased cost of the project at $ 250 million and investment bodies in the provinces to say about it without the active participation by the bank Rafidain and Rasheed are lent 30% of the amount of the investment contract. "and between" The government banks have worked to invest their money in high interest loans ranging from 6-10 percent of the loan amount in addition to the routine and the accompanying killer for any lending transaction because of the contents of the impossible conditions of the citizen. "

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