Density bank does not chime and sustainable development plans

Density bank does not chime and sustainable development plans

9/14/2014 0:00

Mana calls to revive the proposal to establish a Bank for Economic Development

BAGHDAD - Hussein al-Tamimi Tgb

Demanded an economist granting freedoms for banks operating to contribute effectively to the achievement of economic development, and that there is equitable geographical distribution of banks and branches in all cities to provide services and products to a wider area, particularly financial loans that contribute to the reduction of the poverty line.

He urged Tawfiq inhibitor in an interview for the "morning" on the necessity of activating the proposal to establish a bank for Economic Development Act, which passed in the 2006 budget, and spread its branches in all the provinces to cover the investment services and rebuilding the infrastructure and this is a subject worthy of serious pause.

Move the market activities

He stressed the importance that banks contribute in supplying the investment process and move the construction market and work in the country, pointing to the importance of activating the cycle of capital to assist in moving the market activities, industry and agriculture, to contribute to the increase in gross domestic product rather than relying on the global market and increasing steadily rents and unilateral economy.

Balanced economic development

He added that the real challenge and the reality of progress and construction in the world is creating a strong economy through the establishment of balanced economic development and integrated play and the evolution of social and economic reality right to exploit the material and human resources by identifying the visions of the economy and sustainable development, noting that the economic and social development is the third pillar is very important for national security and national, pointing out that the beginning of the development of the banking system of a country like Iraq to become banks have any active role to establish an attractive environment and encouraging for investors at home and abroad because of the three pillars of the investment are looking for an investor comes after political stability and security. Are banks, insurance and logistics system (transport, supply, and storage).

He said the role of the banking sector, the current ineffectual and effective activities abused by the private sector, Certainty between the beneficiary and public banks and mixed private and missing and the consequent two things transform Iraqi funds abroad to invest, operate and saved, either in the home owner of capital preferred Oktnazha rather than saved or invested, which declined the role of the private sector.

Distribution of banks

He pointed to contrast the geographical distribution of the density of banking and density quantitative number of banking units available for one hundred thousand residents of Iraq or Alnph standard for the distribution of the banks, and the average (closer to 3 banks per 100 000 Iraqi citizen) This contrasts with the approach of sustainable development, while Bangladesh (5 banks per 100 000 residents) and compared with only Spain 100 units America 35 British and 13 notes a dramatic difference from the figures, authorized Banks in the country are weak to provide services to the citizen as is the case in the world, referring to the disparity in the granting of loans, as Baghdad accounts for 73 percent of the value of loans granted in Basra, while 1 percent and zero Dohuk and Anbar 2 thousand. There is a very important indicator and clear the subject of performance and administration as it did not take into account the subject of the separation of capital and management.

Pillars of investment

He continued, saying that the inhibitor of foreign invested companies facing the absence of banks that facilitate the operations required by the movement of cash through the simplification of lending and finance, insurance and conversion and Allojcetk and three things are the most important pillars of the pillars of foreign investment, and noted the importance of the subject of performance, the banking and insurance.

Weakness Insurance

Asher and weakness attention to insurance and promise a decline in fiscal policy in the country, both insurance and financial people, and the National Insurance Company did not deal claim to work as a real insurance, especially in regard to re-insurance, and this one of the biggest obstacles in delayed investment.

He said that private sector banks are few in number in the stock market investor in the stock market does not invest his money in the institution did not know anything about it and drains most of their capital a family, and the case of private sector banks will end up like the rest of the companies registered in the Iraqi market for securities is clear from the indicators that are below the level of ambition, because of loss of good governance in the vocabulary of these companies, if what contributed to his money chunky citizen, it means that he will contribute to an increase in investment rates and thus increase economic activity.

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