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Economists: budget froze the work of private banks


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Economists: budget froze the work of private banks

Post by rocky on Tue 14 Oct 2014, 5:34 am

Economists: budget froze the work of private banks


Said a former deputy in the Finance Committee that the delay in passing the federal budget law confused the work of Iraqi banks, especially civil ones, calling on the government to adopt new foundations to promote the reality banking in the country, also saw an economist that private banks in a state of economic recession with a stop most of its business in did not happen before, but a member of the administrative board of the Association of Iraqi economists emphasized that these banks continue to provide its services to customers.

Said Abdul Hussein al-Yasiri, a member of the Finance Committee in the previous parliament in a telephone conversation with "the world" on Sunday that "the delay in passing the federal budget impact negatively on the Iraqi economy, particularly the investment side, which constitutes 30% of the annual budget."

Yasiri and saw that "this delay disrupted the work of all the banks, government and private," pointing out that "the resolution of these problems associated with Parliament to speed up the vote on the law of the general budget of the country."

Recommends Yasiri relevant government authorities to treat private banks ", similar to governmental banks, especially in operations to deal with depositors' money."

According to reports by international financial institutions to the need to revitalize and develop the banking sector in Iraq in order to contribute to the revitalization of the country's economy and expand.

Yasiri and saw that "in order to restore local economic activity is bound to operate the government to put the most important pillars to rely on a sophisticated banking system, as well as an advanced banking financial strategy."

He said that the activity of "a lot of existing banks, especially civil ones, not the level of what is needed."

But Yasiri demanded the authorities concerned to wait in the "stop the work of banks lagging," calling to "give them another chance to deal with their problems and stand up to her part in the processing."

Economic expert, on behalf of Anton, said in a telephone interview with the "world" that "private banks rely mainly on private sector companies, because of the government's dependence on the banking sector in general most of the activities and projects."

Anton and saw that "private banks in a state of recession, due to delay in approving the federal budget," noting that "the movement of its largely stopped did not happen before."

He continued that "stop government projects because of the absence of the annual investment plan in place within the federal budget, the impact seriously on the functioning of private banks, due to suspension of tenders and business companies."

He pointed out that "all of these conditions have reduced banks' profits significantly, and caused the stoppage of the activities of banks, especially the exchange of letters of guarantee and bank drafts, which constitute the backbone of the work of private banks."

And the financial position of these banks, especially in light of the delayed payment of the debt by the government, Anton stressed that "these are the banks borrow funds from other companies eligibility, in order to pay the salaries of its employees."

Member of the administrative board of the Association of Iraqi economists, Akram Abdel Aziz, said in a telephone interview with the "world" on Sunday that "the Iraqi banking system consists of six state banks and 32 regional banks, as well as 14 branches of foreign banks."

Ikram believes that "Iraq is heading for a renaissance of comprehensive banking," and that this renaissance banking is a "growing number of private banks."

But there are problems plaguing the community banks and the government, says Ikram that are caused by "the growing need for citizens to banking services is rising," By this, offset by "the limited capacity of the banking institutions from the other side", and find a member of the administrative board of the Association of Iraqi economists said part of the solution lies in the "Update banking laws are suitable for development banking in the world", and financial transactions in Iraq and the region.

However the problems and obstacles, Ikram see that private banks to provide continuous services around normally. She says that "in spite of the economic conditions taking place in the country, but most of these banks, especially civil ones, continuing to provide services to the citizens," pointing out that "those banks possess private capital to conduct its business."

It is noteworthy that the previous session of the House of Representatives has failed in several sessions to pass federal budget law, because of political conflicts, the most important claim of Representatives Kurds payment of dues to the staff of the Kurdistan region, and the other, which caused the postponement of the vote on this law to the current parliamentary session, but did not pose District now at the Council table.

A number of economists have warned of a collapse in the work of a number of private banks, due to financial hardship experienced by, for delayed federal budget law in the House of Representatives.

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