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Iraqi state banks account for 88% of banking sector investments
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2024-09-10 03:31
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2024-09-10 03:31
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Shafaq News/ The Prime Minister's Advisor for Economic Affairs, Mazhar Mohammed Salih, confirmed today, Monday, that government banks account for 88% of the banking system's investments, pointing out the necessity of reforming the banking system on the rules of market work, similar to international banks.
The banking system, in its broad concept, includes all financial intermediaries, through which money flows to various branches of activity. It has become customary to limit the banking structure to banks of various types only.
Saleh said in an interview with Shafaq News Agency: "Government banks account for 88% of the banking system's investments, and the private banking system only has 12% of those investments left."
He added, "The foundations of market competition are incomplete unless government banks are placed on the rules of market operation in terms of efficiency and administrative governance, similar to international banks."
He added, "The banking system must be reformed in light of the government's program that outlined the financial reform of banks, which began with the government banks reform project."
It is noteworthy that government banks in Iraq are often criticized for their complex administrative procedures and high interest rates, while private banks, which number approximately 65 banks, are criticized for their lack of bank credit.
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The banking system, in its broad concept, includes all financial intermediaries, through which money flows to various branches of activity. It has become customary to limit the banking structure to banks of various types only.
Saleh said in an interview with Shafaq News Agency: "Government banks account for 88% of the banking system's investments, and the private banking system only has 12% of those investments left."
He added, "The foundations of market competition are incomplete unless government banks are placed on the rules of market operation in terms of efficiency and administrative governance, similar to international banks."
He added, "The banking system must be reformed in light of the government's program that outlined the financial reform of banks, which began with the government banks reform project."
It is noteworthy that government banks in Iraq are often criticized for their complex administrative procedures and high interest rates, while private banks, which number approximately 65 banks, are criticized for their lack of bank credit.
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