Specialists: the volume of deposits in the local banks do not exceed the 20 trillion dinars

Specialists: the volume of deposits in the local banks do not exceed the 20 trillion dinars

02/07/2016

BAGHDAD / JD / .. A number of specialists in the banking affairs of the Iraqi government to develop the Iraqi banking system to be one of the factors helping to achieve economic development in the country, noting that the volume of financial deposits with local banks, public and private, both of no more than 20 trillion dinars, a few compared to some countries in the region Kalbannanah banks and Egyptian.

The executive director of the Association of private banks Abdul Aziz Hassoun, said the Iraqi banking system in need of treatment, not reform, noting that the results of the deterioration of the banking system began to hit deep after playing for the public to deal with the banks.

He said Hassoun told / KD /: that if confined cries demanding reform of the banking system and reasonable limits and realism to Han it, but what happened is to put the entire device on the autopsy table to catch all Mdaa tearing him this side or that of the body and here lost important aspect which is the purpose of this defamation device.

He stressed the need to contribute to bridge the financial gap that rolled her country as well as the financing gap and what can be put in front of officials in the various authorities is that the task of the Ministry of Finance implement the treatment program and that direct intervention to support a group of private banks, which sees the benefit in the attribution, by contributing to increase their capital shares acquired by the ministry or its affiliated institutions such as specialized banks and insurance companies, which allows them to participate in the administration, helping to stop the panic, which installed the public to back serenely to deal with banks and depository where, after finding the government's participation this ownership banks surest guarantee for his money.

He noted that the private sector deposits of the banking public and private, both the device does not exceed 20 trillion dinars barely equivalent to about 20 billion US dollars to the government banks (60%) and (40%) in private, they are small compared with the size deposits in Lebanese banks which exceed the equivalent of 170 billion US dollars as well as in Egypt, where more than 180 billion US dollars, wondering how it will contribute to the Iraqi banking system in financing various economic activities that do not could last five times deposits with banks.

For its part, the Committee on the economy and investment representative stressed the importance of the development of the Iraqi government and private, both the banking sector to be one of the factors contributing to the economic development of the country.

Said committee member Najiba Najib told / KD / The financial crisis faced by the country currently makes it imperative to do to achieve sustainable development in the country to diversify its revenue and activation of other economic sectors, and this needs to be factors that help them develop the Iraqi banking system.

He must banker, both government and private sector support to take an effective role in supporting the Iraqi economy, either with money or legislation.

He says economist reconcile that the economy is a facts and figures, to support balanced economic development, and exploitation of optimal physical and human resources through the development of the banking sector to become an active role in the implementation of fiscal policies.

He added that Iraq until the present time lacks the establishment of a bank for economic development, although the budget for the year 2016 law approved the establishment of such banks in all provinces to cover the investment services and infrastructure reconstruction.

He noted that the current role of the banking sector is an influential and effective and closer to neutrality, noting that private sector banks are few in number in the stock market, and most of the heads of a family of their money, along with the fear citizen of investing his money in an undefined institutions or offerer for services and facilities provided by the community , Like the rest of the companies listed on the Iraq Stock Exchange, where indicators showing weakness Alastosmaralamhali.

He stressed that the contribution of the citizen his money chunky in those banks and companies lead to increased investment rates, thus increasing the economic activities, they returned to the investors a significant role in increasing liquidity and reducing the inflation rate to the fact that their contribution to the project will reduce the presence of cash that will increase its value due to tight supply.

The number of private banks registered with the Central Bank of Iraq has 32 banks, including eight Muslim, but it is, according to relevant experts did not constitute a record developmentally real support of industry, agriculture, small and medium enterprises in the country and limited activities on the operations limited Asirvih. / End / 8 /