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Economist: government banking sector needs to be restructured

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rocky
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Economist: government banking sector needs to be restructured

Post by rocky on Sun 17 Jul 2016, 5:47 pm

Economist: government banking sector needs to be restructured

July 17, 2016

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BAGHDAD / IBN

Said the financial and banking expert Majid picture that there is a fundamental problem in the government banking sector, which controls more than 90% of banking transactions in Iraq, which is efficient at the present time it has been agreed with the International Monetary Fund to restructure the state of the banking system in Iraq is consistent with the requirements of the international banking industry and the requirements of the Iraqi economy.

Suri said in a statement to the Iraqi network transmitter (IBN), that Iraq now has a full desire to restructure the six government banks in addition to the Housing Fund, which is also a government bank.

He added that the Iraqi Central Bank allocated 5 trillion dinars to a specialized industrial and agricultural real estate, including the Housing Fund where he was to use a simple part of it by the Housing Fund only banks either banks have not learned the rest of this amount in full.

He noted that this amount is allocated by the central bank for these banks to cope with the downturn in government expenditures, in order to encourage action by the private sector in industry or agriculture.

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