BAGHDAD - Editor
The economist said Dr Issam Mahouelle that reduced activity of private banks in Iraq due to several reasons, notably the absence or lack of trust both among citizens and government or between these banks.
The Mahouelle's (Citizen) yesterday that the basis of banking in any country is the confidence, but unfortunately there are several cases of embezzlement and theft of funds held in some private banks operating in Iraq years ago and is still entrenched in the minds of many, which led to a reversal of this situation negatively on the rest of the private banks which strives to develop its banking system. He Mahouelle that dealing with government banks the opinion of citizens more secure than dealing with its counterpart in the civil fact that the citizen used to provide the Government has all the guarantees while he did not touch to ensure similar from some private banks due to the old idea ingrained in his mind for years. He called the Central Bank of private banks to increase its capital to 250 billion Iraqi dinars and three stages are the installment amount on the payments in the first term of June 30 while ending the last payment in June 30, 2013. A source at the Central Bank declined to be named for (the citizens) in case you can not private banks to increase capital in the said period, they will choose between integration with other banks or companies to turn to for money transfer. The source added that the bank demanded that the banks would deposit funds at the Subscription has IPO on the stock, while refusing to private banks for reasons that might be known. He pointed out that some of the private banks insist on accusing the central bank to restrict their boards in place while this procedure ensures that all rights. To the said Chairman, Gulf Commercial Bank Abu Talib al-Hashemi said that the banks Iraqi civil partially paralyzed due to the monopoly of the government banks of the banking business , indicating that the structural banking hybrid and suffer from imbalances are structural and not commensurate with the development of the Iraqi economy. The Abu Talib al-Hashemi told (Voices of Iraq) that the structural Iraqi bank «suffer from imbalances are structural not compatible with the orientations of the economic system, social and political», as they «do not match or coincide with the approach of the State in determining paths for future development of new emerging about the free system, which believes in the development and maturation and accelerate private sector in various economic fields ». Hashemi pointed to the importance of reforming the banking system in Iraq to perform his duties to the fullest but at the same time stressed the importance of the« Diagnosis disadvantages of the current system and identify imbalances, and failures First », indicating that the banking system is concentrated structure of the structural core as a« structural hybrid does not fit with the evolution of the current economic system and do not reflect the goals of his career ». The most important of these imbalances concentrated b» the monopoly of government banks to work and banking support and to ensure that senior government, to limit the government deposits without private banks », in addition to the lack of support and safeguards and security protection to domestic banks», as well as «not to break the state monopoly of its business activities in the area of exchange offshore banking and coverage of credit and foreign transfers». monopoly of state banks to the banking business According to Hashemi, «to make the banking sector civil, semi-paralyzed and to have lost its flexibility as a private sector», a result of »the numerous restrictions imposed by the Banking Act, the current impact on the effectiveness and the stifling of freedom of competition banking, trade and investment». the law of private banks set by the central bank on the other hand «Select the activities of private banks and hedge prohibited under articles 27 to 32, which identified the activities and imposed numerous restrictions on investment », and as a result« stripped the banks of most of the actual investment in real and almost confined their activities to commit acts of limited banking classic
http://www.almowatennews.com/news_view_21185.html
The economist said Dr Issam Mahouelle that reduced activity of private banks in Iraq due to several reasons, notably the absence or lack of trust both among citizens and government or between these banks.
The Mahouelle's (Citizen) yesterday that the basis of banking in any country is the confidence, but unfortunately there are several cases of embezzlement and theft of funds held in some private banks operating in Iraq years ago and is still entrenched in the minds of many, which led to a reversal of this situation negatively on the rest of the private banks which strives to develop its banking system. He Mahouelle that dealing with government banks the opinion of citizens more secure than dealing with its counterpart in the civil fact that the citizen used to provide the Government has all the guarantees while he did not touch to ensure similar from some private banks due to the old idea ingrained in his mind for years. He called the Central Bank of private banks to increase its capital to 250 billion Iraqi dinars and three stages are the installment amount on the payments in the first term of June 30 while ending the last payment in June 30, 2013. A source at the Central Bank declined to be named for (the citizens) in case you can not private banks to increase capital in the said period, they will choose between integration with other banks or companies to turn to for money transfer. The source added that the bank demanded that the banks would deposit funds at the Subscription has IPO on the stock, while refusing to private banks for reasons that might be known. He pointed out that some of the private banks insist on accusing the central bank to restrict their boards in place while this procedure ensures that all rights. To the said Chairman, Gulf Commercial Bank Abu Talib al-Hashemi said that the banks Iraqi civil partially paralyzed due to the monopoly of the government banks of the banking business , indicating that the structural banking hybrid and suffer from imbalances are structural and not commensurate with the development of the Iraqi economy. The Abu Talib al-Hashemi told (Voices of Iraq) that the structural Iraqi bank «suffer from imbalances are structural not compatible with the orientations of the economic system, social and political», as they «do not match or coincide with the approach of the State in determining paths for future development of new emerging about the free system, which believes in the development and maturation and accelerate private sector in various economic fields ». Hashemi pointed to the importance of reforming the banking system in Iraq to perform his duties to the fullest but at the same time stressed the importance of the« Diagnosis disadvantages of the current system and identify imbalances, and failures First », indicating that the banking system is concentrated structure of the structural core as a« structural hybrid does not fit with the evolution of the current economic system and do not reflect the goals of his career ». The most important of these imbalances concentrated b» the monopoly of government banks to work and banking support and to ensure that senior government, to limit the government deposits without private banks », in addition to the lack of support and safeguards and security protection to domestic banks», as well as «not to break the state monopoly of its business activities in the area of exchange offshore banking and coverage of credit and foreign transfers». monopoly of state banks to the banking business According to Hashemi, «to make the banking sector civil, semi-paralyzed and to have lost its flexibility as a private sector», a result of »the numerous restrictions imposed by the Banking Act, the current impact on the effectiveness and the stifling of freedom of competition banking, trade and investment». the law of private banks set by the central bank on the other hand «Select the activities of private banks and hedge prohibited under articles 27 to 32, which identified the activities and imposed numerous restrictions on investment », and as a result« stripped the banks of most of the actual investment in real and almost confined their activities to commit acts of limited banking classic
http://www.almowatennews.com/news_view_21185.html
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