Private banks to confirm the success of their performance and central reservations
Confirmed the association of private banks, Iraqi private banking sector, clear progress in terms of Aladaúan banking and investment since the beginning of last year 2011 to the present day. In an interview with Radio Free Iraq, the President of the Association Abdul Aziz Hassoun how the “entry of private banks track the financing of tens of thousands of investment projects of small and middle-income-producing as well as funding and support of businessmen and contractors working within development projects, large government has contributed to the growing clear the capital of these banks, “and expanded its activity and its impact to the economy and market local. However, Hassoun said in this context that “Despite the progress achieved by the the private banking sector in the area of entering into strategic partnerships task with the international banking industry is still tight workspace allowed private banks to move, including a larger impediment to the expansion of these partnerships and increasing the number of “where” open letters of credit big import for the benefit of government institutions and worth more than 10 billion dollars a year left exclusively under official instructions to the bank the Iraqi Trade government and prevented private banks from participating in the open this kind of appropriation, “as he put it. Central Bank of Iraq as a sponsor of the banking market in the country had reservations on the statements of the Association of private banks on achieving the private banking sector progress in the banking and investment performances. The Deputy Governor of Bank of the appearance of Mohammed Saleh, that performance “is still modest,” the fact that private banks had been “settled during the years from 2005 to 2009, the deposit of funds with the central bank and take advantage of interest rate credit high deposit at the time along with the exercise of the role of customer in the Bank auction for the sale of currency foreign and sizes near total for the exercise of functions of the banking activity in real which is led to the achievement of those banks profits high, they recorded at the same time a decline in the value of performance bank account. ” He also called for in this context, the private banks to “adoption of Capricorn to the principle of lending and credit to finance development projects the fact that what you are doing so far in this area is not commensurate with what has money and does not meet the ambitious “in order to improve the actual rate of banking business in Iraq, according to his opinion. It is said that the year 1991 saw the first establishment of the private banking sector in the history of the Iraqi state since 1920 Although the number of private banks now reached nearly 40 banks, the percentage of participation within the area of banking business college in the country does not exceed the 23% barrier.