The entry of foreign banks to the Iraqi market will boost the country’s economy and brings investment

Specialists: the entry of foreign banks to the Iraqi market will boost the country’s economy and brings investment

06/23/2015 09:41

The entry of foreign banks to the Iraqi market will boost the countrys economy and brings investmentTomorrow Press Press / Baghdad: Iraq’s transition after 2003 from a socialist economy to a market economy was an opportunity for a number of foreign banks to open branches in Iraq, where he specialists and officials said the entry of foreign banks into the country will boost Iraq’s economy and will bring investment companies in which to work. It consists the banking system in Iraq from 54 banks, as well as the Central Bank and distributed by ownership between seven state banks and 23 private commercial banks, including nine Islamic banks, in addition to the 15 branches of foreign banks. says bank adviser “City” US Bank in Iraq Stephen Randov for “tomorrow Press “,” The idea we entered Iraq came after extensive study into the Iraqi market and advanced stages where we have noticed that Iraq has become a magnet for investment in various sectors, especially in the field of oil, tourism, construction and housing, so it was necessary to have us a foothold in Iraq and open branches us. ” . He Randov “The bank Citibank important financial companies in America, so its presence in Iraq believe will have an advanced stage in support of the Iraqi economy, full and moving of foreign currency and the presence of liquidity foreign as possible to take advantage of them in the implementation of various projects and both public and private sectors.” step banks foreign Bakdovernma of Iraq excluded some private Iraqi banks that its goal is to support the Iraqi banking system or develop it for reasons she said that she was unaware of the Iraqi economy mode. , says Managing Director of the Bank Union Aqeel trouble maker for “tomorrow Press,” that “the foreign banks can not be of a recipe supportive of the Iraqi economy in any way being far from the reality of the Iraqi economy and away from the details of the work of the Iraqi citizens and the concerns of the Iraqi trader, so it will be its non-glory. ” He said trouble maker “The foreign banks in Iraq only purpose of profit while the particular national banks purpose support the Iraqi economy and raising its standards by increasing their capital each year and give loans and adoption of large and medium projects. ” Finance Committee in the House of Representatives disagreed with the expectations of some private banks in the arrival of foreign banks latter fact would be a reason to enter the global investment companies, which you will find in turn guarantor for its money. According to the Parliamentary Finance Committee rapporteur Ahmed Hama Rasheed for “tomorrow Press,” that “the country’s dependence on banks balance and with a global reputation gives confidence for corporate and paid for work and investment”, adding that “after Iraq out of Chapter VII note there are a lot of international companies and banks seeks to have branches in Iraq to take advantage of the large budget for the country and for being finds itself can achieve huge profits. ” draws Rashid that “Iraq needs the support of our banking sector through the entry of high reputation in terms of competence and experience solid banks to give it impetus for investment companies to work in the country better, “noting that” it will strengthen the banking sector in Iraq and gives confidence scientist for businesses large to work and invest in the country. ” For his part, confirms banking expert believer visit for “tomorrow Press” that “the entry of these banks Iraqi investment market has economic effects large, especially as the local banks in Iraq are suffering from problems and disorders, because of the delay and inefficiency in some joints of its business, “adding,” it was better during the last period that the development of the financial its business and strengthen its positions and contacts and beyond vulnerability and underdevelopment afflicting. ” characterized the Iraqi market, a lack of the number of citizens who have bank accounts, which allows the banks a substantial margin to attract thousands of customers, particularly that the Iraqis are looking for a complete package of services ranging from current accounts to insurance services and to mortgages, a few services in the Iraqi market. The Governor of the Central Bank of Iraq on the Keywords, confirms for “tomorrow Press,” that “the central bank has long urged and continues to urge the need for the presence of international banks being Iraq will help to work the financial and communication in the region and the world, especially since these banks has a modern and sophisticated technology almost devoid of them domestic banks currently operating in Iraq “. He Keywords that “the desire discreet banks internationally known Kalomrakih and English to work in Iraq evidence that Iraq a fertile environment for work and investment and has great economic elements.”