Close interaction between the banks and the private sector

31/03/2012 0:00

Aims to implement development programs 
BAGHDAD – Hussein Tgb Tamimi 
called financial expert to the importance of giving the private sector more active role in the process of economic development, particularly in the financial and banking sector and the expansion of community functions shall be vested in this sector in the economic and… strengthen its links with government departments as well as giving greater powers in the processes of reconstruction and construction that is going corrected the country. 
said financial expert ruled Jurji: private banks that was established to work with a capital of Iraqi private sector and its contribution to the capital it needs to organize its work the Law of the banks and that the banks have worked to invest funds of the private sector in the creation of these banks They use their money and their potential to serve the community and the national economy and there must be advancement of private banks. Especially that of the banks a special role in the country to spread its services to a wide area of the country and provide what it takes community service in the financial sector to a larger slice wherever found and the various professions and sectors, 
and noted that the active role and characteristic of banks in the fight against unemployment and employment of graduates with the terms of reference different jurisdiction, especially the economy, computers and systems, programming and engineering disciplines to work in its branches and has a role in the operation of Iraqi employment through the implemented investment and construction of buildings. It is low in all the provinces, and pointed out that the banks a big role in the operation of institutions of Dolly as insurance companies and the stock market and has a distinct role in the transfer of shares in the stock market and the feet of investors to buy shares, one of the ports investment task in front of the citizen and the service is an investment by the private sector investor Iraqi and foreign . He said that the banks have the freedom to develop their business and worked on the purchase of banking systems and comprehensive use of computers and connect its branches network, satellite communications and most of these banks carried out the directives Central Bank of Iraq in the field of adoption of the electronic clearing, which is an important step in financial trading. Also participated in the service of global communications security (swift) for the delivery of the allocations of documentary and receive its correspondence with the outside and the issuance of foreign remittances and the receipt of remittances received from outside the country and fast service provided to customers also worked on ATMs (ATM) and contracting with companies worldwide to service ATM management processes withdrawal of these services in all countries of the world and pay the prices that their purchases using their cards MasterCard and Visa Carr (CARD AND VISA CARD MASTER) and place them within the reach of its customers a finished large and modern compared to years of existence, this banking institution in Iraq, also contribute private banks in the financing of the public treasury of the States through taxes levied on annual profits, work to create cadres of banking trainee and advanced through its participation in sessions of the banking within and outside Iraq. He said the closer relations of the private banking sector the local foreigner evolving is extremely important and can raise the degree of services provided to citizens, especially when it has been able to build relationships with many of Arab Banks and the world to work as reporters her despite the sanctions previously imposed and the continued existence of Iraq under Chapter VII, which is a hindrance to their work. He said the bank is working to attract deposits from citizens in the current accounts and savings accounts and time deposits and the payment of benefits rewarding for those who wish to invest depositors Foaúdah. And has to provide all banking services to its customers inside and outside Iraq from internal and external transfers and credits based on the letters of guarantee and credit operations, and others. She also worked on the adoption of its money in the operations of re-investment through the mechanism of granting loans and advances and discount bills of exchange, documentary credits and the issuance of letters of guarantee internal and external finance the purchase of private cars, production, housing, overdrafts in current accounts that have contributed to the financing of economic activities of the various sectors within the Iraq. He pointed to begin buying government debt documents of different kinds are effective contribution in support of the issuance of the Ministry of Finance and the Central Bank of the Iraqi treasury transfers. Also, private banks active in the cities which they are located through the implementation of the buildings constructed Kmaqrat to their branches and departments of the public’s what makes the beauty of the city.