Economists and MPs: private banks experienced government neglect and lack of laws regulating work

Date: Saturday, 30-06-2012 12: 04 pm

Baghdad (News). report/dreams/Al-furaiji said … Economists and lawmakers in Parliament that there is a clear omission by the Iraqi Government to private banks operating in the country, due to the absence of laws governing their work and stand before her, calling on the Government to enact all laws for private banks and bond booster by the Central Bank to end the crisis of confidence between banks and citizens. He is a member of the Finance Committee/National Alliance Deputy/Ramadan al-Haitham (News Agency news): the private banks to suffer from many procedures and laws hinder the progress of its work, stating: the increase in private banks and the capital increase is a catalyst for investment.

He added that private banks in Iraq suffer from little capital, no sand, such as the Central Bank of Iraq which does not give a guarantee for private banks to what drives the customer to the shunned and fear of losing his money, saying: the absence of encouragement to private banks and the private sector by the Central Government.

And member of the Finance Committee: the House of representatives did not proceed after laws governing private banks, adding: that State banks with strong moral character due to possession by Parliament enacting provisions granted by this profile, while private banks do not have the moral personality, leading to reluctance on the part of officials and State services.

Jaburi said: most of the letters of guarantee that come from private banks were not by power enjoyed by State-owned banks, stating: the letter of guarantee corporations to enter into tenders or bids.

Economic analyst said Abdel Latif Salem (News Agency news): the private banks are supposed to be working to promote investment but banking policy followed by the Government does not encourage domestic investment, adding: we must rely on State revenue resources part of the revenues that come from private banks.

And between Salem: that most citizens have large amounts of cash but not able to place in the banks as a result of the crisis of confidence and discouraging bad followed by the Government and which requests by bringing sponsor when depositing money provided that the guarantor has an account in the bank book, noting: that all this routine paid ‘ to refrain from his money in the bank deposit.

He said: that loans made by private banks are not encouraging so there are great benefits to the Bank while the interest given to the applicant very little amount of money does not fit and that borrowing.

The Financial Committee member confirmed the MP//National Alliance Risalat Najib (News Agency news): the private banks strengthen banks and is a catalyst for the advancement of the Iraqi economy.

Noted: that the Finance Committee seeks to convene conferences to discuss the problems of private banks “exclusively” and find appropriate solutions.

Najib: invited the Government to legislate all laws for private banks and bond booster by the Central Bank to end the crisis of confidence by the private banks and attracting Government departments to deal with it, you must activate the investment and use of foreign expertise and electronic transactions that enable the fulfilment of the economic reality of Iraq.

As the Director of the Association of private banks Abdelaziz goldfinch speaking (News Agency news): the private banks are basically funded financial houses any economic effectiveness and as a result of harsh laws and negligence of the Government for private banks make it negative in nature with a bad reputation.

And: the Central Government does not provide for the most basic needs of private banks and electricity and security guard to transfer money from the wheels to the banks, noting that all such requirements provided by private banks.

The goldfinch to: procedures and strict censorship imposed only on private banks, leaving the banks their freedom leads to increased cases of financial corruption in State banks.

On the other hand between the Iraqi Central Bank Adviser Mohammad Saleh appearance in modern (News Agency news): the capital of private banks risk sensitive and impartial way to great problems in dealings with the administration.

That duty was: the Central Bank is to issue instructions and controls and protect banks from collapse and large losses as a result of the errors committed in most private banks, noting that the country promoting the private sector because of its great importance, despite the problems.

Added benefit: the duty of the Central Bank and private banks encouraged them all of reflecting Oti: the private banks grew up in difficult circumstances since the era of the 1990s.

Central Bank Adviser stressed the need: to subject banks to modern standards determined by accounting and control, and how to manage the risks that cause serious obstacles and cause loss of the Bank and the depositor money.