Iraqi private bankers hold Ministry of Finance, CBI responsible for IQD decline; Banks and citizens threaten protests

Iraqi private bankers hold Ministry of Finance, CBI responsible for IQD decline; Banks and citizens threaten protests

5/17/13

Download bankers and economies, on Wednesday, the Ministry of Finance and Central Bank of Iraq responsible for the decline and the reality of private banks, local, while accusing the latter encouragement of Arab Banks and Iran at the expense of Iraq, and threatened to organize a sit-If you do not amend the laws to their work, he saw an economic analyst, that “the current circumstances do not allowed to go towards investment banks because the banking culture “is still lacking.”

This came during an economic seminar held in the building of the Gulf Bank of Iraq, in Baghdad, and was attended by a group of banks and other stakeholders, as well as (Presse term).

Banker: the central bank does not listen to the views of the private banks

And complaining, Chairman Gulf Bank of Iraq, “not to listen Bank Center for private banks and deal with it as a subsidiary has,” and urged the need to “amend some laws and regulations for the work of private banks.”

He says Mounir al-Jubouri, in an interview to (range Press), on the sidelines of the seminar, said that “the Ministry of Finance to prevent official circles since the decade of the deposit accounts or accept instruments certified by private banks,” noting that “the current legislation does not fit with the economic boom Iraq is going through. “

Jubouri calls for the need to “amend some laws and regulations for the work of private banks,” noting that “the central bank does not listen to the views of private banks, but the deals like belonging to him.”

Banker: encourage Arab and Iranian banks at the expense of the Iraqi

For his part, accuses Bank Chairman of the Iraqi economy Hossam Obaid Ali, the central bank to “encourage Arab and Iranian banks at the expense of Iraq,” threatened that private banks “would seek to organize a peaceful protest if the central bank continues its current policy.”

Attribute Ali in an interview with the (long-Presse) Undo the reality of private banks to “lack of confidence in the central bank it,” accusing the central bank to “encourage Arab banks and Iran over Iraq despite the fact that the capital of foreign banks is not up to a quarter of that found in the counterpart Iraq. “

Ali that threatens private banks “would seek to organize a peaceful protest if the central bank continues its current policy with private banks.”

Appendix: If the government does not deal with the private sector, how citizen

And sees the managing director of the Iraqi Company for Bank Guarantees Amin Abdul Sattar, that “Cooperation is missing between the public and private sectors,” and wondered “If the government does not deal with the private sector, how citizens will be treated with it.”

It is noteworthy curtain, in an interview to (Presse term), “The cooperation or missing coordination between the public and private sectors in Iraq,” adding, “How can we expect citizens to deal with the private banking sector if the government itself does not deal with him.”

Abdul Sattar calls on the government to “pack version of laws and regulations to support the banking business, particularly in the private sector.”

Analyst: banking culture is still incomplete

Meanwhile, economic analyst believes, that “the current circumstances are not allowed to go towards investment banks,” he said, adding that “the banking culture in Iraq is still incomplete.”

He says Majid picture, in an interview to (range Press), “The banking culture in Iraq is incomplete, both for the government or banks or citizens,” pointing out that there is a “need for a long time to get to a culture of cooperation between the banks and the various sectors.”

This is not the first time that the attack which involved the banking sector in Iraq, where attacked politicians and bankers are Iraqis, in the first annual conference for the business, which was held at the headquarters of the Supreme Islamic Council in the capital Baghdad, in (the ninth of March 2013), fiscal policy in Iraq, and considered that the banking system in the country is the “most backward” between the countries of the region, while Benoit that the orientations of the central bank has made private banks “atypical and without a father,” they saw that the “corruption” of the administrative and bureaucratic procedures in some institutions turned into “ways to blackmail.”

The deputies, politicians and economists accused the Central Bank of Iraq over the past months to burn “an average of four billion dollars a month in an auction of hard currency for the benefit of ten banks, most of the capital of Gulf, you buy a day most of the claims of the Central Bank of hard currency and make a profit obscene up to six percent including them control of the Iraqi economy. “

The Cabinet decided to Iraqi (the 16th of October 2012), the prime BSA Abdul Basit Turki, the functions of the central bank governor and the agency, rather than the Governor of the Bank Previous Shabibi, against the backdrop of “charged issues of financial and administrative corruption” in the bank, especially in operations Dollar Auction, but something did not occur to the work of the bank and currency auction whereas the exchange rate of the Iraqi dinar a significant decline against the dollar, skipping from 1170 dinars to the dollar in the past autumn of 2012, to 1270 dinars to the dollar in April 2013.

The International Monetary Fund said in a report issued in (the 21 of March 2013), after the end of consultations in the Jordanian capital Amman, between a delegation from the Fund and an Iraqi delegation headed by the Minister of Planning Ali Shukri, and seen by (the long-Presse), that the improvement occurred in the financial sector , but he stressed that he still needs a “greater efforts by the central bank in the revision of monetary policy tools and strengthen banking supervision, and to accelerate the restructuring of the banking system.”

The International Monetary Fund (IMF) called the CBI to “take measures to gradually towards the liberalization of foreign exchange through auctions held by the Bank so as not to repeat disorders suffered by the financial market in the past year.”

UNFPA emphasized that “the establishment of a banking system nationalist requires abandoning the current model, which is controlled in which weak banks owned by the state, which enjoys preferential treatment apart from private banks,” calling on Iraq to do to strengthen its institutions, public finance to ensure efficiency and transparency in the use of oil revenues. “

It is noteworthy that the private sector has deteriorated significantly after 2003 due to increase government support him and especially for the industrial sector of it, which led to the suspension of most laboratories and factories from work due to their inability to compete with imported goods are supported in the countries that come from, that are not subject of imported for large fees, as well as local problems caused by the fuel and energy crises and lawlessness, and equipment obsolescence.

almadapress.com