Work of banks in Iraq; Not in line with the country’s economic growth

witnessing government and private banks in the country confusion great in their work as a result of the lack of a strategic plan with the government, as was confirmed by some officials in those banks that if the situation continues as it is now, those banks Stdmahl and then fade.

carried Member Economic Committee in the House of Representatives Abdul Hussein Abtan “central government responsibility mismanagement economic profile in the country,” asserting that “the absence of vision the government’s economic reflected negatively on all institutions, private banks and local banks.”

said Abtan in contact interview with (long) that “Iraqi banks need to rise and wide they are very weak and not in line with the country’s economic growth, especially those affiliated to the bank Rafidain and Rasheed, note that it has billions of dollars,” adding that “the strength of the Iraqi economy is supposed to show” Valmoisna the country’s public and described Palanfjaria. called Abtan that “there is a role of the President of the local banks in the process of reconstruction and construction and management of monetary policy in the country,” stressing that “the Iraqi banks embracing billions of dollars in buildings is very backward.”

and seal member Economic Commission by saying “presumably the government develop a plan to manage the policy and monetary and fiscal coordination between them with all other economic areas. ” For his part, Chairman of Bank of the economy Hossam Obaid Ali said that “the government’s confidence sinks civil shaky.

added that “private banks reluctant There are no real products to banking,” noting “that the central bank issued a decree stating halving the proportion of sums foreign currency granted to banks 5 million to a million dollars, and this policy does not serve the country in general and private banks in particular. “

responded to a question about the high price of the dollar in the market, saying: “The exchange rate will rise significant is the continuation of what remains of the Central Bank is going according to these procedures They do not have experience in the banking industry, “warning of a” crisis may threaten the Iraqi market. “

and entry of foreign banks to invest in the country, said Bank Chairman economy “As long as there is such thing as the seventh item, as well as the presence of TBI (TBI) , the foreign banks can not operate in Iraq. “

For his part, member of the economic and investment commission deputy national bloc white Aziz al-Mayahi, the need for Iraq to foreign banks in character as an investment to support the investment process in the country, describing the local banks with ‘shops’ that work limited to bid farewell to the money.

said Mayahi in a statement, yesterday: The Iraqi environment need to foreign banks advanced with capital high and be in nature as an investment for the support of the investment process and economic development in the country.

“There difficulty dealing banking that the Iraqi banking sector underdeveloped and most becoming more like banks ‘shops’ businesses that sell their goods and then close them, he said, adding that most of the Iraqi banks limited their work to bid farewell to the money and selling foreign currency, they need to issue letters of guarantee to attract investors to invest in the country.