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Hue Mi
06-03-2013, 07:55 PM
Global financial institution: Government unable to Iraq with the banks it acquired 91% of deposits (http://www.almadapress.com/ar/news/13023/%D9%85%D8%A4%D8%B3%D8%B3%D8%A9-%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%B9%D8%A7%D9%84%D9%85%D9%8A%D8%A9-%D9%85%D8%B5%D8%A7%D8%B1%D9%81-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D8%A7%D9%84%D8%AD)

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Author: HAA
Editor: BK, NK
2013/06/03 19: 02
Range/Baghdad

Singapore Foundation revealed for money management, said Monday that five private banks in Iraq total profits of more than 207 percent during the past three years, while expected to continue profit-sector and growth in capital over the next decade, despite the difficulty of the work in Iraq, the Iraqi banks to "overcome some challenges" to continue growing growth."

Sansar Sansar Foundation said the Singapore capital management, is the largest investor in Iraq, in a report, cited website (global finance) economic, news today, and seen (range), that "the leading five banks in Iraq earned over the period from 2010 to 2012, doubled its profits to 207 percent thanks to the country's strong economic growth with the increased demand for bank credit", noting that "private banks are North of Baghdad, Iraqi Middle East investment, Kurdistan (Islamic Bank) and Dar es Salaam, which HSBC, the British investment company owns 70 percent of the shares ".

Sansar said in its report, that with "oil production growth, increased GDP growth rate GDP" Iraq, stating that "the International Monetary Fund is expected to increase this growth rate of nine percent by 2013, after the current 8.4 percent in the past year."

The Foundation said in its report that in Exchange for that growth, "the seven state banks in Iraq accounts for 91 percent of the deposits," However "but suffered due to bad loans granted, as was the restructuring of the Government in the country's largest banks, Rafidain and Rasheed, with assistance from the World Bank."

The report quoted General Director of the Singaporean sansar, Sanjay Motwani, as saying that "the GDP growth of the banking sector revenues Iraq going in parallel with the improvement of the security situation," but he assured that "the level of violence in Chicago than rates of Iraq with regard to daily murders".

The report also stated that while "Iraq's survival as a hard place for doing business, the future of the banking sector over the next decade to make profits and growth in capital", stating that "on the basis of World Bank funds in Iraq accounted for nine percent of the growth rate of output, compared with 55 percent in other States in the Middle East and North Africa, more than 80 percent of Iraqis don't have bank accounts, and there are ATMs one ATM for every 100,000 Iraqi."

Singaporean sansar Foundation concluded that "there is a negative relationship between cumulative value evaluation and traditional value such as rates of economic growth and revenue as equally", and attributed it to "weak market efficiency, for reasons of lack of economic analysis", however these "things" are expected to disappear.

The Foundation stressed the need to "overcome some of the challenges the Iraqi banks to continue increasing growth, and that these challenges by deposits which is choppy and uneven," he said, adding that "the Government is prohibited from placing their deposits in private banks," according to location (global finance).

The Association of private banks in Iraq, stated in (4 January 2013), the number of private banks in Iraq reached 32 banks during two decades, adding to the growing number of branches in Iraq to more than 500 branches and assets of these banks amounted to more than 12 trillion Iraqi dinar, as the volume in which eight trillion dinar deposits, cash credit to a total of three trillion and six billion dinars, while the banks ' capital and reserves To three trillion and three billion Iraqi dinar, and the total profits of the banks over the 477 billion dinars.

Local study estimated that the State banks accounted for capital until the end of 2012, a total of 754 billion dinars, compared to more than four billion dinars private banks and investment stocks in banks in Iraq recorded until 31/10/2012, about six billion dinars (5 944), the share of State banks including 4 929 billion dinars, compared with 1.018 billion dinars to private banks.

It was bankers and economies, Iraqis carried on the (15 may 2013), the Ministry of finance and the Central Bank of Iraq responsible for the sagging reality of local private banks, while the latter accused of promoting Arabic and Iranian banks at the expense of Iraq.

The IMF said in a report released in (21 March 2013), following the end of the consultations held in the Jordanian capital of Oman, between a delegation from the Fund and an Iraqi delegation led by the Minister of planning Ali Shukri, obtained by (range), the improvement in the financial sector, but stressed that it still needs "greater efforts by the Central Bank on monetary policy tools revision and strengthening of banking supervision, and to accelerate the restructuring of the banking system."

The IMF called on the Central Bank to adopt progressive measures towards edit view foreign exchange through auctions held by the Bank so that repeated unrest that hit financial markets last year.

The Fund stressed that "the establishment of a national banking system requires abandoning the current form, which is dominated by the weak State-owned banks that enjoy preferential treatment to distinguish it from private banks", calling on Iraq to strengthen its public finances to ensure efficiency and transparency in the use of oil revenues."