Director of the private banks Commending private banks role in stock market
Baghdad (news).. Commended the Director of the Association of private banks Abdul Aziz Goldfinch on the activity of private banks in the securities market, adding that it is committed to protecting investors' money profit more than check or take large shares in the market.
The Goldfinch (of the Agency news) said on Tuesday: The General Authority for Securities committed private banks to establish companies for the purpose of mediation in the stock market, provided that the capital of a specific one billion Iraqi dinars, and these companies operate under the supervision and audit the Central Bank.
He added that private banks have a big role and an actor in the activity of the Iraqi market for securities it keeps the investors' funds rather than achieve profits or purchase of shares in the market, noting that the work organizer and companies committed to the terms of the market, it is looking for opportunities to restructure the work of a financial regulator and the sober and secretary.
The economic analyst Ibrahim al-Mashhadani, has noted in an earlier statement (of the Agency news) to: that the role of banks in the stock market is very weak, especially the private banks because of their capital in the few, and this goes back to the way they work and also to the type of relationship between them and the central bank.
He explained: that the central bank is determined activity of private banks and subject to its control and are affected by his policy, Ktkulail interest on deposits, which have made them (3%), making the process of saving is weak and encouraging citizens to deposit their money in banks, in addition to the withdrawal of money deposited in banks and thus cause no contribution in the reconstruction of the country's investment. /Finished / 8. d. Q /
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