Economists and Congress: banks suffer from neglect civil government

Date: Sunday, 01-07-2012 01: 31 am
Baghdad/term

Economists and lawmakers for negligence by the Government for private banks operating in the country through the absence of laws governing its work and called 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.

Member of the Finance Committee in the Chamber of deputies by Haitham Al Ramadan (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 to the customer what drives private banks not to deal with his loss and fear, saying: the absence of encouragement to private banks and the private sector by the Central Government.

And: the House 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 Salem banks cute eligibility is supposed to be a factor for promoting 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 cannot place in the banks as a result of the crisis of confidence and discouraging bad actions taken 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 by private banks are not encouraging so there are great benefits to the Bank while the interest given to very few applicants are and how much money borrowing.

The Financial Committee member confirmed Risalat MP Najib banks banks strengthen civil 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 rise of Iraq economic reality.

As the Director of the Association of private banks that Abdel Aziz goldfinch is essentially private banks 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 between: the Central Government does not provide for the most basic needs of private banks and electricity and security for transfer of 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 Central Bank Adviser Mohammad Saleh appearance that capital 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 to provide all of the showing force: Ooty that private banks grew up in difficult circumstances since the era of the 1990s.

He stressed that private banks are subject to modern standards and is determined by the accounting and control, and how to manage the risks that cause serious obstacles and cause loss of the Bank and the depositor money.'

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