Calls for the development of the private banking sector in Iraq



Banking specialists invited to the development of the private banking sector through the enactment of new laws that would promote this sector, which has suffered major setbacks in recent years.

And invited the Secretary-General of the Council of Ministers on relations told radio free Iraq on the sidelines of the first Conference of the Association of private banks in Iraq held in Baghdad on Saturday, called for the promotion of the private banking sector in Iraq, through the enactment of laws that would contribute to the development of his work, pointing out the importance of establishing a specialized Investment Bank, to facilitate the entry of foreign capital into Iraq.

The Bank said that despite the existence of more than 40 private banks in Iraq, however, the contribution of the banking sector in the GDP of Iraq do not exceed 7%.

And economist with the beautiful name of Antoine, the private sector still suffers from significant kabawat, recipe, emphasizing the lack of a well-defined economic strategy of the State.

Member of the Finance Committee in the House of Abdul Hussein Al-yasiri was called to allow the private sector to open letters of credit with banks worldwide, as well as the opening of official departments to their own bank accounts to support banks.

In the meantime, the Executive Director of the Association of private banks in Iraq, Adnan Chalabi in his speech at the Conference, he explained that "the economy of Iraq is still cash depends mainly on oil imports, which makes the economy in constant danger in the event oil prices great orgasms, to allow the private banking sector to contribute to the country's GNP.

The Iraqi planning Ministry statistics show that the private sector's contribution to the State budget of between 3% and 7%, according to experts is very weak compared to the role of this sector in the budgets of some States that up to 90 percent in developed countries.