Economy Bank Chairman: Iraqi private banks have minimum capi

[Stillw8n]

Economy Bank Chairman: Iraqi private banks have minimum capital to contribute toward financing projects

Baghdad (news) .. Chairman of the General Economy Bank Husam Obeid on the inability of the private banks financing the investment projects in the country that the capital a few.

Obaid said in a statement to the Agency (news) on Monday: The private banks private is able to contribute to the development and implementation of investment projects in the country, as a result of lack of capital that do not fit with the request for investment within the country because they take a lot of money.

He said: If the cost per project of (250) billion dinars, some banks did not reach their capital to the (100) billion dinars, so do not be are encouraged to contribute to the huge investments as a result of the low Osaraloshm to private banks.

and warned the slaves: the use of funds deposited in banks by the citizens or the public and spending for investment projects in the country and the development processes they are not considered capital firm, is certain: they are prone to withdraw at any time can not act them.

and the Chairman of the Bank of the economy: a law may not rely on the amounts deposited increase banks’ capital or meet the requirements of the banks, pointing out: that the central bank is watching this situation and take part of the deposits and put a reserve of him, because it is not true that based banks increase their capital on deposits.

It is noteworthy that at the end of the year (2010), the number of banks operating in Iraq have arrived in (43) banks, including (7) state banks with a total capital of about (6036) billion Iraqi dinars, as well as (36) private banks with a total capital up to (202) trillion dinars.

http://bit.ly/uLZs6c