Iraqi banks declining and ineffective investment

[Stillw8n]

Iraqi banks declining and ineffective investment

On: Wed, 01/11/2012 12:12

Baghdad (news) .. noted member of the Economic Commission deputy / coalition in Iraq / Qusay Fri importance of new legislation supports the Iraqi banks two branches of government and private sectors for their contribution to the investment process and the reconstruction of the country.

Juma said in a statement (for the Agency news) on Wednesday: The Iraqi banking system too late for modern systems and advanced in the world, Iraqi banks now is like the offices of banking, and do not have an active role and is vital in the investment operations of the country.

He added, must be new legislation provides for the support of the Iraqi banks of public and private by the federal government, similar to some developed countries , in order to have a key role in the distribution of financial loans for investment projects in the country.

He pointed to: that global banks have evolved a lot and made ​​the areas of several through the use of modern technology in the work of banks, pointing out that the Iraqi banks fell significantly as a result of the absence of laws supported by the development.

called : to resort to the laws applicable to most international banks as it will develop a banking business, and the Association of private banks had been proposed to support private banks by the Ministry of Finance, in order to contribute to the process of economic development of the country.

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