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In banking and insurance implications of international sanctions is still affecting the economy

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In banking and insurance implications of international sanctions is still affecting the economy

11/6/2016 12:00 am
Baghdad-Mostafa Hashemi

An academic said that Iraq's economy still suffers a lot due to international sanctions imposed in the 1990s by reckless policies aiming system which paralyzed almost caused serious harm College in major joints of the Iraqi economy.

He said economic academic Dr Majid baidhani some economic and financial aspects still suffering the consequences of international sanctions hamper Iraq's economy's openness to the world.

Global isolation

Mike said in the interview for Ā«morningĀ» global isolation experienced by Iraq in the 1990s, influenced the development of the banking and insurance sectors and other sectors in General.

And despite the departure of Iraq Chapter VII of the Charter of the United Nations but its consequences are still present and moving in the financial and banking sectors to scope out what explains why the decline of these sectors by the isolation experienced by the country.

And among these sectors are fundamental pillars in the economy of any country in the world that they are complementary, especially in attracting foreign capital and employ them within the country in projects that contribute to effectively stimulate domestic capital cycle.

Overseas branches

Mike pointed out that overseas branches of the Rafidain Bank, for example, affected by international sanctions by freezing its activities and seize Iraqi money as well as the Government insurance companies are affected by these sanctions through its County outside the two economists almost complete paralysis, indicating that the consequences of international boycott is still clear implications in the field of reinsurance companies with national companies.

He pointed out that Government insurers had good relationships with foreign counterparts by imposing sanctions and were thriving in the only change to the contrary after 1991 and continued until now affected by the absence of insurance awareness imposed by circumstances.

Positive suggestions

Mike suggested reviewing a bank branches abroad and revitalize insurance sector and enhancing its relationship with international companies to improve the performance of these sectors, particularly the reasons for the penalties have been entirely since the spring of 2003.

Called to speed up the approach and start with a big promotional campaign for business bank branches abroad and stimulated as a gateway for investors to enter Iraq with developmental projects needed by the country, showing the importance that precede campaign administrative measures include strengthening the cadres outside branches with fresh blood from experienced staff and competence alongside measures limiting red tape and speed up entry of investment funds to Iraq.

He pointed out that Iraq enjoyed good economic relations with several countries requires consideration to open branches of State banks in those Nations, hoping to attract new affiliates more investment into the country.

The total number of branches of the Rafidain Bank currently 161 branches within Iraq are distributed between the provinces and the capital plus 7 branches abroad and all of Egypt, Lebanon, U.A.E., Bahrain, Yemen, Jordan, Oman, while Mount Rasheed Bank that has no branches outside the country.

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