(Market Interest ") in Iraq refreshed very useful and up to 80 percent
By Roy Gutman
Posted 28/12/2011 02:27 PM
(Iraq the "state of grief," the third and last part)
Banks "rational" and "Rivers", are not the only government banks. There are third bank called the "Commercial Bank of Iraq." Was established by the U.S. occupation authority in 2004, under the guidance of Ahmed Chalabi, a banker and Iraqi politician is controversial. I started working life of the bank letters of credit issued for the purposes of foreign trade of Iraq, but things changed after it has expanded to include other aspects of the banking system.
Although the work of a profitable commercial bank, and became easy verification of his books published on the Internet, Prime Minister Nuri al-Maliki has asked the bank early in the current year, lending to the government to finance the purchase of electric power generation equipment. When resisted this request, the President of the Commercial Bank, "Hussein Uzri," (a relative of Ahmad Chalabi), replace al-Maliki to "Hamdiya dry", which works in the Rafidain Bank.
The official quoted in one of the failed banks of the State to the bank's most successful, is fussy anywhere in the world. This is exactly what happened, as this procedure was accompanied by an uproar in the international banking community, but in Iraq, it seems that such a course as not to draw attention, because the phenomenon of corruption extend their wings black on most of the institutions of the state.
And international bankers, they are still "Ahrashwn" lashes their heads to such as these and turmoil in the market is one of the most serious market impact in the economies of the world, wondering whether "the task of dry" is buried skeletons that may be deposited in the treasury of the Commercial Bank of Iraq, or she came to pave the way for the government to seize the assets of the bank. According to the dry newspaper Miklache The appointment was only a "change management", and that the Bank's policies will not change. But the whole process raises an important question: Can anyone in power to understand the role of banks in how to stimulate the free market economy?.
According to Deputy Director of the Central Bank: "I find that some people in higher positions or grades they believe the market economy." Just there are seven state-owned banks, 39 banks, waged in Iraq, but the bank private institutions, as it is growing rapidly, it has only a small fraction of banking assets in the country. And the implications of Iraqi business owners are very clear.
In the pine furniture store in Baghdad, everything is sold form of "pay cash and carry." There is no "Visa card", and checks or "instruments", not a cause for reassurance business owners, because they may face serious problems, if the instrument editor received high amounts of a person, it may be a scam. For this, one finds that the transactions in this case is limited to government institutions, or between the parties and the parties that you trust to each other.
In this context, says Adnan Ali (30 years) runs the shop: "All things imported self-financed." He added: "We do not have any relations with banks." And almost every product on the ground, are imported. The furniture makers of Iraq - to name a few - the shops are concentrated in the area of fitness (central Baghdad), where the assigned work dedicated to the production and sale of kits of wood (bedrooms, furniture, reception, or other) is - according to Mr Ali Adnan - good quality and superior to those imported from China, Malaysia, Turkey, the main sources of origins of the pieces of furniture. But it is also expensive.
He added: "The factories and shops in the fitness produces only about 15 percent of production which they sell in the past." He continued: "But the process can flourish again." He said: "Give me the power, machinery, and allow me to import materials, see what I can do."
When prompted newspaper Miklache, rent for its office in Baghdad, which was closed this month, after nearly nine years of work in the Iraqi capital, was a staff Miklache give the amount of money (U.S. currency) to the owner for years, and the payment of the accounts of private offices in the provinces for through remittances, which is the way the system of informal money transfer from place to place, or by messenger.
If he "Talna", the owner of a supermarket and a flower, to one of the government banks, they may not be recognized, because it is not an employee of the state. According to a Western diplomat said, if "Talna" a government employee, it is likely to take the approval of the loan granted by the bank about six months, and such approval requires guarantees equal to 300 percent of the value of the loan. There is one reason for the bank to secure the guarantees high, is the difficulty in estimating the value of the property. And a reference to the absence of a real property market, while existing in Iraq is an emerging market hardly involve standards people trust or Almasssat government.
Even in private banks, or the civil as it is called in Iraq, "Talatne" the owner of the supermarket, he has to undertake in advance to secure the property, and to pay interest on the loan by 11 percent. This figure is in fact longer, as compared to the modest claim of Iraqi businessmen others, say they have received funds from the "market of usury" interest rate of up to 50 percent of the value of the amount. In Iraq, such a market, which handles the sometimes fanciful interest rate of up to about 80 percent.
In this context, "says Talna": "Since we opened Aswaqi - supermarkets - in 1973, did not deal with the banks, because they were not at the level we need. It is only safe to keep the money." He added: "If the bank has supported small business, the economy will go to improve, then we can rent a lot of workers, and thereby reduce unemployment." But this does not happen in Iraq, and this country in cases of banks and lending and financial facilities that serve the economy is now in the stage of "zero."
Writer and economic analyst in the newspaper Miklache States.
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By Roy Gutman
Posted 28/12/2011 02:27 PM
(Iraq the "state of grief," the third and last part)
Banks "rational" and "Rivers", are not the only government banks. There are third bank called the "Commercial Bank of Iraq." Was established by the U.S. occupation authority in 2004, under the guidance of Ahmed Chalabi, a banker and Iraqi politician is controversial. I started working life of the bank letters of credit issued for the purposes of foreign trade of Iraq, but things changed after it has expanded to include other aspects of the banking system.
Although the work of a profitable commercial bank, and became easy verification of his books published on the Internet, Prime Minister Nuri al-Maliki has asked the bank early in the current year, lending to the government to finance the purchase of electric power generation equipment. When resisted this request, the President of the Commercial Bank, "Hussein Uzri," (a relative of Ahmad Chalabi), replace al-Maliki to "Hamdiya dry", which works in the Rafidain Bank.
The official quoted in one of the failed banks of the State to the bank's most successful, is fussy anywhere in the world. This is exactly what happened, as this procedure was accompanied by an uproar in the international banking community, but in Iraq, it seems that such a course as not to draw attention, because the phenomenon of corruption extend their wings black on most of the institutions of the state.
And international bankers, they are still "Ahrashwn" lashes their heads to such as these and turmoil in the market is one of the most serious market impact in the economies of the world, wondering whether "the task of dry" is buried skeletons that may be deposited in the treasury of the Commercial Bank of Iraq, or she came to pave the way for the government to seize the assets of the bank. According to the dry newspaper Miklache The appointment was only a "change management", and that the Bank's policies will not change. But the whole process raises an important question: Can anyone in power to understand the role of banks in how to stimulate the free market economy?.
According to Deputy Director of the Central Bank: "I find that some people in higher positions or grades they believe the market economy." Just there are seven state-owned banks, 39 banks, waged in Iraq, but the bank private institutions, as it is growing rapidly, it has only a small fraction of banking assets in the country. And the implications of Iraqi business owners are very clear.
In the pine furniture store in Baghdad, everything is sold form of "pay cash and carry." There is no "Visa card", and checks or "instruments", not a cause for reassurance business owners, because they may face serious problems, if the instrument editor received high amounts of a person, it may be a scam. For this, one finds that the transactions in this case is limited to government institutions, or between the parties and the parties that you trust to each other.
In this context, says Adnan Ali (30 years) runs the shop: "All things imported self-financed." He added: "We do not have any relations with banks." And almost every product on the ground, are imported. The furniture makers of Iraq - to name a few - the shops are concentrated in the area of fitness (central Baghdad), where the assigned work dedicated to the production and sale of kits of wood (bedrooms, furniture, reception, or other) is - according to Mr Ali Adnan - good quality and superior to those imported from China, Malaysia, Turkey, the main sources of origins of the pieces of furniture. But it is also expensive.
He added: "The factories and shops in the fitness produces only about 15 percent of production which they sell in the past." He continued: "But the process can flourish again." He said: "Give me the power, machinery, and allow me to import materials, see what I can do."
When prompted newspaper Miklache, rent for its office in Baghdad, which was closed this month, after nearly nine years of work in the Iraqi capital, was a staff Miklache give the amount of money (U.S. currency) to the owner for years, and the payment of the accounts of private offices in the provinces for through remittances, which is the way the system of informal money transfer from place to place, or by messenger.
If he "Talna", the owner of a supermarket and a flower, to one of the government banks, they may not be recognized, because it is not an employee of the state. According to a Western diplomat said, if "Talna" a government employee, it is likely to take the approval of the loan granted by the bank about six months, and such approval requires guarantees equal to 300 percent of the value of the loan. There is one reason for the bank to secure the guarantees high, is the difficulty in estimating the value of the property. And a reference to the absence of a real property market, while existing in Iraq is an emerging market hardly involve standards people trust or Almasssat government.
Even in private banks, or the civil as it is called in Iraq, "Talatne" the owner of the supermarket, he has to undertake in advance to secure the property, and to pay interest on the loan by 11 percent. This figure is in fact longer, as compared to the modest claim of Iraqi businessmen others, say they have received funds from the "market of usury" interest rate of up to 50 percent of the value of the amount. In Iraq, such a market, which handles the sometimes fanciful interest rate of up to about 80 percent.
In this context, "says Talna": "Since we opened Aswaqi - supermarkets - in 1973, did not deal with the banks, because they were not at the level we need. It is only safe to keep the money." He added: "If the bank has supported small business, the economy will go to improve, then we can rent a lot of workers, and thereby reduce unemployment." But this does not happen in Iraq, and this country in cases of banks and lending and financial facilities that serve the economy is now in the stage of "zero."
Writer and economic analyst in the newspaper Miklache States.
[You must be registered and logged in to see this link.]