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Date: Wednesday, 01-08-2012 06: 57 am
Baghdad/Ahmed ' Abed Rabbu
Bankers welcomed experts to enter the country through global banks open branches fixed her pointing out that this would push wheel investment as well as the introduction of modern banking technology.
Arab banks announced on opening branches in Baghdad and the provinces, while there are other global banks as European and American
Ready to open branches in Iraq during the period ahead. Head of State-owned banks in the Ministry of finance can enter global banks dotted the country through open branches mutually profitable operation of the investment market Iraq need huge capital in foreign banks and the latter aims to achieve profits.
He can (range): the banking sector in Iraq is capable of keeping pace with the evolution in fact investment in economic sectors, it is necessary to enter the global banks as the huge capital owns would carry large projects as well as creating competition with existing local banks as well as training Iraqi personnel.
He called on the Government to the need for legal legislation to protect these banks as well as tax breaks.
So count the banking expert name Abdul Hadi, the new Central Bank Act stimulus Statute to enter this country banks, adding that it would support the experience largely through the transfer of advanced banking technology to local banks.
Abdul Hadi (range): the banking system in Iraq saw a significant break with the latest world banking development state of confusion in Iraqi banks are too big to be instructed by the Central Bank provides guidance to investment banks as well as the adoption of methods of long-term credit.
Financial expert said Farouk Ramadan (range): global banks that Iraq is a clear demonstration of the strength and durability of the Iraqi economy was not affected by the spring.
Ramadan added: the monetary reserves of the Central Bank and of 60 billion dollars on Iraq did not materialize and seriously Central Bank decisions to increase capital banks which have had a significant impact on the desire of global banks to enter Iraq.
In the meantime confirmed Economist Jamil Anton that the global crisis and the economic recession which in some European countries during the recent period and the need for reconstruction and investment projects to make global banks are racing to open branches in Iraq, indicating that it was seeking to take its role in funding projects and benefit from the profits, noting that it will experience global banks to the banking sector which leads to the development and promotion.
Anton said that Iraq has great economic potential of extractive minerals underground such as oil and gas and phosphate, in addition to the investment environment of lush whick most of the world prompted investors to come for the purpose of investment, the World Bank began opening branches in Baghdad and the provinces.
He added: the world live a State of saturation for SOA projects and urban there is global economic recession, while the Iraq war and the embargo imposed on it in the 1990s, has led to an urgent need for infrastructure projects and services, health and power processing projects, bringing the attention of global companies and banks are moving towards Iraq to emerge from the global economic crisis.
The Abu Dhabi Islamic Bank and Lebanese and Kuwaiti banks announced in the past on open branches in Baghdad and the provinces, while there are other global banks as European and American willingness to open branches in Iraq during the period ahead.
