2017/08/17 (00:01 pm) - hits: 11 - number (3998)
Experts: increase positive indicator banks banking companies
Baghdad/zahraa Al Jassim
The Central Bank cannot stand against further into banking companies because banks generally market absorbs it, to keep the basic problem is whether the industrial and agricultural economic development and tourism, are sufficient number of these banks for services that you can offer later, seeing specialists in Economic Affairs, who also emphasize the need to recognize that financial work and in today's Iraq serafi most Iraqi market monopoly, so that trading in stocks and bonds in the banking sector are The elder, then turning to banks or finance companies create new banks is normal and positive at the same time.
Mock Economist says in an interview, Majid (range), there is no increase in remittance companies, but there is a decrease in the number of such companies, as part of Islamic banks shift, and this has nothing to do with currency auction, to sell window procedural issue, so there are directed to reduce the number of remittance companies to the maximum in order to eliminate the potential for smuggling money to these companies sometimes are not subject to the compliance rules.
As for the banks, there are so far about 68 banks and there are requests for these banks, therefore, the problem is not in issue and not on capital, by sparing: but that's at issue and required that a free economy regardless of its orientation and not selected any free market economy, whether social economy or a Socialist or wayward is normal, adding: our problem so far have not identified the Iraqi economy, then the owner of the capital regardless of the source of this money go to road That keeps him on capital and profits that can be achieved, so that employment in financial activities and are converting to banks is a historical orientation in the whole world and not just in Iraq.
Mock refers to: having another perspective stresses that the low number of companies also due to Central Bank actions and also as a result of the participation of some foreign exchange companies in illegal operations, according to some information comes through the U.S. Treasury, supported by the documentation and guides add to evidence the Central Bank, the number of companies recently dropped from 2400 to 1700,
on the other hand, the Iraqi economic reality says that there are requests for remittance companies to become banking institutions, foreign institutions are also Open with branches in Iraq, and the Central Bank cannot stand up against these things or prevent it because the market generally hold, but the underlying problem though was industrial and agricultural economic development and tourism, I think that many of these banks is not enough for the services they can provide.
Emphasizes: we see that there is a major development in the work and discipline of banks as a result of the evolution of the work of the Central Bank in monitoring them, and their work is also a result of the pressures of the global banking industry, so in order to follow the basic principles and procedures in the global banking industry, we believe in banks, dyed by saying: so what is the increase in the number of banks is normal because we are in a country whose Constitution emphasizes modern methods of economic development and social market economy.
On the other hand, says the Economist, alaibi, meesam (range), in Iraq and financial work serafi is most monopoly Iraqi market, adding more than trading in stocks and bonds in the banking sector here is beyond real in the other sectors such as the agricultural and industrial sectors, because the banking sector profitability is quick and easy and low risk, and is based on two issues: the currency auction and other business processes, because today we have very large commercial sector movement, where imported and this ballet is working on Through the banking system.
Alaibi said, the question is why the conversion companies are converted to sairvat and this is normal for these companies when they become huge capital begins to turn into more stable activities through the banking system, even share Bank at auction become larger and more collateral and have dealings with the commercial private sector and individuals with broad, especially to Iraq in General has turned to the private sector and the freedom to pursue an economic activity, adding :
On the other hand, the Central Bank also has significant barriers to open banks or branches of banks, and is supportive of the banking activity, so the remittance companies turning to banks or banks as the generic title is normal and no harm but is a positive indicator, which means people are dealing more with the banking system and leave traditional customs payments and expanding credit theme, therefore is to move to the country's economy, where it can reach these banks to the cities and the countryside after alaibi finds.
Modern: the problem is that banks in banking companies like Iraq, here I blame not only the banking sector, the economic infrastructure of Iraq so far rely too much on oil and not have real productive sectors can be supported by the banking sector, with the latter winning sectors remained therefore depends primarily on the auction currency.
The Bank had earlier, that according to the decision of the Board of Directors of the bank number 39 for the year 2017, it was decided to wait to grant approval of a plan to open branches for remittance companies in Baghdad and the provinces for the years 2017-2018, noting that the resolution excludes companies that completed the requirements converted to Islamic banks.
The Commerce Department, was announced, (23 February 2016), a change of activity of six companies of financial transfer to Islamic banks, indicating that it was done under the Islamic banking law and corporate law No 21/1997 amended, approval by the Central Bank of Iraq.
Central Bank of Iraq Act indicates no 64 of 1976 as amended in article 41, the Bank gives the FIOD leave government banks or joint-stock companies law institution established in accordance with the provisions of the companies Act (36) Act 1982 as amended, these banks may not engage serafi.