Association of private banks: Cache save us from the global crisis and the government does not have learned the details of the growth in Iraq
Finance Minister Rafie al-Issawi ... Central Bank Governor Sinan Shabibi
BAGHDAD - Saadoun Firas al-Hamdani
The executive director of the Association of Banks, Iraqi private banking sector in Iraq, provides incentives to win customers, better than those offered by government banks, ruling that affected Iraq directly by the crisis economic crisis that hit the world, although he said that the government refrain from providing data and sufficient details about the local growth trends, and the remaining private banks have a clear picture about this. He spoke Abdul Aziz Hassoun's "world" in an extensive interview for "giving private banks the benefits to the customer at rates as high as 7% annually to meet savings accounts, and 8% or more for fixed deposits, the highest of the percentages given by state banks."
He denied Hassoun impact of the financial crisis that hit Europe and the United States on private banks in Iraq "because it did not enter into foreign investments, as they deal in cash," he urged the central bank to adopt a program to encourage citizens to save and invest their money "to put million in a savings account compared to 100 thousand dinars annual interest "and that" to spare the people from falling into the trap of consumption, which occurred when the European and American .. Instead of buying the guardian of the child chanting Anagalin buy him a phone and spare the amount of the second. "
And expectations of the private banking sector of the outcome of the conditions of the sector in the next year in light of modern and Finance Minister Rafie al-Issawi, Economic Forum held recently in Jordan for expected growth in the economy could reach 9% in 2013, he Hassoun hoped to "strengthen the private banks entities of the financial "but added that" growth is talking about the Minister of Finance represents the viewpoint of a government depends on the statistics concern us too, but we do not know the details .. The government has to know the banks and inform reorientation towards growth .. but this unfortunately does not come up with we the sons of the state and our money for all of us state funds. "
And loans granted by private banks to their customers and continued to Hassoun by saying that "all private banks grant various types of loans, has identified the law of the bank the right to give the customer the individual 10% of bank capital and companies 15% maximum." Regarding the complaints continuing high interest imposed by the private banks to borrowers Re Hassoun, "including that derived from loans granted by bank deposits against which high interest rates to depositors, the bank will take a margin on the loan plus interest to cover the costs and risks."
Ranging benefits imposed by the private banks on loans between 10% and 12%. The Article 28 of Law of Iraqi banks - which prohibits banks invest their money in projects and companies do not allow it to finance other projects and the owners of those companies - an obstacle to the development banks. Has objected to the Association of private banks on this matter and the form of the Central Bank of the Committee on the study, according to Executive Director of the Association of Banks, "the Central took two months before the decision to amend the article, and allowed the amendment to invest in financial sector companies such as nationalization and buy shares, but the instructions did not reach the bank until now because of legal proceedings and we await their arrival. "
The refrain of private banks to achieve mergers among themselves to create a large bank with a capital of a strong, despite the call of the central bank repeated its achievement of mergers. And saw Hassoun that "can the central bank to develop a plan for merging the banks as in the rest of the world through the allocation of capital support for banks merge if the banks be 3 and then recover the money from them after 3 years Pklv soft. " But the central bank, according to Hassoun, rejects such a plan Tjaja "the existence of legal barriers do not allow him to go in this direction," Hassoun with confirmation that "capital support will be guaranteed places in the basement of the central dark." After about 8 years to change the political world's major banks to refrain from coming to Iraq and to engage in partnerships with local banks.
He explained Hassoun this refrain that "foreign banks opened branches capitalized very limited as each bank can open a branch at $ 7 million (according to the Banking Law), while in Lebanon are not allowed to bank the outside to open a branch on less than $ 10 million."
Did not hesitate to Executive Director of the Association of private banks to express its rejection of the work of major international banks in Iraq, saying, "How do you want to call us for a competitor enters the market (...) we want to extract to our Summit of the banks that the government does not Bank of America comes and takes us."
And refuted Hassoun conversations that hesitate to do some private banks laundering money as interfaces political that "the central bank monitors the daily operations of conversion, and the private banks made their returns, statements and documents to him, private banks and prudent approach to the subject, and any amount in excess of 10 thousand dollars into to the country or come out to clarify legal limits. "
The private banking sector commander in the Iraqi market for securities (Baghdad Stock Exchange) which dominate the trading of each session. But Hassoun revealed to the world also "run" private banks to auction the central bank's daily dollar, explaining that "the private banks to buy for clients, according to documents they provide what they want from the dollar as banks provide its part of these documents to the Central Bank .. and being the procurement process to meet the commission agrees by the Bank with the customer. " [You must be registered and logged in to see this link.]