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BAGHDAD (Iba) .. Despite growing calls for the need to support the sector of private banks in Iraq as the mainstay of the national economy and its role in attracting foreign investments to Iraq, but the practical measures to be taken by the Ministry of Finance and Central Bank are still lagging behind in this aspect, which was a disappointment for a number of those banks that are still at the stage of growth.
Was abolished and the Ministry of Finance instructed that until now had been circulated to the ministries and government departments not to open accounts in private banks.
Showed a document obtained by the independent press (Iba) a copy, the Economic Commission of the Council of Ministers issued a directive to the Ministry of Finance of 04.06.2009 on the support of private banks, but the Finance Ministry did not take any action on it yet.
The document, which is an official letter addressed by the Office of the President of the Economic Commission Deputy Prime Minister Barham Salih, then to the Office of the Minister of Finance requested that the Commission allow the ministries to open accounts with private banks for the purpose of opening credits and increase the amount of two million to $ 5 million.
Also called the Economic Commission urged companies to self-finance for the deposit and the opening of bank accounts in private banks.
From the other, and directed the Commission and the Ministry of Finance to create a bank which contribute to a mixed government and private banks and branches of foreign banks with a capital of a suitable, depending foundations of modern banking.
Even after a long time on these directives, but the Ministry of Finance is still far from the application, in a time when private banks from dealing with the official, despite the advice of experts should be shown by their support.
In this side said an adviser to Prime Minister for Economic Affairs Abdullah Al-Hussein Anbuge in a press statement that the phase transformation to a market economy requires a private sector a more active role and be directed to the economy of the country, pointing out that such approach requires the creation of a bank Ghaderaly mobilization of financial savings will be huge waiting for Iraq, and that, especially coming on the stage of economic growth and broad, as well as follow-up of the various economic projects, and stand at the economic feasibility verified.
He Anbuge in his statement that the process of economic reform requires that the head of government banks towards lending to private banks, to expand its work and services that must be provided to the local economy.
Experts argue that the trend toward a market economy in Iraq requires the activation of the private sector and support, especially in the banking sector so as to enable it to support investment projects and the various economic at the same time attract foreign capital to work in Iraq. (End).
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