MPs call for the integration of private banks to compete with government

On: Wed, 01/05/2012 6:21




□ Baghdad / economic-term follow-up
member of the Finance Committee called on the Attorney Haitham Jubouri to the need for the integration of private banks during the current period in order to compete in the government banks to support strategic projects in the country. Jubouri said for the Agency (news): The process of union among the private banks during the current period


Became necessary through the support of strategic projects for the country that most of them began working properly and makes a lot of money, but differently between the bank and another, called for encouragement towards the integration of the domestic banks to compete with banks in the distribution of loans and advances to citizens and other projects.
He stressed the importance of activating and encouraging the private sector Bmajalath all to take its role in the construction and reconstruction of the country, as well as making the Iraqi economy, free market economy depends on the private sector in all economic fields and edited from the hands of the state.
Earlier, the Chairman of the Economy Bank Husam Obeid said that private banks private is able to contribute in development and implementation of investment projects that the capital a few do not fit with the request for investment within the country as a result of these projects take a lot of money.
Obaid said in an earlier statement the Agency (news): If the cost per project (250) billion dinars, the split of the banks did not up their capital to (100) billion dinars, so do not be encouraged to contribute to the huge investments as a result of low stock prices for private banks.
to that, the economic analyst for the spectrum Abdul Salem Ugaili that the distribution of loans and advances to the citizens without the economic feasibility and legal requirements prior will lead to increased rates of inflation in Iraq.
He said Ugaili's Agency (news): The process of distribution of financial loans to citizens in Iraq are inaccurately and without the economic feasibility or laws slashed the owner of the loan investment of the amounts granted to the projects, whether small or medium-serve the country and society, which lead to increased rates of inflation in Iraq.
and called Ugaili to be financial loans and advances percent salary provided to the citizens according to plan accurate and well thought to be through the investment of funds granted to the establishment of small or medium by the citizens of that will be in the end, the investment of funds Almkarodh and provide job opportunities for unemployed, adding that in the case of distribution without controls will lead to increased inflation and economic chaos overwhelming in the country.
He said economic analyst: It is assumed that the distribution of loans to come through a plan in place and measured according to the scientific method an accurate cast of how to dispose of these funds, noting that advances and loans are distributed randomly disorganized at the moment, ie everyone can get a loan, whether housing, agricultural and other without conditions or regulations obliged to invest.
The federal government announced conducted in the distribution of housing loans for all citizens, and advances percent salary within the budget year (2012).
In the meantime, experts predict economists rising foreign interest in the stock exchange the emerging Iraqi in 2012, after a high index of the Iraqi market for securities with the launch of trading in the new year.
The executive director of the Iraq Stock Exchange, Taha Ahmed Abdul Salam, said the rally seen in market index for 2011 gives Anbtaa that the stock market will see growth of up to 30% compared to previous years, stressing that there popular foreign to enter the Iraqi market through investment.
He Abdulsalam that political differences do not affect the volume or the presence of foreign investment, indicating that the growth rate was more than 30% from the previous years, although there are problems and political differences in Iraq during 2011.
For his part, warned the economic expert Hilal Taan the possibility to affect the political crises taking place in Iraq, largely on the movement of the market and trading, noting that foreign demand to enter the market will be weak if he continued.
Taan said that if the end of the crisis, the Iraqi Stock Exchange will be one of the important stock exchanges in the