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Central Bank: banks lacked the civil culture of institutional banking
Updating :: 19/06/2012 17:34
Saw the Iraqi Central Bank to private banks "do not have enough of a culture of institutional banking."
The deputy governor of the Central Bank of the appearance of Mohammed Saleh told a news briefing on Tuesday: "The private banks operating in Iraq is a family banks grant loans to the royal family, which leads to Amtnaaha for lending to citizens broadly."
He added that "this phenomenon are many side effects do not end unless it turned into economic institutions based governance (transparency) in their work."
Saleh explained: "The basis of the work of banks in all the world is to grant loans and advances to the citizens, merchants and others making up the financial institutions that actively support the economy of the country."
Working in Iraq and 44 civil strife and foreign banks in addition to 5-governmental banks Rafidain and Rasheed and Trade Bank of Iraq and the Industrial Bank and the Agricultural Bank. / End 5
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