Efforts to develop a system of payments in Iraqi banks

by katt Thu Jul 14, 2011 4:23 am

Efforts to develop a system of payments in Iraqi banks

Central Bank of Iraq branch in Basra
11.07.2011
Rana Haddad
Confirms the Central Bank of Iraq that works according to high-level plan to achieve the twinning between government banks and private Iraqi and international banks to develop a system of payments in the banks of the country and the regulation of financial trading and cash in, in order to raise the level of Iraqi banks to the level of international banks and the burdens of modern banking and economic development through partnerships at a level of operations and banking departments.

The consultant said the Central Bank of the appearance of Mohammed Saleh, said that the bank completed the plans and technical procedures, financial and legal assistance to improve the performance of a bank of good and Mesopotamia state-owned and restructuring, as well as the development of the private banking sector to transform the Iraqi banks to finance companies, specialized, such as development banks and Islamic banks to encourage investment and economic development.

Saleh added in an interview with Radio Free Iraq that the process involves three phases, the first involving management contracts, partnership contracts and the second, and third decades of ownership required by the private banks.

In the opinion of a specialist in fiscal policy is contrary jeweler, said the plan developed by the Central Bank on the side of a twinning between the Iraqi banks and the World Stude to raise the level of work Serafi and attract foreign investors to operate in Iraq through the revitalization of the movement of capital and then the movement of the Iraqi market Mainht the efficiency of financial performance on local and global levels.

And decided to Iraq in 2006, the restructuring of the banking sector to allow direct investment in banks and get rid of the heavy debt burden on the major banks owned by the state after decades of war and economic isolation.

More details in the audio file: TRANSLATED LINK HERE