Economic specialist for / NINA /: Granting licenses to establish banks, making them (shops) their goal to acquire shares of the currency auction

Saturday 26, September 2020 09:07
 
Baghdad / NINA / Economic specialist Dergham Muhammad Ali confirmed that the number of private banks is hundreds of times greater than any country in the economically larger country than Iraq without having any developmental role.

Ali said in a statement to the Iraqi National News Agency / NINA / that "the expansion of granting bank establishment licenses made them stores that were established to acquire shares of the central bank auction without having any development or credit impact on the country's economy."

He added that "canceling the licenses of 90 percent of private banks will not affect the economic movement in the country in a simple way, but will have a positive effect and not the opposite."

He expressed his surprise at the economic feasibility of this expansion in granting bank licenses instead of urging the existing ones to increase their capital and to exercise real credit roles in support of the development movement in the country.

He continued, "The new central bank administration is required to correct the course of the banking system and make it a real contributor to development by encouraging specialized banks and directing funds towards societal reform, clean energy and small projects instead of competing for shares of the currency auction." / End 8

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