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Banking expert: Iraqi banks to reflect the prevailing economic chaos in the country

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5 - 10 - 2012

Baghdad (newsletter) ...Banking expert criticized the policy of improved Iraqi banks work on using modern banking technology, saying they reflect economic chaos prevailing in the country.

Ali (News News Agency): the Iraqi banking sector reflects the economic chaos in the country drift through the exercise of its traditional remote development Monterrey modern banking and the most global banks.

He said that the number of Iraqi banks that use electronic devices in process payment or transfer of funds very few foreign, noting that the process of transferring funds to Iraqi banks directly still disorganized and often through other banks in the region as banks in Jordan, U.A.E..

Banking expert invited to: oblige banks to the Iraqi public and private branches using modern banking techniques and awareness and education programmes to facilitate the work of banking system in Iraq.

The banking system consists of Iraq (43) Bank as well as the Central Bank and distributed by ownership between (7) and banks (30) including Bank of native (7) in addition to Islamic banks (6) foreign banks. Although the investment law No. 13 of 2006 excluded investment in the banking sector only provisions that investment in the banking sector takes its legal framework based on Central Bank Law No. 56 of 2004 banks no. 94 in 2004, and the minimum to establish a bank in Iraq 100 billion Iraqi dinars (around 85 million dollars .

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These articles can be hard to read/understand....

What it looks to say here is that the economy is struggling because the banking sector is lacking the modern technology to conduct transactions. With a reduction of electronic transfers, transactions, etc., the banking industry is hurting which impacts the economy. I would imagine the banking industry needs more focus to help the strains on the economy... I don't read about that too much in the media articles posted about progress, but more so the lack of progress.

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Thats only half the problem - Iraqis do not use banks the way we use banks. They know their system is and has been corrupt for decades. The banks, as a whole are very untrustworthy. The Iraqis like to keep their cash with them, or should I say dollars. We need them to de-dollarize, then have them use their own currency and trust their own banks. I believe that is what Shabbibi is trying to do....

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