Expert: Iraqi banks cannot interact with global counterparts because of bureaucracy

[alan_coaks_3]

5 - 27 - 2012

Baghdad (newsletter) ... Improved banking expert proposed to develop the banking sector through the introduction of modern electronic systems in its work to give confidence to foreign investors to invest in Iraq.

Ali (News Agency news) on Sunday: that the banking sector has become an urgent need of modern technology at the moment to boost investment in the country forward, the fact that the investor today needs a banker, forcing his newly on potential risks, pointing out that the banking sector plays a key role in attracting investors to the country.

Noted: that the Iraqi banking sector is currently underdeveloped and dominated by bureaucratic red tape because away evolution in the world unable to interact with the World Bank, calling on the Federal Government to seek to improve this sector through the use of modern technology in Bank management, in addition to opening regular training courses for personnel working in this vital sector.

The banking system consists of Iraq (43) a 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 investment in the banking sector were excluded from its provisions, however, investment in the banking sector takes its legal framework based on Central Bank legal number (56) of 2004 and banks no. (94) for the year 2004, the minimum to establish a bank in Iraq (100) billion Iraqi dinars (around 85 million dollars.

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[yota691]

Sign the Erbil, HCL, and the GOI and act like a Government for the People!! You can Interact!!

[waterman13]

Sign the Erbil, HCL, and the GOI and act like a Government for the People!! You can Interact!!

Agreed! - I also thought that there banking systems were up and running. This article sounds like maybe they aren't all that great. (not good if that's the case)

WM13