'Bank of the North' is still topping Iraqi banks

[yota691]

'Bank of the North' is still topping Iraqi banks

BAGHDAD - Adel Mahdi

Friday, June 7, 2013

Indicators showed activity «North Bank» Finance and Investment for the first quarter of this year, good results, most notably the growing revenue by a banner and the continuation issued by Iraqi banks in terms of profits and rising financial position, which stood at the end of March last 2.338.24 trillion Iraqi dinars (about $ 2 billion), having scored 1,178,225 trillion dinars end of 2012.

The head of the board of directors Nawzad David Fattah, dry in an interview to «life» indicators this task, as confirmed durability of the financial position of the Bank strengthened its position in the sector and its role in activating the development process, referring to the approval of the concerned authorities to increase the share capital of 210 billion dinars to 265 billion , which will increase its capacity to implement programs designed to broaden the base of its products and its contribution to the payment of the Iraqi economy to achieve its developmental goals.

He noted the need of the banking sector to broader opportunities for the development of its role in coping with the global banking sector in terms of the ability to invest optimal capital funds and ودائعه, notably review of banking legislation prevailing and modified in ways that help in the liberation of the Iraqi banks of the restrictions, as there is a need to allow them to freely opening credits, direct .

He pointed out that the restrictions imposed on Iraq under Chapter VII, to prevent Iraqi banks from to elevate their responsibility in the implementation of development projects according to the standards of an open economy.

Dry called to develop treatments resulting from the consequences that relate to government banks control over the work of financial activity in the country, which amounts to about 95 percent, while not exceeding the share of the private sector 5 percent of this important activity. He said that this matter has been addressed in numerous seminars and direct meetings that take place between private banks and the Central Bank of Iraq and the Ministry of Finance, but without getting the results, pointing out that the bureaucracy has to be one of the reasons that prevent the achievement of an ambitious private sector to reach its goals .

It also called for the adoption of radical and realistic solutions regarding treatment of the gaps in fiscal and monetary policy of the state and to accelerate the banking reform plans, to facilitate the procedures of interaction with foreign banks. In regard to the cash exchange and currency fluctuations Iraqi Dry said there are several reasons behind it, in particular the imbalance happening in the economic structure. He considered this exchange rate axis of the country's monetary policy and as a criterion for investment activity and the development of business and financial sectors, economy and effectiveness at the level of foreign trade relations.

 

 

[DiNaR DoCtOr]

Good example of the crowding out effect by government.

[sandfly]

THATS GOOD THANKS