Financial Times: Iraq banks begin to adopt modern methods

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Neighborhood: eight years after the invasion of Iraq led by the United States, and with the survival of seven months after the scheduled departure of U.S. combat brigades, ideas began to shift from saber-rattling to economic production.

.. In particular, the work of coming late to the oil companies to strengthen Iraq's exports of hydrocarbons and enhance the potential macro-economy. .9.6.. The International Monetary Fund expects to grow real GDP in Iraq at a rate of 9.6 per cent this year, and decrease the total official debt of 107.8 billion U.S. dollars to 33.9 billion dollars.

.. But it is clear that the banking system in Iraq is still undeveloped - especially for a country of more than 31 million people.

.. It is estimated virgin Hussein, Chairman of the Trade Bank of Iraq, that the number of bank accounts in the country is still only account for 4.5 million.

.. There is the Bank of Commerce owned by the government, which was founded in 2003 soon after the invasion 15 branches, but it will open outlets in each of his: Hilla, Mosul, Kirkuk, and Ramadi during the current year. . .. He says that the virgin and normalcy is returning to what was in the former areas can not work.

.. Even with the slight improvement in the security situation, suggests James Hogan, CEO of Investment Dar es Salaam that there are still fewer than 800 branches throughout the country. .شدة .. This contributes to the severity and the continued reliance on cash.

... Hogan says the kind of humility:''We learned through banks to become very expert in the treatment of hand, and I deliberately use the word - to large amounts of cash on a daily basis. . ذلك .. It is clear that this involves the security and logistical challenges and the complexities of insurance does not usually we associate with the banking business''.

.. Now, attention began to turn to communications systems and to the possibility of interoperability. .. For example, there are 239 ATMs in Iraq, but banks have not yet seen the benefits of linking with each other, and that half of the ATMs, "says Hogan, it may not be working at any one time.

.6. Bank uses a network of Dar es Salaam expensive satellites to the 16 branches. .. Hogan says that the maintenance of the network''is perhaps the highest cost of doing the work''.

.. Says Carl Rosenquest Company Sanerm advisory working on a project funded by the U.S. aid to automate the payment system, which dates from Iraqi in 2005, that there is a system for wholesale. .. The system is''the backbone''of the settlement checks and clearance, and the limitations of direct accounts and between the banks in real time - but it does not work at full capacity.

.. Rosenquest say in this connection:''That system does not use many of the basic terms of that first there is no system authorizes its use and, secondly, the lack of infrastructure to retail operations, which lays the foundation for transactions between banks''.

.. In other countries, the institutions generally, after a period of time, that cooperation among them is better than individual systems to keep the mechanism of ATM and POS. . .. Did not reach the owners and managers of Iraqi banks to this result so far.

.. Rosenquest say that mobile phones for Iraq is the way to progress because of the security situation and because of the high prevalence of these phones than bank accounts.

.. This month, the Authority held a U.S. aid conference in Baghdad to promote the benefits of banking business, led by the private sector and banking mobile phones.

.. Rosenquest says:''The system of payment by mobile phones enables people to pay at any time, any place and any destination. .. We have to make sure that the process of obtaining a bank account easy''.

.. He added that a tender will be announced in August (August) to establish a conversion system to connect the mobile networks. .. He also says:''Basically, it is a tender Bmahmol will be a central hub for all other adapters. و... It is scheduled to be awarded the contract likely to be between $ 15 and $ 20 million by the end of the year, then could the project be completed in six to eight months following.

.. Hogan adds:''can be a lot of this to happen very quickly. ... You have the political will, and certainly stronger than we've seen in the past two years - and the activity of the various banks to walk together''.

ي... It is noteworthy that a bank of good and Mesopotamia, the two giants Almmilokan banks of the state and together have 80 per cent of clients bankers in Iraq, carrying out the adapter can run from the receipt of retired pay of a local branches. و. .. The aim of a second system called the''funds''to do the same for employees of the armed forces, but, bankers say, is less successful.

.. Can be of the banking business in Iraq to be productive in spite of gravity. إذ.2005. The Dar es Salaam that the Bank made a profit since the bank HSBC to buy 70 per cent of it in 2005. .. Bank of Commerce and achieved a profit of $ 361 million last year, compared with $ 305 million in the previous year, and so on assets valued at 14.991 million dollars.

.. And took interest in Iraq rise, even from a low base caused by years of severe violence.

.. Virgin and says:''Foreign investors to get us almost every day. إ.They come and spend time. ..اً''. This is very encouraging''.

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[eatmoney]

nice article