Study Center: private banks represent the true face of the open economy
Study Center: private banks represent the true face of the open economy
(This Article Headlined 29/1/10)
Center for Strategic Studies, the morning .. Discusses the role of the private banking sector in economic growth
BAGHDAD - Bshirkhozal
Hosted by the Center for Strategic Studies and Research in the newspaper the morning of eminent experts from the economy in a round table dealt with the private banking sector in Iraq and its role in economic development, the Symposium conducted by Dr.. Chgidl Karim Director of the Center
It was attended by fellow editor, highlighted the conditions of private banks and their relationship with Iraq's central bank with the problems facing the process of growth of these banks and their development and expansion of their roles in development.
The importance of research centers
D. Chgidl cream place in the beginning of the seminar on the role of surveillance and research centers in developed countries and its role in highlighting the problems faced by institutions and the search for scientific and practical solutions through its connections with universities and relevant ministries and decision-making circles when he said: Iraq is still the joints do not have integrated action and need to be activate its role through the delivery of voice experts and stakeholders in economic affairs to the decision-making circles, even in dealing with legislation and Tnivadtha need the truth to the country, not the end of seminars panel discussion at the Center benefit the reader, but to bring the views, and explain to the citizens and decision-making circles, both! Importance of private banks, and the necessity of its establishment, and which are best and which provided for the economy and development in the country and what obstacles they face.
Colleague, Abdul Zahra Zaki, Head of Tharididp morning he thanked for the honor to attend the morning of the Center for Strategic Studies, stressed in his speech that the institution of the morning is open to all sectors of society, and strive to develop and value the role of society outside the government and contexts outside formal contexts, in order that all contribute in building a again, the main part of this construction is a communal banks to allow for the starch Maja i own and private investment, adding:
That available to the private banks of the opportunities for growth and progress and contribute to making new life is more than available to the state banks. State banks, as you know, is governed by the rules of bureaucratic government, carrying the legacies of the history of heavy ammunition, from the management methods and ways of thinking and building on the experience of a long work of a totalitarian system of government banks and bureaucratic system that controls the government in its work.
The emergence of private banks
Director General of credit and banking in the Central Bank of Iraq, Mr. (Walid Abdel Nabi Idi) talked about the emergence of private banks, laws and abuse and its conclusions and the image that they are now saying:
I would like to look at the evolution of banking in Iraq, and the role of private banks as well as government banks in developing the Iraqi economy and providing services to various sectors and segments of society, the Iraqi banking sector began in the nineteenth century as a private sector group comprising Iraqi banks and branches of foreign banks and Arab the (seventeen) banks of the right thereafter established banks, Industrial Bank and the State Agricultural Bank in 1935, then Rafidain 1941, the then Central Bank of Iraq on 7 / 11 / 1947, bank, real estate in 1948, and then create a cooperative bank and mortgage bank merger, which later, causing bank Agricultural Cooperative, followed by economic and strategic error was to secure private banks in Iraq on 14 / 7 / 1964, in this case is configured four banking groups attached to the later commercial real estate bank, which merged with Bank of Iraq in 1974, and then create a bank competitor In general, 1988 is the Rasheed Bank, Bank of Iraq to rid the problems of external indebtedness incurred by the first bank and its inability to repay foreign creditors and borrowers, the Central Bank of Iraq is working constantly to find banks compete for state-owned banks, represented by the creation of private banks operating in conjunction with banks governmental organizations, to provide banking services in Iraq, outlining the role of the Central Bank and the continuing demand, particularly for government agencies that they do not wish to waive the resolution wrong, as the decision is issued by a political party still in power, is the Baath Party, also resulted in decision number 12 of 1991, amending the Central Bank Law No. 64 for the year, 1976 amendment to section V thereof, relating to the management of banking and allowing the private sector to establish private banks in Iraq and was the beginning of hope in 1992 of Bank of Baghdad as the first private bank in Iraq, after period of absence, is currently the number of private banks (36) banks until 2009 along with (7) and specialized government banks, including Bank of Iraq trade, and (7) Islamic banks, except foreign bank branches, we have (6) foreign banks, and the total device Iraqi banking (43) banks, with (7) posts Iraqi foreign capitals, ranged between shareholders (25 percent) to (78 percent) and Iraq is the leading country in opening the way for an investor to participate in the Iraqi capital, and participation in the entire entity or representative offices or even branches of them, and there is a request for more in this aspect.
Problems of the Central Bank
Until 2003, the Central Bank has a number of problems that are manifestations of underdevelopment, not the phenomena of the above, due to the economic sanctions on the Iraqi banking system and the national economy is represented by phenomena such as:
1. Low efficiency of the banking and one for each bank (72) thousand people which is low and does not yet exist in Iraq only Djibouti and Eritrea, while the density of international banking and one for each bank (10000) people, this is called the standard equation of efficiency.And the Central Bank through the opening of the broad scope of the private sector to open private banks or the increase of bank branches and offices for the purpose of providing banking services to the widest possible, at the furthest sites and resulted in the increase in the number of banks (542) 2003 to (724) 2009.
2. The second aspect is the absence of political strategizing and public actors, including detailed plans and annual plans of emergency, which is owned by banks, and provided by the Banking Act, the CBI's policy is not to allow the collapse of the banks because they are still simple in its composition and weak in resources, hence the need to embrace during this era in order to strengthen its material, and increase its geographic area, and exercise of international banking operations, and make themselves known, and have a network of foreign correspondents to assist in the opening credits and letters of guarantees.
In response to the intervention d. Chgidl cream on the nature of the relationship between the Iraqi Central Bank and private banks?
Idi replied: that this relationship is reflected through the statement to the provisions of Articles 3 and 4 of the Central Bank Law, which stipulate the need to maintain a strong banking system and sophisticated, according to Central Bank Law No. 56 of 2004 and the basis of this target's central bank has always been to develop the banking system, especially in the private sector, to attract more deposits and to provide more services for the Iraqi people to be productive and useful process.
3. The third aspect is the preparation of those retaining the banking system and rid the bank of the routine issues and to help them make sound investment decision.
4. As well as sagging of the administrative structure, particularly in government banks and inadequate knowledge of modern banking.
5. The survival of the counterfeit currency of course recorded the fourth century, there are certain amounts were considered false, and then the central bank said it right, because they were printed in more than one place so that the Central Bank deficit in one day to determine the volume of currency in circulation or exported, and that since its publication Iraqi Currency 1993 to 2003 and was replaced in 1 / 10 / 2004 and became the new currency is the current currency.
6. The problem of damage to the documentation for borrowers, especially for state-owned banks and worked to find a solution to their financial and auditing.
7. The problem of transferring money between the public administration to the branches of the bank, or to and from the central bank and vice versa, I have a statistic b (13) Bank had been subjected to armed robbery because of poor security procedures, and offered suggestions, including, it may not open the cabinets for banks only in the presence of a representative of Central Bank case of doubt it, and to attack the bank or may not be searched except by authorization of the Central Bank.
The role of private banks in growth
Member of the Board Mr. Warka Bank (Naji singer Delphi) explained the banking role of private banks in the context of economic development, saying:
Eligibility of banks a big role in the development of the national economy, banks have worked hard to get rid of the red-winning government banks and attract the largest number of customers, through a simple comparison between the government and private banks believe that the trend to more private banks and the reason is that foreign transfers are smoothly more, and new technologies in the private banks of the latest technologies in the government banks, and we can say that private banks have been able to support the economy, since the beginning of fall used external funding at a time when Iraq's economy relies on foreign imports, and the amounts deposited outside Iraq, the government banks is still under Chapter VII, and could not convert one dollar, except for private banks, which was able to transfer funds citizen and the state of Iraq, this activity is to make her a major role in the development of the economy, should be no support for these banks, is currently focused work of the private banks to credit and credit, and we take guidance from the Ministry of Finance, the Ministry of supporting a large community banks, and overseeing the development because it helps importers credits to the Ministry of Commerce, and the granting of loans to dealers cooperating with the state, but the state has not fulfilled its cooperation with suppliers and this is what a negative impact on their activities economy.
The problems of private banks
Representative of the Iraqi private banks high Nasser Hussain between the role of ASEAN and the most important activities carried out to support the role of private banks in the economy and development, saying:
Association is an organization concerned with economic affairs of banks, one of the civil society organizations, and working on the development of banks in various areas, we have held several seminars to activate the white list, this list is a list of international, and put the relevant committee (Babylon), and fabricated the guidelines for the banks to give loans according to needs, after the central bank to recapitalize banks, the Association issued a special bulletin on the activity of banks, working to educate the banking system itself, through the training courses, and there are also seminars and meetings held with the bank staff, including government banks, as guests honor, because the subject matter the Iraqi banking in general, not only to the private banking sector, as well as there are training sessions for the adoption of private international norms, which emerge from the World Trade Organization in Paris, and introduced a cadre of banks to implement the appropriation, because it is special legislation to ensure the relationship for all parties, merchant and importer and the State, to know the value of the goods, as well as training courses on the financial reports in accordance with international accounting standards. And on the problems faced by customers in the private banks, said Nasser, as problems are much lower than the government banks because it has more flexibility, the basic problem is to provide security protections to secure the amounts transferred and the protection of bank branches in different areas of Iraq.
The absence of economic approach
Mr. (Abdul Aziz Hassoun) Managing Director of the Bank of guidance, and a member of the governing body of the Iraqi private banks, he said:
Banking is an economic activity, and economic activity linked to the entire environment in which it operates, and may be of the form of the environment and circumstances of the most important role in the level of performance, we are in Iraq now, seven years ago, there is an economic approach, or a calculated economic form, or agreed, or programmer, so we see that all parties to economic activity, working Bajthadadtha, and perhaps to their desires, we are waiting for the issuance of a special law to banks and issued the Law on banks in 2004, this law is new concepts and techniques difficult to apply, what we need to go out and useless, and we mean the new law , the banking business is subject to the laws of the Iraqi Central Bank and National Bank Act of 1947 and Act as amended in 1956, when he turned the National Bank of Iraq to the Iraqi Central Bank, the Banking Act came translations of many of the concepts and banking regulation outside of Iraq. In our country we need laws and regulations that lead to success, when made available to the Iraqi private banks to begin a new year of 1991, began its work and in that era, doing business only in their underwear, because the external work was banned because of the economic blockade.
It is unique to find banks to increase their capital and deposits, and this thing marks a major imbalance, because the banks are not working heads and deposits funds, capital always turned into buildings or assets Ooger, the cluster deposits in Iraq that they are no longer there (41) banks and then claim that this number does not allow for the deal only (72) thousand Iraqis per one bank, the subject must stand with him, studies and research dealt with various banking enough, and now I think it is time to take action to implement, to know where the problem is the truth, Is the problem specific banks or from sanctioned? Or is it a problem, particularly among the banks and the Central Bank?
There are the responsibility of the authorities concerned, do not rule out the role of the central bank, should a decision to increase their funds to these banks (500) billion to pay the (250) billion at the end of 2010, and completed its capital at the end of 2011, there you will find these banks forced to adjust their positions, No one today can raise capital, but if the banks joined forces and the integration among them, and appeared to have 3 or 4 banks enough to work, and the evolution of the banking business, and provide the required services, after getting the required quantity of deposits, and these things should be adopted by the CBE .
The identity of the Iraqi economy
And on the identity of the Iraqi economy, the (d. Chgidl cream) that the Iraqi state may be in a confusing, since it can not be framed economy, you are a capitalist country? Or a socialist country? Or the State of a free economy? Or is still a rentier state? There is no real identity of the Iraqi economy in terms of legislative and legal, so there is a lot of problems impeding the work of joint economic ...
And he replied that Mr. (Abbas Fadel Abboud) Adviser of the economy to investment bank:
Transformation of the capitalist system of pooling of funds and savings from the venture capital, working capital to become monopolistic, turning slowly to become influential in the development, and then that affects the movement of the economy in general, because it was able to affect mainly the means of production.
The means of production are owned by the banks, and applies to the capitalist system applies to the socialist system and the socialist system is a system prompt, the Iraqi banks belong to the family of banks, third world countries, and depend only on the basis of the commodity, which depends on a single commodity for a commodity exporter, used them, and only within the contents of the commodity include extractive industry such as oil, sulfur, or other metals that depend upon third world countries, which is based on a commercial basis, and it was located in the capital of the Third World is a commercial economy, have been linked to our colonial other world countries, affected by since it got rid of the gold to turn into paper money, fiat money has become a major factor of the general economy factors, and this structure affects construction, any Hikliep banking institutions in third world countries, Iraqi private banks Ackrmen dug in order to establish their presence in crisis situations, affected the security situation, so the private banks, as with other banks, if they move from the role of credit to the developmental role and contribute to the establishment of the national economy, and moves from the role of mobilization of savings to help the role of government and private institutions, as well as assistance in establishing structures that are basic, roads and bridges and others, you will need to liquidity but collided with the scarcity of liquidity, which comes through individuals and private institutions, or public savings is the savings that the State, which called the government deposits, which the government banks and the Finance Ministry, which issued a decision not to file government deposits in private banks , but in government banks, only after obtaining their consent. The other case, is the swing decisions and laws, and not serve the construction banking, investment law does not allow banks to record real estate units that are trying to get out in the Companies Registration Department, if there are foreign shareholders, we at the Bank of 70 billion economy, our capital, the number of foreigners who bought shares of the market economy, the Iraq Stock Exchange ten million shares for 70 billion, but our property, 70 properties are registered in the names of persons, not registered in the name of the bank.
A large meeting that the economic factor is very important to the maintenance of security of the community, and stakeholders should seek to strengthen the rules of the Iraqi economy, and framing of identity, and contribute to the advancement by private banks, which represent the true face of a free economy, and the main factor for the Liberation of the national economy from the tutelage of the Authority, and then national capital grant freedom of movement within the country and abroad.
http://translate.google.com/translat...3D&sl=ar&tl=en
Study Center: private banks represent the true face of the open economy
(This Article Headlined 29/1/10)
Center for Strategic Studies, the morning .. Discusses the role of the private banking sector in economic growth
BAGHDAD - Bshirkhozal
Hosted by the Center for Strategic Studies and Research in the newspaper the morning of eminent experts from the economy in a round table dealt with the private banking sector in Iraq and its role in economic development, the Symposium conducted by Dr.. Chgidl Karim Director of the Center
It was attended by fellow editor, highlighted the conditions of private banks and their relationship with Iraq's central bank with the problems facing the process of growth of these banks and their development and expansion of their roles in development.
The importance of research centers
D. Chgidl cream place in the beginning of the seminar on the role of surveillance and research centers in developed countries and its role in highlighting the problems faced by institutions and the search for scientific and practical solutions through its connections with universities and relevant ministries and decision-making circles when he said: Iraq is still the joints do not have integrated action and need to be activate its role through the delivery of voice experts and stakeholders in economic affairs to the decision-making circles, even in dealing with legislation and Tnivadtha need the truth to the country, not the end of seminars panel discussion at the Center benefit the reader, but to bring the views, and explain to the citizens and decision-making circles, both! Importance of private banks, and the necessity of its establishment, and which are best and which provided for the economy and development in the country and what obstacles they face.
Colleague, Abdul Zahra Zaki, Head of Tharididp morning he thanked for the honor to attend the morning of the Center for Strategic Studies, stressed in his speech that the institution of the morning is open to all sectors of society, and strive to develop and value the role of society outside the government and contexts outside formal contexts, in order that all contribute in building a again, the main part of this construction is a communal banks to allow for the starch Maja i own and private investment, adding:
That available to the private banks of the opportunities for growth and progress and contribute to making new life is more than available to the state banks. State banks, as you know, is governed by the rules of bureaucratic government, carrying the legacies of the history of heavy ammunition, from the management methods and ways of thinking and building on the experience of a long work of a totalitarian system of government banks and bureaucratic system that controls the government in its work.
The emergence of private banks
Director General of credit and banking in the Central Bank of Iraq, Mr. (Walid Abdel Nabi Idi) talked about the emergence of private banks, laws and abuse and its conclusions and the image that they are now saying:
I would like to look at the evolution of banking in Iraq, and the role of private banks as well as government banks in developing the Iraqi economy and providing services to various sectors and segments of society, the Iraqi banking sector began in the nineteenth century as a private sector group comprising Iraqi banks and branches of foreign banks and Arab the (seventeen) banks of the right thereafter established banks, Industrial Bank and the State Agricultural Bank in 1935, then Rafidain 1941, the then Central Bank of Iraq on 7 / 11 / 1947, bank, real estate in 1948, and then create a cooperative bank and mortgage bank merger, which later, causing bank Agricultural Cooperative, followed by economic and strategic error was to secure private banks in Iraq on 14 / 7 / 1964, in this case is configured four banking groups attached to the later commercial real estate bank, which merged with Bank of Iraq in 1974, and then create a bank competitor In general, 1988 is the Rasheed Bank, Bank of Iraq to rid the problems of external indebtedness incurred by the first bank and its inability to repay foreign creditors and borrowers, the Central Bank of Iraq is working constantly to find banks compete for state-owned banks, represented by the creation of private banks operating in conjunction with banks governmental organizations, to provide banking services in Iraq, outlining the role of the Central Bank and the continuing demand, particularly for government agencies that they do not wish to waive the resolution wrong, as the decision is issued by a political party still in power, is the Baath Party, also resulted in decision number 12 of 1991, amending the Central Bank Law No. 64 for the year, 1976 amendment to section V thereof, relating to the management of banking and allowing the private sector to establish private banks in Iraq and was the beginning of hope in 1992 of Bank of Baghdad as the first private bank in Iraq, after period of absence, is currently the number of private banks (36) banks until 2009 along with (7) and specialized government banks, including Bank of Iraq trade, and (7) Islamic banks, except foreign bank branches, we have (6) foreign banks, and the total device Iraqi banking (43) banks, with (7) posts Iraqi foreign capitals, ranged between shareholders (25 percent) to (78 percent) and Iraq is the leading country in opening the way for an investor to participate in the Iraqi capital, and participation in the entire entity or representative offices or even branches of them, and there is a request for more in this aspect.
Problems of the Central Bank
Until 2003, the Central Bank has a number of problems that are manifestations of underdevelopment, not the phenomena of the above, due to the economic sanctions on the Iraqi banking system and the national economy is represented by phenomena such as:
1. Low efficiency of the banking and one for each bank (72) thousand people which is low and does not yet exist in Iraq only Djibouti and Eritrea, while the density of international banking and one for each bank (10000) people, this is called the standard equation of efficiency.And the Central Bank through the opening of the broad scope of the private sector to open private banks or the increase of bank branches and offices for the purpose of providing banking services to the widest possible, at the furthest sites and resulted in the increase in the number of banks (542) 2003 to (724) 2009.
2. The second aspect is the absence of political strategizing and public actors, including detailed plans and annual plans of emergency, which is owned by banks, and provided by the Banking Act, the CBI's policy is not to allow the collapse of the banks because they are still simple in its composition and weak in resources, hence the need to embrace during this era in order to strengthen its material, and increase its geographic area, and exercise of international banking operations, and make themselves known, and have a network of foreign correspondents to assist in the opening credits and letters of guarantees.
In response to the intervention d. Chgidl cream on the nature of the relationship between the Iraqi Central Bank and private banks?
Idi replied: that this relationship is reflected through the statement to the provisions of Articles 3 and 4 of the Central Bank Law, which stipulate the need to maintain a strong banking system and sophisticated, according to Central Bank Law No. 56 of 2004 and the basis of this target's central bank has always been to develop the banking system, especially in the private sector, to attract more deposits and to provide more services for the Iraqi people to be productive and useful process.
3. The third aspect is the preparation of those retaining the banking system and rid the bank of the routine issues and to help them make sound investment decision.
4. As well as sagging of the administrative structure, particularly in government banks and inadequate knowledge of modern banking.
5. The survival of the counterfeit currency of course recorded the fourth century, there are certain amounts were considered false, and then the central bank said it right, because they were printed in more than one place so that the Central Bank deficit in one day to determine the volume of currency in circulation or exported, and that since its publication Iraqi Currency 1993 to 2003 and was replaced in 1 / 10 / 2004 and became the new currency is the current currency.
6. The problem of damage to the documentation for borrowers, especially for state-owned banks and worked to find a solution to their financial and auditing.
7. The problem of transferring money between the public administration to the branches of the bank, or to and from the central bank and vice versa, I have a statistic b (13) Bank had been subjected to armed robbery because of poor security procedures, and offered suggestions, including, it may not open the cabinets for banks only in the presence of a representative of Central Bank case of doubt it, and to attack the bank or may not be searched except by authorization of the Central Bank.
The role of private banks in growth
Member of the Board Mr. Warka Bank (Naji singer Delphi) explained the banking role of private banks in the context of economic development, saying:
Eligibility of banks a big role in the development of the national economy, banks have worked hard to get rid of the red-winning government banks and attract the largest number of customers, through a simple comparison between the government and private banks believe that the trend to more private banks and the reason is that foreign transfers are smoothly more, and new technologies in the private banks of the latest technologies in the government banks, and we can say that private banks have been able to support the economy, since the beginning of fall used external funding at a time when Iraq's economy relies on foreign imports, and the amounts deposited outside Iraq, the government banks is still under Chapter VII, and could not convert one dollar, except for private banks, which was able to transfer funds citizen and the state of Iraq, this activity is to make her a major role in the development of the economy, should be no support for these banks, is currently focused work of the private banks to credit and credit, and we take guidance from the Ministry of Finance, the Ministry of supporting a large community banks, and overseeing the development because it helps importers credits to the Ministry of Commerce, and the granting of loans to dealers cooperating with the state, but the state has not fulfilled its cooperation with suppliers and this is what a negative impact on their activities economy.
The problems of private banks
Representative of the Iraqi private banks high Nasser Hussain between the role of ASEAN and the most important activities carried out to support the role of private banks in the economy and development, saying:
Association is an organization concerned with economic affairs of banks, one of the civil society organizations, and working on the development of banks in various areas, we have held several seminars to activate the white list, this list is a list of international, and put the relevant committee (Babylon), and fabricated the guidelines for the banks to give loans according to needs, after the central bank to recapitalize banks, the Association issued a special bulletin on the activity of banks, working to educate the banking system itself, through the training courses, and there are also seminars and meetings held with the bank staff, including government banks, as guests honor, because the subject matter the Iraqi banking in general, not only to the private banking sector, as well as there are training sessions for the adoption of private international norms, which emerge from the World Trade Organization in Paris, and introduced a cadre of banks to implement the appropriation, because it is special legislation to ensure the relationship for all parties, merchant and importer and the State, to know the value of the goods, as well as training courses on the financial reports in accordance with international accounting standards. And on the problems faced by customers in the private banks, said Nasser, as problems are much lower than the government banks because it has more flexibility, the basic problem is to provide security protections to secure the amounts transferred and the protection of bank branches in different areas of Iraq.
The absence of economic approach
Mr. (Abdul Aziz Hassoun) Managing Director of the Bank of guidance, and a member of the governing body of the Iraqi private banks, he said:
Banking is an economic activity, and economic activity linked to the entire environment in which it operates, and may be of the form of the environment and circumstances of the most important role in the level of performance, we are in Iraq now, seven years ago, there is an economic approach, or a calculated economic form, or agreed, or programmer, so we see that all parties to economic activity, working Bajthadadtha, and perhaps to their desires, we are waiting for the issuance of a special law to banks and issued the Law on banks in 2004, this law is new concepts and techniques difficult to apply, what we need to go out and useless, and we mean the new law , the banking business is subject to the laws of the Iraqi Central Bank and National Bank Act of 1947 and Act as amended in 1956, when he turned the National Bank of Iraq to the Iraqi Central Bank, the Banking Act came translations of many of the concepts and banking regulation outside of Iraq. In our country we need laws and regulations that lead to success, when made available to the Iraqi private banks to begin a new year of 1991, began its work and in that era, doing business only in their underwear, because the external work was banned because of the economic blockade.
It is unique to find banks to increase their capital and deposits, and this thing marks a major imbalance, because the banks are not working heads and deposits funds, capital always turned into buildings or assets Ooger, the cluster deposits in Iraq that they are no longer there (41) banks and then claim that this number does not allow for the deal only (72) thousand Iraqis per one bank, the subject must stand with him, studies and research dealt with various banking enough, and now I think it is time to take action to implement, to know where the problem is the truth, Is the problem specific banks or from sanctioned? Or is it a problem, particularly among the banks and the Central Bank?
There are the responsibility of the authorities concerned, do not rule out the role of the central bank, should a decision to increase their funds to these banks (500) billion to pay the (250) billion at the end of 2010, and completed its capital at the end of 2011, there you will find these banks forced to adjust their positions, No one today can raise capital, but if the banks joined forces and the integration among them, and appeared to have 3 or 4 banks enough to work, and the evolution of the banking business, and provide the required services, after getting the required quantity of deposits, and these things should be adopted by the CBE .
The identity of the Iraqi economy
And on the identity of the Iraqi economy, the (d. Chgidl cream) that the Iraqi state may be in a confusing, since it can not be framed economy, you are a capitalist country? Or a socialist country? Or the State of a free economy? Or is still a rentier state? There is no real identity of the Iraqi economy in terms of legislative and legal, so there is a lot of problems impeding the work of joint economic ...
And he replied that Mr. (Abbas Fadel Abboud) Adviser of the economy to investment bank:
Transformation of the capitalist system of pooling of funds and savings from the venture capital, working capital to become monopolistic, turning slowly to become influential in the development, and then that affects the movement of the economy in general, because it was able to affect mainly the means of production.
The means of production are owned by the banks, and applies to the capitalist system applies to the socialist system and the socialist system is a system prompt, the Iraqi banks belong to the family of banks, third world countries, and depend only on the basis of the commodity, which depends on a single commodity for a commodity exporter, used them, and only within the contents of the commodity include extractive industry such as oil, sulfur, or other metals that depend upon third world countries, which is based on a commercial basis, and it was located in the capital of the Third World is a commercial economy, have been linked to our colonial other world countries, affected by since it got rid of the gold to turn into paper money, fiat money has become a major factor of the general economy factors, and this structure affects construction, any Hikliep banking institutions in third world countries, Iraqi private banks Ackrmen dug in order to establish their presence in crisis situations, affected the security situation, so the private banks, as with other banks, if they move from the role of credit to the developmental role and contribute to the establishment of the national economy, and moves from the role of mobilization of savings to help the role of government and private institutions, as well as assistance in establishing structures that are basic, roads and bridges and others, you will need to liquidity but collided with the scarcity of liquidity, which comes through individuals and private institutions, or public savings is the savings that the State, which called the government deposits, which the government banks and the Finance Ministry, which issued a decision not to file government deposits in private banks , but in government banks, only after obtaining their consent. The other case, is the swing decisions and laws, and not serve the construction banking, investment law does not allow banks to record real estate units that are trying to get out in the Companies Registration Department, if there are foreign shareholders, we at the Bank of 70 billion economy, our capital, the number of foreigners who bought shares of the market economy, the Iraq Stock Exchange ten million shares for 70 billion, but our property, 70 properties are registered in the names of persons, not registered in the name of the bank.
A large meeting that the economic factor is very important to the maintenance of security of the community, and stakeholders should seek to strengthen the rules of the Iraqi economy, and framing of identity, and contribute to the advancement by private banks, which represent the true face of a free economy, and the main factor for the Liberation of the national economy from the tutelage of the Authority, and then national capital grant freedom of movement within the country and abroad.
http://translate.google.com/translat...3D&sl=ar&tl=en