Finance ministry rails against private banks in Iraq

Finance ministry rails against private banks in Iraq

Sulaimaniyah, Mar. 28 (AKnews) – Iraq's Ministry of Finance has taken strict measures on the private sector banks in the country after voicing concern that they have not been conducive to the country development.

Undersecretary of the ministry Fazel Nabi said Saturday that the private banks opened in Iraq in a short period did not do their part as required to help in the country in the development process.

Many of the private banks have been experiencing financial troubles according to Nabi, and are feared to face bankruptcy.

The government, Central Bank of Iraq and economists all agree that the strict measure is necessary against the private banks, he added.

"The banks are currently working like money exchange shops and have no qualities of banks, therefore strict courses of action will be taken against them as of now, in addition to issuing instructions to state offices as to how deal with the banks" he said.

Nabi noted that the banks were authorized to work in Iraq to provide facility to the country, and to help provide facilities to contractors and businessmen to implement projects in the country but they have failed.

http://www.aknews.com/en/aknews/2/129427/

banks are currently working like money exchange shops

well for at least the last 4 years that's about the only business that was happening in iraq...no outside investor's want to come in due to the violence....sheesh!!