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Iraq is about to facilitate the trading banks, the civil
08/09/2011 15:30
Baghdad, September 8 / Spettmar (Rn) - Iraq on Thursday decided to form a committee said it aimed to support economic transactions in the private banks and the expansion of commercial exchanges.
Iraq plans to attract international companies to invest, but it faces major security challenges and must take over its own security without help from the Americans next year, according to a security agreement.
Iraq's economy is still separate from the global financial system is dominated by oil, where oil exports account for more than 95 percent of revenue.
Salam al-Quraishi, an adviser in the Iraqi government of Kurdistan News Agency (Rn) that "the Council of Ministers decided to form a higher committee to support the private banks and the expansion of commercial exchanges."
The aim of Iraq as part of a five-year plan for economic development to attract investments worth $ 86 billion by 2014.
Quraishi said that the Committee will be coordinated with the Ministry of Finance and Central Bank for the development of banking, financial and administrative private banks through the involvement of the World Bank in the process of support.
The committee will oversee the integration of the restructuring of private banks after its capital to support and develop its administrative capacity to pass large banking transactions.
There are about 36 heads a small private bank limited funds charge high interest and usually refuses to lending in the absence of a functioning judicial system.
Two banks and two government-controlled banking system in Iraq are Rafidain Bank and Rasheed Bank.
20 banks and began to work according to a special electronic clearing system.
The Iraqi government has plan to give private banks broad powers are balanced with the powers of government banks.
Iraq relies on government banks in the financial dealings by 85 percent.
From: Jafar Wanan. Open: Murtaza Yousuf
Iraq is about to facilitate the trading banks, the civil
08/09/2011 15:30
Baghdad, September 8 / Spettmar (Rn) - Iraq on Thursday decided to form a committee said it aimed to support economic transactions in the private banks and the expansion of commercial exchanges.
Iraq plans to attract international companies to invest, but it faces major security challenges and must take over its own security without help from the Americans next year, according to a security agreement.
Iraq's economy is still separate from the global financial system is dominated by oil, where oil exports account for more than 95 percent of revenue.
Salam al-Quraishi, an adviser in the Iraqi government of Kurdistan News Agency (Rn) that "the Council of Ministers decided to form a higher committee to support the private banks and the expansion of commercial exchanges."
The aim of Iraq as part of a five-year plan for economic development to attract investments worth $ 86 billion by 2014.
Quraishi said that the Committee will be coordinated with the Ministry of Finance and Central Bank for the development of banking, financial and administrative private banks through the involvement of the World Bank in the process of support.
The committee will oversee the integration of the restructuring of private banks after its capital to support and develop its administrative capacity to pass large banking transactions.
There are about 36 heads a small private bank limited funds charge high interest and usually refuses to lending in the absence of a functioning judicial system.
Two banks and two government-controlled banking system in Iraq are Rafidain Bank and Rasheed Bank.
20 banks and began to work according to a special electronic clearing system.
The Iraqi government has plan to give private banks broad powers are balanced with the powers of government banks.
Iraq relies on government banks in the financial dealings by 85 percent.
From: Jafar Wanan. Open: Murtaza Yousuf