Iraqi Finance criticizes the performance of private banks
Tuesday, September 14th 2010 10:12 PM
Baghdad, Sept.14 (AKnews) - The Iraqi Finance Ministry is still not convinced of the performance of Iraqi private banks, accusing the local banks of lacking financial and scientific seriousness that would develop the banking sector in Iraq, said an adviser in the Ministryon Tuesday .
Dhia Al-Khayoon told AKnews, "The relationship between the private banks and the Ministry of Finance is characterized by the lack of confidence and financial seriousness to develop the banking sector in the country… the ministry had no objection to increase the number of private banks, but it calls for further changes, which reduces the distance between them and the governmental banks.”
The total capitals of private Iraqi banks have increased from 30 million dollars in 2004 to one billion and 600 million dollars, except for the branches of Arab and foreign banks operating in the country.
The number of private banks rose from 17 banks in 2004 to 31 banks currently, while the number of its branches in Baghdad and other provinces rose from 100 to more than 600 branches, to compete in its number and level of services with Rafedain and Rasheed government-owned banks.
Reported by Jaafar al-Wanan
Sa/Ae/AKnews
Tuesday, September 14th 2010 10:12 PM
Baghdad, Sept.14 (AKnews) - The Iraqi Finance Ministry is still not convinced of the performance of Iraqi private banks, accusing the local banks of lacking financial and scientific seriousness that would develop the banking sector in Iraq, said an adviser in the Ministryon Tuesday .
Dhia Al-Khayoon told AKnews, "The relationship between the private banks and the Ministry of Finance is characterized by the lack of confidence and financial seriousness to develop the banking sector in the country… the ministry had no objection to increase the number of private banks, but it calls for further changes, which reduces the distance between them and the governmental banks.”
The total capitals of private Iraqi banks have increased from 30 million dollars in 2004 to one billion and 600 million dollars, except for the branches of Arab and foreign banks operating in the country.
The number of private banks rose from 17 banks in 2004 to 31 banks currently, while the number of its branches in Baghdad and other provinces rose from 100 to more than 600 branches, to compete in its number and level of services with Rafedain and Rasheed government-owned banks.
Reported by Jaafar al-Wanan
Sa/Ae/AKnews