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IMF criticizes the Iraqi banking system and urges the government to strengthen supervision of financial system
Posted: September 25, 2011
Alsumaria News / Baghdad asked the International Monetary Fund on Sunday, the Iraqi government to supervise the Iraqi banking system for taking damage growth prospects in the country, adding that most commercial banks do not work be acting, and some are selling cars, as called for Iraq to appear diversified economies if he wants to attract investments and provide jobs “for millions of people.”
A report passed by the World Bank and presented on the sidelines of the IMF and World Bank held in Washington, said that “the Iraqi banking system damage growth prospects in Iraq, must be developed in order to attract foreign investment and diversify the economy of oil-producing , “asserting that” there are seven state-owned banks dominate the banking system has 89% of bank deposits in the country.”
The World Bank report that “many of these banks provide limited services,” noting that most commercial banks do not work be acting and some of them sell cars.”
As the Regional Director of the World Bank Hedi Larbi on the sidelines of the meetings, said that “Iraq has to appear as an economy diversified, and have to provide jobs for millions of people,” stressing that Iraq is “a country with enormous potential, and we need to help him as a tiger next in the region”.
and the Director of the Region of the World Bank that “the Iraqi government, the order of the balance sheets of banks and strengthen the supervision of the financial system and create the conditions for competition from the private sector,” adding that “in order to improve the balance of the economy, there is a need to deepen the financial sector to support the growth of the sector non-oil.”
officials said during the meetings that the financial sector of Iraq’s troubled, it was almost one of the barriers to economic growth, and they said there is still a need for security and macroeconomic stability.
The head of the IMF mission to Iraq, Ron van Roden, “The situation has improved as much as large, but it is still a hazardous environment.”
and the International Monetary Fund expects to increase the GDP of Iraq by 9.6% this year and 12.6% next year, and contrasts sharply with many other countries in the Middle East and North Africa will see a decline in growth in 2012 due to falling oil prices and global recession.
For his part, Iraqi Finance Minister Rafie al-Issawi told reporters on the sidelines of the conference, said that “Iraq will be able to overcome the decline in oil prices to increase production,” noting that Iraq “if production increased for changes in prices, this could offset the budget.”
Iraq currently produces about 2.7 million barrels a day, and tries to boost production capacity to 12 million barrels per day by 2017.
Iraq announced earlier in the postponement of a program to restructure the Iraqi financial system until the year 2013, which included restructuring of the largest banks Iraqis owned by the state and are good and Mesopotamia, and the restructuring of the Audit Department at the Central Bank and the development of the private banking sector.
The number of Arab banks and foreign made after the issuance of the Banking Act No. 94 of 2004 for licenses to establish private banks in Iraq, whether by 100%, or in partnership with banks local Iraqi, or to open branches to work in Iraq, but security conditions have prevented it, except for some posts the few that have been achieved with a number of national banks.
as he emphasized the Iraqi Central Bank in November of last year, the foreign banks operating in Iraq work independently, but under the umbrella of the local banks, civil, indicating that the investments of the regional countries in Iraq with a commercial character and lacks the international standards.
IMF criticizes the Iraqi banking system and urges the government to strengthen supervision of financial system
Posted: September 25, 2011
Alsumaria News / Baghdad asked the International Monetary Fund on Sunday, the Iraqi government to supervise the Iraqi banking system for taking damage growth prospects in the country, adding that most commercial banks do not work be acting, and some are selling cars, as called for Iraq to appear diversified economies if he wants to attract investments and provide jobs “for millions of people.”
A report passed by the World Bank and presented on the sidelines of the IMF and World Bank held in Washington, said that “the Iraqi banking system damage growth prospects in Iraq, must be developed in order to attract foreign investment and diversify the economy of oil-producing , “asserting that” there are seven state-owned banks dominate the banking system has 89% of bank deposits in the country.”
The World Bank report that “many of these banks provide limited services,” noting that most commercial banks do not work be acting and some of them sell cars.”
As the Regional Director of the World Bank Hedi Larbi on the sidelines of the meetings, said that “Iraq has to appear as an economy diversified, and have to provide jobs for millions of people,” stressing that Iraq is “a country with enormous potential, and we need to help him as a tiger next in the region”.
and the Director of the Region of the World Bank that “the Iraqi government, the order of the balance sheets of banks and strengthen the supervision of the financial system and create the conditions for competition from the private sector,” adding that “in order to improve the balance of the economy, there is a need to deepen the financial sector to support the growth of the sector non-oil.”
officials said during the meetings that the financial sector of Iraq’s troubled, it was almost one of the barriers to economic growth, and they said there is still a need for security and macroeconomic stability.
The head of the IMF mission to Iraq, Ron van Roden, “The situation has improved as much as large, but it is still a hazardous environment.”
and the International Monetary Fund expects to increase the GDP of Iraq by 9.6% this year and 12.6% next year, and contrasts sharply with many other countries in the Middle East and North Africa will see a decline in growth in 2012 due to falling oil prices and global recession.
For his part, Iraqi Finance Minister Rafie al-Issawi told reporters on the sidelines of the conference, said that “Iraq will be able to overcome the decline in oil prices to increase production,” noting that Iraq “if production increased for changes in prices, this could offset the budget.”
Iraq currently produces about 2.7 million barrels a day, and tries to boost production capacity to 12 million barrels per day by 2017.
Iraq announced earlier in the postponement of a program to restructure the Iraqi financial system until the year 2013, which included restructuring of the largest banks Iraqis owned by the state and are good and Mesopotamia, and the restructuring of the Audit Department at the Central Bank and the development of the private banking sector.
The number of Arab banks and foreign made after the issuance of the Banking Act No. 94 of 2004 for licenses to establish private banks in Iraq, whether by 100%, or in partnership with banks local Iraqi, or to open branches to work in Iraq, but security conditions have prevented it, except for some posts the few that have been achieved with a number of national banks.
as he emphasized the Iraqi Central Bank in November of last year, the foreign banks operating in Iraq work independently, but under the umbrella of the local banks, civil, indicating that the investments of the regional countries in Iraq with a commercial character and lacks the international standards.
