May 19, 2010Iraqi Finance: There are fears the deposit of funds in private banks
Baghdad, The Iraqi Ministry of Finance for the formation of a committee to develop and organize the work of private banks in the country, pointing at the same time there is fear of the deposit of funds in these banks.
The Iraqi Finance Minister Baqir al-Zubaidi, told the Kurdistan News (Akaniwz) "There are efforts by the Ministry of Finance aims to organize the work of private banks and private commensurate with the needs of Iraq's financial, but does not contradict the government's plan to improve the working of these banks."
"We have formed a ministry to a specialized committee to organize the work of the bank to more accurately preserving the rights of shareholders in these banks."
He denied al-Zubaidi, "the Ministry's campaign to reduce the number of private banks in the coming period in the hope that improved management of those banks, international financial transactions in line with the global economic system."
He pointed out that "there is a fear by some companies, government ministries task to deposit their money in private banks."
The total capital of Iraqi private banks from 30 million dollars in 2004 to one billion and 600 million dollars now, except for branches owned by Arab and foreign banks operating in the country.
The number of private banks to 31 banks now, with the number of branches in Baghdad and other provinces from 100 to more than 600 branch to compete in the number and level of services in Iraq bank branches and rational.
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