November 19, 2010Central Bank: Provides banking sector, the performance of the government during the last period
Baghdad, The Central Bank of Iraq, said Friday that the private banking performance than the performance of State-owned banks during the last period, indicating that they are free from restrictions and routine procedures in government banks was a major cause in the evolution of their work.
The chancellor said the Central Bank of the appearance of Mohammed Saleh told the Kurdish news agency (Rn), "The private banks made largely through the development of monetary dealings after follow-up and intensive surveillance by the CBI during the last period."
Saleh pointed out that "the future in Iraq will be the banking transactions of private banks being free from the constraints of routine governmental organizations and the development of a permanent work."
And the favor of that "fear has faded investment companies and businessmen to deposit their money in private banks after it proved the importance of their role," adding that "increasing numbers of private banks in Iraq demonstrates the recovery of economic reality and liberation from the old banking restrictions."
The Iraqi Ministry of Finance decided on May 19 last May to form a committee to develop and organize the work of private banks in the country, because of fears of businessmen and investors to deposit funds in these banks.
The total capital of Iraqi private banks billion and $ 600 million during the current year, up from $ 30 million in 2004.
The number of private banks to 31 banks throughout Iraq, while the number of branches in Baghdad and the provinces from 100 to more than 600 branch to compete in the number and level of services with branches Rafidain and Rashid.
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