Saturday, November 27, 2010
The Council of Ministers underlines the importance of supporting private banks to boost national economy
Increasing proportion of trading for non-Iraqis in the stock market
بغداد - الصباح BAGHDAD - morning
Revealed an economic advisor to the Prime Minister announced a package of incentives banks wait for the civil, which seeks to merge with each other, at the time announced that the Securities Commission for the desire of some foreign companies to increase their funds in the Iraqi market for securities and banking.
The news agency «Voices of Iraq» Advisor to Prime Minister Dr. Abdul Hussein Al-Anbuge saying: that the Council of Ministers reached after consideration the conditions of private banks in the country to the need to give opportunities for growth and exercise of various functions of banking in the economy, to be a key partner in the process of financing development.
He said the government would stick to its responsibility towards the support of government and private banks and restore confidence in them fully, noting that the Iraqi banking system is strong and robust and capable of development and growth.
And DR-Anbuge to study the status of government and private banks came as a result of additional delay and the problems in the performance of some of them, pointing out that the meeting was to reach the need to develop a package of measures to facilitate and control the work of banks, as well as urging the central bank to activate its oversight role and the exercise of built-in safeguards are more stringent .
He stressed the importance of restoring confidence sinks civil and address the causes that led to some confusion in the performance and repair status of their boards, through interventionist role for the government to become a partner in the ownership of private banks, explaining that the government would withdraw after the demise of financial hardship as is the case in which the economies of the market.
Economic adviser called for an increase of capital of private banks of 44 banks as soon as possible and encouraging them to integrate, returned this number that «is not as important to have banks with a greater effectiveness», stressing that there will be quality standards and quality and standards for the performance of the banking will be their governance is Good to avoid any case of delay performance can get you in the future.
He hinted that the development process in Iraq needs to finance large can not come from the investors and businessmen, noting that he needs to banking facilities large in the form of credit, loans and credits and opening credits and other banking operations, noting that as the banking system, the government still suffers from major problems should be given an important role of private banks and active in the process of collecting savings and re-injected into the economy by lending to investors and businessmen, which called for the expansion of the opening of private banks, he said.
For his part, chairman of the Securities Abdul Razzaq al-Saadi told «Nina» news agency that the Iraqi market for securities and promising future is promising, revealing that the percentage of circulation of non-Iraqis last year reached 25 percent are increasing, which indicates the confidence attached great foreign investors in the Iraqi market.
He continued by saying: that there is something known is that the foreign company or foreign investor does not spend or invest any funds until it is available has great confidence in where you spend it his money, they returned to increase foreign equity as evidence of great confidence in the Iraqi market for securities.
The Council of Ministers underlines the importance of supporting private banks to boost national economy
Increasing proportion of trading for non-Iraqis in the stock market
بغداد - الصباح BAGHDAD - morning
Revealed an economic advisor to the Prime Minister announced a package of incentives banks wait for the civil, which seeks to merge with each other, at the time announced that the Securities Commission for the desire of some foreign companies to increase their funds in the Iraqi market for securities and banking.
The news agency «Voices of Iraq» Advisor to Prime Minister Dr. Abdul Hussein Al-Anbuge saying: that the Council of Ministers reached after consideration the conditions of private banks in the country to the need to give opportunities for growth and exercise of various functions of banking in the economy, to be a key partner in the process of financing development.
He said the government would stick to its responsibility towards the support of government and private banks and restore confidence in them fully, noting that the Iraqi banking system is strong and robust and capable of development and growth.
And DR-Anbuge to study the status of government and private banks came as a result of additional delay and the problems in the performance of some of them, pointing out that the meeting was to reach the need to develop a package of measures to facilitate and control the work of banks, as well as urging the central bank to activate its oversight role and the exercise of built-in safeguards are more stringent .
He stressed the importance of restoring confidence sinks civil and address the causes that led to some confusion in the performance and repair status of their boards, through interventionist role for the government to become a partner in the ownership of private banks, explaining that the government would withdraw after the demise of financial hardship as is the case in which the economies of the market.
Economic adviser called for an increase of capital of private banks of 44 banks as soon as possible and encouraging them to integrate, returned this number that «is not as important to have banks with a greater effectiveness», stressing that there will be quality standards and quality and standards for the performance of the banking will be their governance is Good to avoid any case of delay performance can get you in the future.
He hinted that the development process in Iraq needs to finance large can not come from the investors and businessmen, noting that he needs to banking facilities large in the form of credit, loans and credits and opening credits and other banking operations, noting that as the banking system, the government still suffers from major problems should be given an important role of private banks and active in the process of collecting savings and re-injected into the economy by lending to investors and businessmen, which called for the expansion of the opening of private banks, he said.
For his part, chairman of the Securities Abdul Razzaq al-Saadi told «Nina» news agency that the Iraqi market for securities and promising future is promising, revealing that the percentage of circulation of non-Iraqis last year reached 25 percent are increasing, which indicates the confidence attached great foreign investors in the Iraqi market.
He continued by saying: that there is something known is that the foreign company or foreign investor does not spend or invest any funds until it is available has great confidence in where you spend it his money, they returned to increase foreign equity as evidence of great confidence in the Iraqi market for securities.
