04/03/2011Iraq seeks to develop the banking sector
The Director of the Central Bank in Basra, the largest, that «the Central grant formal approval for the opening of bank« Pepe Luis »Lebanese in the province of Basra, to soon start operations in accordance with regulations in force in the private banks and approved by the Central Bank», expected «the opening of three local banks other in Basra, after they obtained the official approvals.
He said: increase the number of private banks in the province contribute to the strengthening of the cash block in the form of large, pointing out that the number of banks in Basra is 22, 6 of which are state banks and the Bank of Iranian and other Lebanese banks and the rest are Iraqi civil.
A source in the Association of Iraqi private banks, that the presence of the Lebanese banking in Iraq in the form of increased growth, reflecting the desire of the Lebanese banks and enthusiasm to work on the Iraqi arena, given the importance of investment and economic leverage if the availability of more factors of security and stability he said, adding that the Lebanese banks ahead of the other Arab banks to open branches in Iraq and the development of its activities».
The source pointed out that «the Lebanese banks currently operating in Iraq are: Byblos, which has two branches in Erbil and Baghdad, and« Intercontinental has two branches in Erbil and Baghdad, and« Beirut and the Arab countries and has branches in Erbil, Baghdad and Basra, and« the Lebanese French has a branch in Baghdad, and« Bank of Beirut »has a representative office in Baghdad.
In addition, the expert stressed financial Mowaffaq Abbas sack, that the work during the current period requires the development of the banking public through the adoption of modern mechanisms entered the field of global banking, in particular that the Iraqi cadres able to manage the latest methods of banking if the conditions are appropriate.
He added: control the financial sector, fiscal policy is a revenue management of financial resources for state and mechanisms of spending in any of the fields and the consequent inability to become accumulates year after year, pointing out that the deficit be covered from the religion of both types of procedure, of bonds Treasury, and external, which represents the accumulated debts of the former regime.
