Thursday, September 8, 2011Iraq is about to facilitate the trading banks, the civil
Iraq decided Thursday to form the committee said it aimed to support economic transactions in the private banks and expand the exchanges of commerce.
And Iraq plans to attract international companies to invest, but it faces major security challenges and must take over security alone without help Americans from next year according to the security agreement. and still the economy of Iraq is separate from the global financial system is dominated by oil as an oil export more than 95 percent of revenue.
Salam al-Quraishi, an adviser in the Iraqi government of Kurdistan News Agency (Rn) that the Council of Ministers decided to form a committee high to support the private banks and expand the exchanges of trade.
The aim of Iraq under a five-year plan for economic development to attract investments worth $ 86 billion by 2014.
Continues
He Quraishi, the Committee will be coordinated with the Ministry of Finance and Central Bank for the development of banking, financial and management for private banks through the involvement of the World Bank in the process of support.
The committee will oversee the restructuring of the integration of private banks, after supporting the capital and the development of its administrative capacity to pass banking big. There are about 36 private banks small heads of limited funds charge high interest and reject the practice lending in the absence of a functioning judicial system.
Is controlled by government-run Banque the banking system in Iraq are Rafidain Bank and Rasheed Bank. and started 20 banks and a special work according to electronic clearing system. and the Iraqi government plan to give private banks broad powers are balanced with the powers of government banks. Iraq relies on government banks in the financial dealings instead of by 85 percent.
