Baghdad / term
Banking expert called Mohsen Ali, the need to transform the private banks to large financial institutions to strengthen the financial assets and organization of work, which will enhance the national economy.
Ali said (of the Agency news): The idea of the central bank to convert the private banks to large financial institutions through integrated Baovernmah will organize their work and enhance its financial position through increased financial assets.
He added: some private banks declared bankruptcy recently because there is no law discreet organizes its work and the absence of strict control and follow-up by the central bank while if turned into financial institutions large will develop their work and contribute to the advancement in the national economy.
said: that private banks when running institutions make substantial financial capacity to the advancement of the economic reality of the country, being a work by a special law regulating work under the supervision of the Central Bank or other government bodies. The Central Bank says that the number of Iraqi private banks arrived in Iraq to 40 banks, while capital is still weak and need to be that banks more aggressive with each other to form a strong capital.
He indicated that the government banks dominant 92% on the domestic market and that private banks do not exceed the 10% dominance It does not take space from the Iraqi market, according to the central bank.