Iraqi Banks Have Not Kept Pace With Modern Technology
|June 23, 2014||Filled under Iraqi Banking News|
Iraqi Banking News –
Committee considered the economy the parliamentary that banking institutions of the Iraqi failed to introduce modern banking services to the bank transactions of government and private, criticized the economists of the banking system and the way it works that do not comply with international standards, which are based on providing banking service properly take into account from which the time and cost to a wide audience of citizens and companies.
A member of the Parliamentary Commission of Economy Hussein Salman Mohammed in an interview for the “long”, “The banking environment in Iraq lacked the most basic services internationally recognized and considered lagging significantly behind the evolution in the nearest neighboring countries.”
He added that “the miserable routine procedures which are managed by banking institutions have created the current environment expelling foreign investment companies over the past ten years.”
He also explained that “the amendment of laws and the adoption of new instructions by the executive bodies, particularly the central bank is the perfect solution to start providing financial services and advanced banking for the Iraqi people and the foreign investor.”
He said the “large amounts of money in circulation in the Iraqi market need for advanced systems technology is a network services provide the time and effort as well as money.”
It consists of the banking system in Iraq from 43 banks, as well as the central bank, and are distributed according to ownership of seven state banks, and 30 civil, including seven Islamic, as well as six foreign banks.
For his part, said economic expert Majid picture in an interview for the “long”, “The basic problem supplemented in the absence of a culture of banking among citizens who deals with different banks in accordance with the service contexts backward.”
He added that “the possibilities and financial mechanisms for banking transactions are available in a large, but it lacks the right decision for the application on the ground and within the recognized global contexts.”
Suri explained that “Iraq has a solid economic base in terms of financial liquidity to help him open up new horizons for advanced banking systems.
He said the “restructuring of private banks and government in general are considered the essential foundation for the introduction of banking and financial services developed will pressure unforeseen expenses Government Brocanha the past.”
He stressed that “the central bank should take its role in activating the banking network by working on the application of international standards, which is the introduction of modern technology in the daily financial transactions and private auction currency trading daily.”
He pointed out that “the availability of advanced banking services lead to ease the financial transfers to individuals and businesses in addition to the speed of achievement he needs the investment side of the country.”
While stressing the Iraqi Central Bank, the need to use modern technologies in Iraqi banks, which is the basic rule for working in the banking world, to suit the expansion in economic activity of the country.
The Iraqi Central Bank revealed, in the first half of 2014, the opening of 15 branches of Arab and foreign banks in the country, as a result of his policy of openness to the world, noting that pulling off one branch of the Arab bank for violating the conditions laid down in the laws.
The governor of the Iraqi Central Bank and the Agency, Abdul-Basit Turki, had threatened during a financial conference held in Dubai, the withdrawal of licenses of five banks operating in Iraq, he did not identify, what did not increase their capital.
The Central Bank of Iraq was established as a bank independent under the law issued on the sixth of March 2004, as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies are being daily sessions for buying and selling currencies.
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