Attention Chatters!!

We are no longer chatting in this room. It has served its purpose for a few years now.....

now we are all moving to a new chatroom

Evy (not using Shilo...but using Maddy) & Mama(MamaEhrhardt) are currently chatting here.

please go to this site, register and join us in our newest journey in following the dinar investment.

This site will no longer be maintained.

Banks Urge Privatisation of State Lenders

Go down

Banks Urge Privatisation of State Lenders

Post  Shilo on Thu Aug 26, 2010 7:15 am

<H2>Banks Urge Privatisation of State Lenders

25 August 2010.

AFP reports that Iraq’s privately-owned banks have called for the country’s state-owned lenders to be privatised, to break up a near monopoly in lending by politicians whose actions remain stuck in the Saddam-era.
Although foreign cash has flowed in since the US-led invasion of 2003, ministers still opt to use government banks to do business and are failing to use private rivals, which is hampering economic growth, bankers argue.
The lack of a new government and poor security are also stifling efforts among international banks to plant a solid foothold in Iraq, whose economy, with the exception of oil, is showing little sign of improvement despite low inflation and a stable currency.
Fouad al-Hassani, chairman of the Iraqi Private Banking League, said the next government should privatise the seven state-backed lenders to create a level playing field among banks, as promised under the constitution.
“Unless they are privatised the government will still lean on their own banks,” he said. “That is not in line with an open market policy.
“We are looking for a new government so that we can talk to them again. The constitution is very clear on what they should do.”
Iraq currently has 36 privately-owned banks, most of them each holding capital of 50-150 million dollars, compared to 17 private banks during the rule of dictator Saddam Hussein, ousted in the invasion.

Posts : 1064
Join date : 2009-12-27
Age : 53
Location : Canada

Back to top Go down

Back to top

Permissions in this forum:
You cannot reply to topics in this forum