Economic: Iraq needs a banking revolution
March 8, 2010 Posted in NEWS
3/8/2010 1:37:34 AM

Najaf Ahmed Kadhim
A member of Chamber of Commerce of Najaf and financial advisor that Iraq needs a revolution in the world of banks because the banks are now in Iraq are significantly late and still working methods and mechanisms are very old and socialist thought, so they need to change and revision by again.

He stressed in an interview with Saadi loved (the media center of the communication) the need to open the door to a giant global banks seeking to finance and development banking system also need a set of legislation and enact a law that investment banks and finance being one of the important sectors in the development of the economy, and this system did not discuss seriously to parliament in its previous session.

As for advances and loans granted by banks, he pointed to a pet is a good step for the payment of cash flows to the market and so as not vulnerable to the financial crisis and move the market a business as a good feature, but must be developed and set in place and Alagheradat refrain required and interest rates are reasonable.

Junior Chamber of Commerce of Najaf stressed the need to enact laws for the formation of an Iraqi finance houses finance houses such as Turkish, Iranian, Kuwaiti, which seeks to achieve several goals, foremost of small enterprise development and the eradication of unemployment and the creation of cash flows to market meaningful benefits.