Finance Committee: Local banks still lag behind the international banking standards in techniques and developments

Posted by on Oct 28, 2013 | Leave a Comment

10-10-2013 10:29 AM
Baghdad (newsletter). The parliamentary Finance Committee noted the existence of technical and administrative problems have prevented the development of the banking sector in the country, saying that local banks are still lags behind the world in terms of techniques and developments.

The Vice-Chairman of the Committee, said attorney Ahmed Faizullah (News Agency): local banks still follow the old traditional systems used manual work especially in censuses and other, causing delayed delivery of banking transactions and the increase of financial and administrative corruption.

He added: the Central Bank of Iraq accepts responsibility for the failure of the banking sector, but the entire State bore responsibility for it either from the Government or the House of representatives for not providing an appropriate environment that Allow the development of this important sector.

He noted: there are some technical difficulties prevented the development of the banking sector, calling out to support local banks with new technologies through the use of technological machinery that facilitates and speeds up transactions.

The banking system in Iraq consists of forty-three banks as well as the Central Bank and distributed by property (7) and banks (30) Community Bank including (7) in addition to Islamic banks (6) foreign banks

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