The Development in the Banking System to Provide Economic Development

Iraqi Dinar 123 News:– The Iraqi banking sector is facing critical situation in Iraq that are discouraging the progress, in spite the Iraqi Central Bank has made plans to support the advancement and reactivation of the banking functions. It is also important that adopting new and latest mechanisms for the advancement of the Iraqi banking system would play an important role to support the economy of the country. A number of recommendations by the stakeholders have been received in order to reestablish the banks for the economic improvement and it would provide much better role in the Iraqi private sector.

A famous economic expert Taufiq Ali Hassoun issued a press statement that a strong economy helps the perfect economic development and utilization of maximum physical and human resources by the advancement in the banking sector would play an important role in order to implement the economic and financial policies. He also added that Iraqi is currently facing problem for the establishment of banks for economic advancement by utilizing the budget 2016, which will be approved very soon.

He further added that Iraqi banking sector currently performing an important role which is very efficient and close to the reality. Point to be noted that banks in the private sector are few in stock market, so most of the Iraqi citizens hesitating to invest their money in any unauthorized institution, some of the companies are listed in Iraq stock exchange but there indicators are showing weakness. He also stressed that the cooperation of the citizens by investing their money in these banks would increase the investment rates, it would also increase the economic activities.

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