Tuesday, June 17, 2008

Private Banks demanding the release of bank credits

11 May 2008

Private Banks appealed to the Iraqi government to make the Iraqi Central Bank open the value of their financial allocations and not limit it to a certain amount just like it is in other countries of the world in order to allow them to move according to the modern market economics to serve the economic transformation plans adopted by the government since 2003.

They asked the Iraqi Central Bank not to determine the ceiling material to their financial allocations, since it represents a hindrance to the expansion of their infrastructure and thus freezing business dealings, whether inside or outside.

Deputy Director of Al-Warkaa Bank for Investment and F,inance, Mohamed Hassan, said that private banks need the support of the government represented by the Iraqi Central Bank through opening credits without adherence to a certain ceiling to revitalize the national economy, taking into consideration the efficiency of the bank, the services provided by the bank, the development processes of its restructuring, raising its capital based on the achievements made by the bank like introducing the software system in banking dealings to facilitate services to customers for the first time in Iraq as well as puting up a new interest rate on deposits of three types: 12% for three months, 13% for six months and 14% for one year. He added that the bank granted its customers the smart card service, the ATM, the issuance of guarantees and opening low credits through the Internet service bank "electronic-bank" and by using a password containing the account number and name.

Last Updated ( Thursday, 01 January 1970 )

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