Iraqi government banks represent 88% of interests in the financial area, the Monetary and Monetary Consultant to the Head of the state, Mudher Mohammad Saleh, affirmed on Monday.
Saleh told Shafaq News, “Just 12% of these ventures stay with private area banks.”
The banking industry includes all financial intermediaries through which funds flow to various areas of activity in its broadest sense, despite the fact that it has traditionally only included banks of various types.
“Market contest essentials are fragmented except if government banks are held to advertise guidelines concerning productivity and authoritative administration, like global banks,” Saleh added.
“The financial area should be transformed in accordance with the public authority’s monetary change plan, which started with the change of government banks.”
It is noticed that Iraq’s seven government banks are frequently condemned for their complex regulatory strategies and exorbitant loan fees, while the 74 confidential banks are scrutinized for lacking credit offices.
