Banking Sector in Iraq is Suffering a Lack of Trust of the Citizens

[Baghdad - where] – Criticized by a member of the parliamentary finance committee of the banking sector in Iraq because he suffers from a lack of confidence by the citizens.

Said Najiba Najib told all of Iraq [where] that “the Iraqi banking sector is suffering a lot of slack for not keeping up with the development in all countries of the world,” indicating that “the lack of progress in the banking sector in Iraq has a negative effect on the economy of the country.”

She continued, “Services countries in the world with regard to the banking sector began to take place via the Internet, but Iraq has not yet reached this level of sophistication,” noting that “there are no banking facilities to create confidence among citizens in banks, and the presence of trust is important in the work of banks” .

It is said that the banking sector in Iraq currently consists of two government banks, Rafidain and Rasheed, and five of specialized government banks, namely: Bank Socialist, real estate, agricultural, industrial, TBI and 19 banks in the private sector as joint stock institution.

Observers believe the Shan economic that the banking sector in Iraq is facing a lot of challenges, including the lack of security and stability, economic and technological developments successive reduced the world in a global village neutralized geographical and facilitated communication and interdependence between global markets through modern means of communication, and that the adoption of new global economy on informative, The speed and instant communications, means the need to process information quickly and take advantage of the best opportunities in the global markets in order to raise competitiveness.

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