ISTANBUL
Wadi Nuri al-Hanzal, Chairman of the Executive Board of Iraqi International Ashur Bank, said that the corruption in the public sector negatively affected the private sector.
Speaking to the Anadolu Agency (AA) on the economic developments and banking sector in Iraq on the sidelines of the 8th Turkish-Arab Economic Forum, al-Hanzal underlined on Tuesday that "the corruption in the public sector was brought to day light by a report".
"Corruption in the public sector negatively affects the private sector. Such corruption weakens our chances of attracting big companies which may invest in the construction of infrastructure in Iraq. I think that we need a real management in order to proceed to an integrated economy," al-Hanzal stressed.
"Iraq has a state budget of 120 billion USD. The Iraqi economy is very strong. The reserves of the Iraqi Central Bank exceeds 70 billion USD," al-Hanzal emphasized.
"Private banks in Iraq have a high payment strength. The efficiency of those managing banks is related to the bank's success," al-Hanzal noted.
"The corruption in the public sector has to do with wishes to become rich immediately and is related to greed. As the private sector, we provide the necessary incentive premiums and salaries in order to prevent our workers from doing corruption," al-Hanzal said.
"We need new laws on the banking sector. It has been 10 years since a promise was made for new laws on the banking sector. It is very difficult to work under old laws. In this context, the Iraqi Central Bank has to renew itself," al-Hanzal noted.
"I was highly pleased to attend the Turkish-Arab Economic Forum. Such forums contribute to mutual cooperation and exchange of experience as well as developing projects with new partners," al-Hanzal indicated.
"We had a chance to speak with several Turkish banks. I do hope that Turkish-Iraqi trade volume keeps growing," al-Hanzal stated.
Comparing Turkey to a covey, al-Hanzal underlined that Turkey moved in a disciplined manner like a covey attracting other coveys.
"If Turkey continued this way, the Arabs would follow Turkey automatically," al-Hanzal also said.
Reporting by Muhammad Sheikh Yousuf
