Pointing out the need of restructuring the banking system on the basis of market work, comparable to foreign banks, Mazhar Mohammed Salih, the Advisor for Economic Affairs of the Prime Minister acknowledged today, Monday, that government banks account for 88% of the investments in the banking system.
Broadly speaking, the banking system consists of all the financial intermediaries via which money moves to several spheres of activity. Limiting the banking system to banks of different kinds exclusively has become usual.
In an interview with Shafaq News Agency Saleh said: “Government banks account for 88% of the banking system’s investments, and the private banking system only has 12% of those investments left.”
He continued, “unless government banks are positioned on the basis of market competitiveness, the foundations of market competition are incomplete.”
