THE POSITIVE EFFECTS OF POLITICAL CHANGE ON THE BANKING SECTOR IN IRAQ AFTER 2003
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Abstract
The establishment of private banks after 2003 is one of the indicators of positive change, which is represented in openness in banking activity, which was reflected significantly on the stock market in Iraq and the occurrence of major changes in banking activity, which was reflected in financing investments that achieve the foundations of development in the economic sector.
Global economic developments cast a shadow over the reality of banking activity, and these developments, with their positive or negative effects, have contributed to the development of the banking industry. The transformation of banking from the traditional to electronic side and the entry of technology in the programming and implementation of banking business are also one of the most prominent positive effects of global economic developments. However, the latter was not without negative effects that crystallized in the form of economic obstacles. The Iraqi banking sector was not immune to the phenomenon of financial stumble. More than one bank was subjected to economic crises that contributed to its collapse and placement under guardianship and then its liquidation or bankruptcy. Therefore, new means have been applied to protect banks from stumbling or rehabilitating them, such as banking governance, banking integration and banking guardianship, in addition to the fact that banking openness had a positive impact on improving the reality of the banking sector in Iraq.
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