Thi-Qar public banks raise $1.5m. profits in 9 months

THI-QAR / IraqiNews.com: Thi-Qar’s government-owned banks attained $1.521 million in profits during the first three quarters of 2008, despite unfavorable banking conditions, an official financial source from the province said on Friday. “Such profits are good under administrative difficulties facing banking, due to decrees issued by the Iraqi Finance Ministry that do not comply with the developments in the banking sector in neighboring countries,” the source told IraqiNews.com. “We feel ashamed when we visit some government banks in Thi-Qar, as they are not qualified to serve the public, but the ministry refuses to rehabilitate them although the public banks’ capital is very large,” he added. “Some of those banks have money counters that became antiquated in other countries since the 1980s, but the ministry still insist on using them, claiming that they do the job,” he asserted. Nassiriya, the capital city of Thi-Qar province, lies 375 km south of Baghdad. MH (P)/AmR 1