Finance Committee: Amendments to the work (law) of private banks soon

Posted by on Oct 29, 2013 | Leave a Comment

09/19/2013

Revealed the Finance Committee in the House of Representatives for an expanded meeting will be held during the next few days to develop a new mechanism serves the work of banks in the country, indicating it is waiting for a bill from the government outlining dealing with the banking system in the future in a manner consistent with the methods adopted in developed countries.

A member of the Finance Committee secretary Hadi said in a statement singled out by the (New Morning) We «the process of holding an expanded meeting brings together representatives of government and private banks in 22 of the current month to discuss the work of the banking system in the country», adding that «the mechanisms currently approved not consistent with the development of the World countries.

He said Hadi said that «the development of the banking system need to enact a law serves this process», pointing out that «the government should complete its project to organize the work of banks.

Iraq has announced earlier to postpone a program to restructure the financial system of Iraq until the year 2013, which included restructuring of the largest banks Iraqis owned to the state and are rational and Mesopotamia, and the restructuring of Control Department at the Central Bank and the development of the private banking sector. He also stressed the Iraqi Central Bank in November of the year 2010, that foreign banks operating in Iraq do not operate independently, but under the umbrella of the local civil banks, indicating that the regional countries, investments in Iraq of a commercial nature and lacks the international standards.

And a member of the Finance Committee warned that «the government banks still rely on reactionary methods was used thirty years ago», مستطردا that «these things made the citizen depends on the regular cashiers who perform their work as soon as possible».

It also said Hadi said that «there is no law allowing domestic banks to proceed with their activities away from the control of the central bank, which has led to the emergence of irregularities and to refer some officials of these banks to the judiciary», stressing that «rulings on the following charges of money laundering and other crimes associated with weak banking system ».

The informed sources have spoken, that the amendments will take place during the next few days on the work of private banks.

The media quoted an informed source said that «several modifications will be taken on the work of private banks», pointing out that «these amendments will take place during the next few days.

Noteworthy that despite the proliferation of private banks in Iraq, which reached to more than 30 banks, but it did not play a pivotal role in the economic development process in Iraq because of its small capital in addition to government institutions moves away from dealing with because تلكؤها in work

The Ministry of Finance confirmed earlier in the quest for the opening of an Islamic bank belonging to the Ministry of Finance projection-based interest in the Rafidain Bank and Rasheed ..

Many of Arab Banks and foreign made after the issuance of the Banking Act No. 94 of 2004 for licenses to establish private banks in Iraq, whether by 100%, or in partnership with Iraqi banks local, or to open branches to work in Iraq, but the security conditions prevented without So, with the exception of a few posts that have been made with a number of national banks.

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