Laws in Iraq need amending to stop restrictions on private banks, says director of the International Centre for Consulting and Studies

Posted by on Nov 11, 2013 | Leave a Comment

Mana: private banks move to amend their laws restricting

11/09/2013 12:00 AM

He stressed that Iraq would emerge from Chapter VII chance her

called the director of the International Centre for Consulting and studies to the need to reconsider, revise and amend the law on banks, leading to the liberation from the constraints in order to be launched towards the strengthening of the capacity of the national economy and rise to the level of performance and giving banks developed in the world.

said Tawfiq inhibitor “morning” Iraq is of Middle Eastern countries in which he was Activity banker government and private were foreign banks have branches in Iraq, but the law passed in 1964 under the banks and make it a state monopoly and canceled the role of the private sector, which had a maximum effect to leave the bankers Iraqis and raise their hands since then and so far, pointing out that the decisions become issued on the one hand a country which impacted negatively on the reality of Iraqi banks pointing out that he can not be that there will be investment in the world unless there is a banking system that is free.

wondered inhibitor for Is economic approach is competitive or market economy? Firmly believe that the picture is not clear so far, attributing the cause to not reconsider the law of the year 1964, as well as the law of 1994, which is the work of banks by 50 movement only for banking activity while all the banks the world under a system normally operates more than 200 traffic can be paid by the bank and these restrictions are specific he said. risks of doing business and pointed inhibitor to the issue of risk by saying even off the banks and become a movement of banking must be put risks in husban banking business even if not regulated to the Basel Convention, pointing out that it gives space for the granting of loans either medium or short, as well as encourage the process of Alastosmarmestaana experiences the world in this area as one of the banks of England, which sets billion and a half billion pounds is equivalent to 15 percent of its profits to the issues of risk as well as the calculated risk is visible to contribute to the process of lending and construction. letters of credit , and pointed out that the private banks did not address from nearby or remote to the issue of prescription bank after the lifting of Chapter VII any after the lifting of restrictions imposed on Iraq which by the United Nations, which has made the relationship of local banks with global weak except Trade Bank of Iraq, which works in partnership with the American banks, pointing out that it is important to letters of credit Documentary LC, which develops movement banking and this unless you have not been addressed to him and treated and what measures to take alluding to the documentary cycle of up to 8 or 9 months in the bank attributing the cause to the fact that it passed the 5 banks until the launch of bank credit which will delay the process of Alaamaaro construction and operational processes .

legislation and concluded inhibitor Speaking of the challenges facing the banking sector, which hampered the performance of its role in development summed up in the legislation to the work of banks as it is to ensure the performance of this task as well as the need to modify some of the previous legislation to be able to promote performance optimization for banks and Tadahdorha in the development process Iraq, which has become one of the essentials so during the next phase.

It is worth mentioning that the Parliamentary Committee on Finance had confirmed the importance of the establishment of Banks joint investment from both the public and private sectors to support and develop the economy and expand capital and capacity as well as increased investments indicating that the Iraqi banking sector did not reach the stage Alttoralamtalobh after.

Committee added that investors need to so banks to deposit large sums of money they need headings funds for business investment projects in Iraq, noting that the security situation is the biggest drawback to invest also said that economic laws need amendments and facilities to attract investors.

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