New legislation needed to develop banks and transform to free-market economy, says Finance Committee Member

Posted by on Nov 16, 2013 | Leave a Comment

Baghdad (newsletter). He is a member of the Finance Committee MP/iraqiya Hassan Al-Bayati, the need for a new law to keep pace with the evolution of international banks to develop the work of the local banks.

He said Al-Bayati (News Agency): the amendment to the Banking Act of 2004 new purpose because many legal loopholes was hindering the work of the local banks, especially in the use of modern technologies in banking.

He added that the banking sector needs a new law legislation keeps pace with the current phase of global banks has seen significant developments in their work, in addition to turning the Iraqi economy to the free market economy, this requires special laws fit with these changes.

The banking system in Iraq consists of forty-three banks as well as the Central Bank and distributed by property (7) rejects Government (30) my family including Bank (7) in addition to Islamic banks (6) foreign banks

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