Member of the Finance Committee: Iraq needs a sophisticated banking environment to attract international banks in which to work

Date: 05/01/2013 10:57:46 Saturday



Baghdad (news) .. According to a member of the Finance Committee MP / National Alliance / Amin Hadi Abbas, that Iraq lacks the advanced banking environment technology, which led to a large gap between the work of local and international banks.
Abbas said (of the Agency news): The main reason that prevent banks staid world of work in Iraq due to the lack of a sophisticated banking environment and the absence of legislation that fit with the current development in the world in the field of banking.

He added: that the central bank demands develop mechanisms and conditions of local banks needed to update its mechanism according to modern techniques and new technological developments to facilitate dealings with international banks and attracted to open branches in Iraq to contribute to the promotion of the economic development process in the country.

It is noted that the banking system in Iraq consists of forty-three banks as well as the Central Bank and distributed by property (7) government and banks (30) Al Ahli Bank, including (7) Islamic banks, in addition to (6) of foreign banks.

Although the Investment Law No. 13 of 2006 has excluded investment in the banking sector of its provisions except that the investment in the banking sector takes its legal framework based on the legal central bank No. 56 of 2004, banks No. 94 of 2004, with a minimum to create a bank in Iraq 100 billion Iraqi dinars (ie around 85 million dollars (. / end / 8. n. p /



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