#####Agreement to increase coordination between the government and private banks in Iraq

21/04/2013 12:34:00



Parliamentary Finance Committee agreed with the Ministry of Finance and the Central Bank to increase the size of the coordination between the government and private banks in order to develop the country's banking system and lift bureaucratic obstacles in banking transactions.

Committee member said Abdul-Hussein al-Yasiri, Saturday, Center Brief for the Iraqi Media Network, "The Finance Committee agreed with the Ministry of Finance and the Central Bank of the need to lift the administrative and technical coordination and technical cooperation between government and private banks."

He explained that the "deepening of the relationship between the government and private banks will strengthen the banking situation in Iraq and his dealings with different countries of the world," noting that "the Commission has informed the ministry of the need to strengthen the integration of private banks with weak heads the money."

The CBI earlier, he plans to convert the banks to large financial institutions after obtaining the approval of the Government to amend the Law No. 94 of 2004 on the integration of small banks to large banks.

The parliamentary Finance Committee said it has developed a plan with the Ministry of Finance to promote electronic communication between the government and global banks during the next phase.

The Central Bank has identified 250 billion Iraqi dinars as a minimum for the establishment of private banks in the country as seen Economists believe that private banks do not have the tools necessary to promote monetary and economic reality in the country.


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