##### Salman al-Musawi: restructuring of State-owned banks will work on the development of the banking reality

Saturday 25/05/2013 12:49 PM


News Source: Baghdad 2




BAGHDAD / WAP / Economic Commission member said Salman al-Moussawi, said Saturday that the restructuring of State-owned banks will work on the development of the banking reality in Iraq down to the global banking sector.

He said al-Moussawi told Baghdad International / WAP / that "the restructuring of State-owned banks will re-examine the Law of the Central Bank of Iraq, which contains items are disruptive to the work of banks for this reason we need to rethink this law."

He said, "It has been several meetings with the Governor of the Central Bank of Abdel Basset Turki as well as with the private banks and the government was reached as a result the need for a sweeping reforms of the banking sector to promote this fact, especially the existence of Article (28) in the central bank law, which works to prevent banks from doing any work helps the advancement of the banking reality, except for the provision of loans and advances. "

He pointed to the need to "reconsider this law through the committee formed to restructure the government and private banks, in order to give wide latitude for banks especially civil ones and that parallel foreign banks which will come to Iraq in the future."

He explained, "it was demanding a meeting Financial and Economic Committee النيابيتين with the governor of the central bank and banks scientist in Iraq (government and private) in order to develop a strategy to promote the reality banking in Iraq, and there must be cooperation between the central bank and the parliamentary committees concerned for the advancement of the Iraqi banking" .


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Najiba Najib: the development of the banking reality in Iraq depends on what will be decided by the Commission on restructuring of State-owned banks

Author: Bian2 on: Saturday 25/05/2013 01:27 PM


News Source: Baghdad 2




BAGHDAD / WAP / saw a member of the Finance Committee Najiba Najib, said that "the development of the banking reality in Iraq depends on what will be decided by the Commission on restructuring of State-owned banks."


It said Najib told Xinhua Baghdad International / WAP /, the "Committee for the restructuring of banks, which formed three years ago and began its work under the supervision of specialists and experts in the field of banking in order to lay the foundations for the process of restructuring and the work of government banks for the development of the banking business in Iraq."

She continued, "The committee restructuring banks in Iraq has reached a number of recommendations, as well as to propose draft laws for the advancement of the banking reality in Iraq, including those related to passage of a new law on banks, in addition to government amend the law on the Central Bank."

It showed that "the banking reality in Iraq is still suffering from a lot of the difficulties that hinder access to the global banking مطاف fact, and that the economic reality of Iraq and relies heavily on the fact If the underdeveloped banking means that it will affect the economic situation in Iraq."

She explained, "The reality of banking legislation still needs to re-examine and correct in some paragraphs in order to promote the work of banks by giving wider powers to the banks."

It confirmed that "advancement of steps actually taken from the bank by the government and parliament, but so far not provided the right climate for the advancement of the work of Iraqi banks, and the advancement of the banks, this will lead to the advancement of the economic reality of Iraq."


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