A tentative agreement on the development of a body to monitor the work of banks

Admin Sat Jul 20, 2013 11:48 am

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Post 20 July / July 2013 13:14[/ltr]
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BAGHDAD / Center Brief for the Iraqi Media Network (IMN) - reached the parliamentary Finance Committee, on Saturday, a tentative agreement with the Central Bank on the development of a monitoring body government and private banks.

Said committee member Hassan al-Bayati's (IMN) "We have reached an agreement with the Central Bank for the development of a body to monitor the work of private banks, governmental and scientific reports on the most important legal and administrative obstacles and legislative hinder the work of banks"

He added that "the Commission will take it upon themselves to the question of twinning with international banks to ease the pressure on the central bank."

He pointed out that "the initial agreement confirmed the central bank to provide a legal project of this body for the parliamentary Finance Committee by September next year."

The Finance Committee recommended earlier parliamentary develop a roadmap to improve coordination and cooperation between government and private banks for the development of the payments system in banking transactions.

The Iraqi Central Bank announced that the payments system in private banks, amounting to 40 banks technically better than the payments system in government banks.

The main tasks of the Iraqi Central Bank to maintain price stability, and implement monetary policy, including exchange rate policies, and management precautions Alamlhalojunbah, and the issuance of currency management, as well as to regulate the banking sector. [/ltr]

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