Central Bank seeks to amend the three laws important job banks

24-11-2013 | (Voice of Iraq) - Add a comment -
Alsumaria News / Baghdad
The Central Bank of Iraq on Sunday, he is seeking to amend the three laws important work of banks in Iraq, pointing out that it was preparing an economic development plan that will promote the economic reality of Iraq.

The bank governor said Abdel Basset Turki said in an interview for "Alsumaria News" on the sidelines of a workshop held by the bank in the Palestine Hotel on amending its law and banking law and the law against money laundering, "The Bank is seeking through his workshop current to re-examine three important laws of interest to the work of banks in Iraq, the Central Bank Act and the Banking Act and the civil law against money laundering. "

He added Turki that "the importance of this amendment come to address all the problems and problematic shortage of laws that limit the activity of banks and developmental role, in addition to the Central Bank's role in managing the economy," noting that "the bank is preparing a plan of economic development that will promote the economic reality of Iraq ".


He said Turkish that "there are some problems that limit the work of banks in Iraq, including Article 28 of the Banking Act Iraqi No. 94 of 2004," noting that "the time has come to put the decision amends the article according to the controls and mechanisms available to the central bank."

He Turkish that "the International Monetary Fund drew central banks to play a developmental role in addition to the Bank's work in the monetary policy of their countries," pointing out that "the central bank took this directive, which is preparing a plan of economic development that will promote the economic reality of Iraq."

The Banking Act No. 94 of 2004 in general, laws advanced in the world, but it has abounded notes about this law of bodies covered, due to the lack of clarity of its articles some circumstances raised, prompting a large number of banks claim the need to be modified to keep pace with development processes the international banks.

Article 28 of the Banking Act, "no bank shall be exercised or participate as an agent, partner, or owner, wholesale trade or singular or manufacturing processes, transport or agriculture or fisheries or mining or building or re-insurance, or any activity or action other than a licensed them.

It is noted that in spite of the proliferation of private banks in Iraq, which amounted to more than 30 banks, but the banks did not play a pivotal role in the process of economic development in Iraq because of the small banks in addition to the move away governmental institutions to deal with it because of the reluctance of some private banks in their work.

Read more: http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.sotaliraq.com/mobile-news.php%3Fid%3D124808&usg=ALkJrhiK9aOu2Kfmv3cWa3nUIqSbp96EIQ#ixzz2laAjMsJo