Parliamentary Finance supports the restructuring of banks in the country and to develop legislation

March 16, 2014


Deputies said the Committee on Economy parliamentary and banking expert said the banking sector in the country is still "below the level of ambition", and drew attention to these banks suffer from lack of application of modern techniques and the lack of coordination with international banks, and stressed the need for restructuring the government and private banks through the issuance of legislation and amend the laws window belonging to their work
A member of the parliamentary Finance Committee Abdul-Hussein al-Yasiri in an interview with the "long" yesterday "near the economic conference expanded to discuss the basis of the regime of Iraqi banks," adding that "the most important problems of the banks is not to introduce new technologies, and coordination with international banks," He pointed out that "banks are still using traditional methods in their work."

He said he "must amend the law on the banks of the article" 27 "to the article," 31 "to facilitate the work of private banks and the government," and added, "We have asked the government to equate the private sector banks and public sector banks in terms of deposits and guarantees," he said, adding that his committee seeks to modify a number of laws, such as the Central Bank and the tax law and trade law.

For his part, Adviser at the Ministry of Finance Zia Alckheon that "banks are suffering sort of problem where many private banks are suffering from a lack of liquidity in the banks, while suffering from the lack of direct opening credits."

He said in a statement to the "term" that "banks are still reluctant witness and did not enter the banking system overall," he can not improve the banks without modifying their own laws. "

He pointed out that "each bank board of directors is responsible for the issuance and management decisions away from state intervention," describing "the level of performance of banks," average ", pointing to an improvement in their performance, but this improvement is not within the required level.

In turn, the economic expert, contrary goldsmith's "long" to "State-owned banks are still operating within the old mechanism, which was surpassed by many countries in the world," and explained that "the cadres working in the banks are not eligible for the banking business."

As for the work of private banks, the jeweler pointed out that "the private banks have not been able to overcome the errors in the government banks," noting that "these banks lack the manpower with experience in the banking business."

He said economic expert, said that "the solution to improve the functioning of the banks is to re-structure the work of banks by entering partnerships with reputable international banks, as well as the introduction of modern technologies for banks and the training of staff working in those banks."

He stressed "the need to create new services by the banks would have to pay capital", as well as investing in the stock market, which promotes the work of these banks. "

For her part, Najeebeh Najib member of the parliamentary Finance Committee that "the banking sector in Iraq is still suffering a lot of problems and difficulties," and stressed the "long" that "the introduction of modern technologies in the banking legislation needs to support and protect the private banks and the government."

Najib revealed plans to "re-structure of the banks supported by foreign expertise," to Avcta that "progress is slow work of this Committee, and not within the required level."


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