****** Economist: It is not true that the window is closed because of the nature of the investment law

November 26, 2013 11:44 Last Updated: November 26, 2013 11:44




The economist said the appearance of Mohammed Saleh, said that calls for amending the Law on the Central Bank of the table by the bank six years ago, noting that "the current Banking Act No. 94 of 2004 for commercial banking, and we do not have the law of investment banking for the purposes of development."

He called economic expert, the appearance of Mohammed Saleh in connection with the (term), "banks that possess activities real agricultural, industrial or service and be king and operated for the benefit of the bank, and can buy the shares by more than 20% of the capital of the bank without the right to control the management and direction of investment , because the banks have a large financial surpluses and development of the country and Off not true that it is shutting down the investment window because of the nature of law. "

And the benefit that "if each bank factory or farm we had a 30 day factory or farm offering their services", adding that "edit this article will allow banks to own activities real Kalmzara and factories condition that does not affect the liquidity and be there to protect her."

The expert explained that "development funds in Iraq does not occupy a thing which is not implemented, and are recycled year after the other, and that the 6000 project within the investment budget has not been implemented and about 250 billion dollars annually spin, FINE development?".

The Central Bank of Iraq, has confirmed his quest to amend the banking laws commensurate with the current situation, and pointed out that the money laundering law the most prominent laws that seek to modify it, while stressing that going to play a developmental role of the Iraqi economy.

The governor of the Central Bank and the Agency Abdel Basset Turki said in his speech during the first sessions of the workshop organized by the bank to modify the legal environment of banking in the Palestine Hotel, the center of Baghdad, and was attended by (long-Presse), "Since we receive the responsibility of the central bank discussed with the competent legal possibility of amending laws banking, which came after the occupation, according to the exceptional circumstances in order to develop and make it fit with the current banking business. "

The Turkish "We do not hide the existence of obstacles facing the work of banks, including Article 28 of the Law of private banks, so it is time to put the decision amends the article in accordance with the rules and mechanisms available to the central", noting that "the workshop, which was held in the presence of a professor and specialists qualified affairs, financial and legal, will certainly have an appropriate role and vital to present their ideas and opinions, which contributes to amend those laws.

" Abdul Basit Turki stressed that "the central bank is heading now to amend the law on money laundering, as is the case with other countries that are looking with experts the possibility of the development of the law," pointing out that "in the 25th of the month of November this, there will be an international conference will be held in the State Bahrain in order to stand on the main obstacles facing the law and the possibility of putting a new version agree all the controls and mechanisms of all nations. "

He Turkish that "the International Monetary Fund and in the last meeting in Geneva face of central banks to play a developmental role and not only stay on the organization of the financial policy of their countries," stressing that "the central bank actually taking this guidance, which is preparing a plan of economic development that will promote the reality Economic Iraq. "

The Iraqi Central Bank revealed on Friday (November 22, 2013), his intention version Coins categories of small, indicating that those currencies, which may be issued sometime in the next year, will be written in Arabic and Kurdish, confirming the existence of a proposal for the issuance of Banknotes large value of fifty thousand dinars.

It is noteworthy that the Iraqi Central Bank was established as a bank independent under the law issued on the sixth of March 2004, as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and its being a day for buying and selling currencies.


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