View Full Version : Mana: the private banks move to amend their laws restricted

Hue Mi
11-09-2013, 02:50 AM
Mana: the private banks move to amend their laws restricted (http://www.alsabaah.iq/ArticleShow.aspx?ID=58004)


09/11/13, 12: 00 am

The exit of Iraq from Chapter VII opportunity

Baghdad-Chartreuse, Chen

Director of the International Center for consultancy studies and the need for review and revision and amendment of the Banking Act, leading to edit entries to be launched towards strengthening the capacity of the national economy and live up to performance level and giving banks advanced in the world.

Taufik said manaa "morning" is Iraq from Middle Eastern countries where Government and private banking activity and foreign banks have branches in Iraq but that the law which was released in 1964 under the banks making it the preserve of State and abolished the role of the private sector which has had a significant impact to leave Iraqi bankers and raise their hand from then until now is that decisions are made from one side and is reflected negatively on the reality of the Iraqi banks for pointing out that There must be investment in the world unless there is a free banking system.

Mana asked about the economic approach is it competitive or market economy? That picture is not clear yet why not bloc reconsider law of 1964 as well as the 1994 law which restricted banks 50 only transaction banking while gathering world banks under normal system operating over 200 movement can be performed by the Bank and this is the specific constraints.

Work hazards

Hurdle said the issue of risk, even from the banks and banking is the movement of taking risks in the banking account even if the Basel Convention regulates that it gives space to lend either medium or short, as well as encouraging the process of alastthmarmstaina the world experiences in this area as one of the banks in England who puts two billion and 1.5 billion pounds, equivalent to 15 percent of its profits to risk issues as well as the invisible risk is calculated to contribute to the process of lending And construction.

Letters of credit

He said private banks did not address or to the subject in the Bank after raising chapter VII after the lifting of restrictions placed on Iraq by the United Nations that have made local banks relationship with the global weak except for the Trade Bank of Iraq, which works in partnership with the US banks, pointing out that it was important for documentary letters of credit, L C, which provides banking and this movement if not addressed and handled and what action noting session The documentary up to 8 or 9 months in the Bloc's Bank to the fact that it passed on 5 banks until the launch of reliance Bank delaying process of alaamaro construction and operational processes.

Legal acts

The mana of the challenges facing the banking sector and which prevent it from performing its role in development in legislation for banks because they are capable of performing this task as well as the need to modify some of the previous legislation to promote optimal performance of wetadihdorha banks in the development process in Iraq that has become the very necessities during the next phase, it should be noted that the Parliamentary Committee on finance has stressed the importance of joint investment banks from the public and private sectors to support the development of the economy and expansion of capital And capacity as well as increased investment that the Iraqi banking sector was up to alttoralmtalobh.

the Commission added that investors need so banks deposit large amounts they need as capital for investment projects in Iraq, noting that the security situation is the biggest obstacle to investment and economic laws need adjustments and facilities to attract investors.