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Hue Mi
11-24-2013, 10:33 PM
The Central Bank seeks to amend three laws important to the banks (http://www.burathanews.com/news_article_219674.html)

24/11/2013-3: 31 pm | Hits: 35

The Central Bank of Iraq, confirmed Sunday, that seeks to amend three laws important to the banks in Iraq, noting that it was preparing an economic development plan that would promote the economic reality.

He said Bank Governor Abdel Basset Turki on the sidelines of a workshop held at the Palestine Hotel on amending law and the banking law and the law against money laundering, "the World Bank sought during his workshop to review three important laws of interest banks in Iraq, a Central Bank law and the banking law and anti-money laundering".

He said "the Turkish amendment come to address all the problems and problematic lack of laws which limit the activity of banks and their role in development, the role of Central Bank in managing the economy," Noting that "the Bank is preparing an economic development plan that would promote the economic reality."

Turkish stressed that "there are some problems that limit banks in Iraq, of which article 28 of the Iraqi banking Act No. 94 of 2004", stating that "it is time for a resolution amending the article according to and the mechanisms available to the Central Bank."

Turkish said that "the International Monetary Fund in the Central Bank to play a role in addition to the development work of the World Bank on monetary policy of their respective countries", pointing out that "the Central Bank has taken this direction and is preparing an economic development plan that would promote the economic reality."

The Banking Act No. 94 of 2004, advanced laws in the world, but it has so many notes about this law that covered, because some materials and circumstances clearly raised, prompting many banks to claim to be amended to keep pace with developments in international banks.

Article 28 of the law on banks, "no bank shall not exercise or as an agent or partner or owner, wholesale or retail trade or manufacture, transport or agriculture or fisheries, or mining or construction or insurance or any activity or other unauthorized work.

Recall that despite the proliferation of private banks in Iraq and reaching more than 30 banks, these banks did not play a central role in the economic development process in Iraq due to small banks as well away from government institutions to deal with it because of the reluctance of some private banks.