A proposal to establish a high authority on banks

2014-02-25



Baghdad/JD/...
The parliamentary Finance Committee proposed a new code of banking legislation allows the creation of an independent supreme body for the Iraqi banking sector and monitor its work.

Committee member Rep. Jimmy is capable of agency/JD/: "the current Bank Act retarded and non-support for the banking sector as it works to traditional systems not abreast of the evolution of global banks, so we must legislate a new law to support the banking sector and develop it."

He added: "the new law must be supportive of the banking sector and allows the creation of an independent supreme body for the banking sector and manages and monitors the work associated with the Central Bank and the Superintendent, to form strong banking sector in the country.

The parliamentary Finance Committee has asked the Cabinet to send the deposit protection act to Parliament for discussion and approval, to encourage venture capitalists to see off their money in banks.

Committee member Rep. Secretary Hadi told former agency/JD/: "there are claims by economists and investors, venture capitalists and even banks to deposit law, it is of important laws that encourage the financial sink depository process and increase investor confidence in local banks.

He added that the Government speed up Bank Deposit Protection Act sent to the House for discussion and adoption during the remainder of the current session of Parliament, calling on the Central Bank to require banks to increase the interest rate on deposits.

The project aims to protect the deposits of citizens, in addition to the number of controls that the Central Bank still operates under this law, including the possibility of increasing capital through bank deposits, government ministries
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