Iraq’s classic style of banking no longer sufficient; Current laws need reconsideration

Posted: August 2, 2013 in Iraqi Dinar/Politics
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Classic Banking Act no longer suffice. . And specialists want me to reconsider and

Classic central banking degraded which تغلفها conditions of administrative red tape and delay transactions and financial corruption customers louder voices banking specialists in regard to demand to reconsider the law of public banks contend that the law does not fit with the banking climate in Iraq.

Economic expert Majid picture explained to the newspaper (Citizen News) Act public banks generally contains some shortcomings and المعرقلات, noting that “the most important gaps translate translation is incorrect and the many mistakes and where some of the material flipped negatively on the banking business.”

Said Suri, “The most important issue in the law banks is Article 28, which does not open the way for banks in general in direct investment in the various fields of industry, agriculture, commerce, either directly or another agency. “We must modify the fast to the law for the advancement of banking work, noting that the work of commercial banks is a line by itself there must be banks, development of our specialized banks estate, industrial and agricultural but do not carry the capital of a very large, but less than a little. Proposal to merge private banks with head little money Bank of one or existence independently must be supported by substantial support in terms of capital, specialization and must be in the activity of a specialist and should be special for banks housing and a special law for the investment banks and housing. “.

Director of the Association of private banks Abdul Aziz Hassoun assured (Citizen News) .. That the current banking law does not serve the banking sector and contains significant gaps topple banking work required to develop a new formulation of a new law meets the demands of the banking business and facilitate banking affairs.

He said Hassoun “The current law is a translation of legal materials external came from abroad Wen take the current circumstances of the work of banks in Iraq, noting that the current law preventing banks from exercising some necessary investments to market financing operations economic.”

And added that “all the private banks and the government agreed to re- consider many articles of the law for the advancement of banking work in Iraq. He continued that “the law to search long and materials were diagnosed with the law and it needs to amendments, stressing” that the central bank’s major role in demanding reconsideration of the current law and a new law in line with current banking business. ”

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