Central Bank: We seek to amend the banking laws and go to play a developmental role for the economy

Posted: November 24, 2013 in Iraqi Dinar/Politics
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11/24/2013 11:40

The Central Bank of Iraq, on Sunday, seeking to amend the banking laws, including the proportion to 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 behind them, which contributes to amend those laws. ”

The Turkish 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 to be held in 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 are being daily sessions for buying and selling currencies.

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