Central Bank Governor: There are more than justified to reconsider banking laws

Posted: November 25, 2013 in Iraqi Dinar/Politics
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11/25/2013 0:00

-Sought to gain access to a system integrated economic

planned central bank with the relevant authorities to get to the economic system integrated through a call to the private banks to send its observations and proposals on amending laws Central Bank and money laundering and banks to reach enact laws that serve the economic process in joint efforts by the central bank and private banks.

opened the central bank governor Agency Abdul Basit Turki Saeed yesterday workshop, which was launched in the presence and participation of private banks and a number of economic figures which will continue for a period of five days for the purpose of discussing the proposals made ​​by a number of private banks in order to promote the reality of banking.

said Said in his speech the way that I attended (morning) that the central bank plans to discuss the banking laws, and on this basis were required to the relevant authorities to submit proposals to get to the workshop.
added that there is more than one reason to reconsider the laws foremost it was issued from the Coalition Provisional Authority at the time Besides that there is a need emerged through experience to develop such laws, along with the need for the establishment of the bank, in turn, driving the country’s economy.

stressed the need to propose draft laws suitable for Iraq in the coming years and not for periods of utensils and stay away from all that is not feasible, explaining that this workshop will determine the point of action banking in Iraq in addition to that it would be supportive at the legislative level and expressed his wishes for success and acceptance of all views to be put forward, pointing out that they opportunity will not be repeated.

The agenda of the workshop for two days the first and second discussion of the Central Bank Law No. 56 of 2004 as will be discussed laws of others in the rest of the days of the workshop. For his part, Dr. Abdul Rasul Abdullah Jassim Director at the Central Bank to reconsider the importance of the laws because there are banking terms extracted from the English translation, indicating the importance of reconsidering those propositions to suit the knowledge of Iraq and its history for the advancement of the legal process of economic development. The methodology of the track at this stage because there are a lot of legal texts banking marred by a lack of clarity.

said banking expert Haseeb Kazim Javed said there is a need to reconsider all rulings and issued in accordance with the Constitution and the preservation of the independence of the bank. He pointed out that the Central Bank is the oldest bank in the region and the Middle East was founded in 1947 as well as other Iraqi banks had been established before that date is evidence that Iraq has the experience and knowledge necessary to qualify for the lack of dependence on foreign legislation.

In the same vein, said Walid Idi Abdul Nabi, the Bank’s work for years to take measures to improve the regulatory environment and increasing the density of banking where increased bank branches in proportion to the preparation of the population, adding that the majority of the laws governing the banking business of the bank written in foreign terminology peculiar to the banks where There is a corresponding text in Arabic, stressing the importance of conducting adjustments in line with the transition to a market economy and liberalization of the economy totalitarian.

were interventions in the workshop by some officials of private banks touched during which the importance of maintaining the integrity of the monetary policy and the treatment of letters of guarantee and respect the freedom to practice the business of banks and emphasize the need not to continue to work laws passed since 10 years of the Coalition Provisional Authority Adin this as improper.

It is hoped to get rid of the workshop is to modify the number of paragraphs in the banking laws, the most important of Article 28 of the Banking Act that limit the freedom of banks Private and exercise its investment and commercial activities as: Experts said the cancellation of Article 28 of the Banking Act will be decided by the workshop where the trend now is that the bank will turn Developmental and lift all impediments to the exercise of this role while expecting others to be adjusted not canceled because it was drafted in a manner intersecting with Article 27 of the same law.

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