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Al-Jaaf: closer to the final stages of restructuring the Trade Bank of Iraq
Al-Jaaf: closer to the final stages of restructuring the Trade Bank of Iraq
Translated by Iraqdirectory.com - [12/17/2011]
Organizers of the Trade Bank of Iraq the (TPI), revealed, on Wednesday, the restructuring of the bank and reached the final stages to suit international standards. The Trade Bank of Iraq is a bank established in 2003, according to its law No. 20 of the Collision Authority at the time, and on its law it was his board, and today is the third-highest executive authority in the country, the prime minister, and the goal of establishing the bank is to be the interface of Iraq's financial outward including transactions for the Iraqi state with the outside world.
The Director General and Chairman of the board Hamdiya Al-Jaaf told the Agency (Rn), that «the government formed a committee to restructure the banks, but the committee did not include the Trade Bank of Iraq that the bank had started some time ago through its functional coordination with the Ministry of Planning to re-structure». Al-Jaaf explained that «was to reach the final stages of restructuring the administrative side of the bank in line with international standards».
She explained that «the other Iraqi banks Rafidain and Rasheed is an urgent need to restructure their being moved away, for a period of more than 25 years from the outside world because of previous policies». The World Bank announced last August that he completed 80% of the rate of re-structure the financial aspects of the Rafidain bank and good on the payments system. The main objective of restructuring is to reach a sound banking system and sophisticated because the five banks owned by the state controls about 90 percent of the entire banking sector activities.
The restructuring plan aims also to convert other Iraqi banks to specialized financial companies such as development banks and Islamic banks to encourage investment and development of the real economy.
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Al-Jaaf: closer to the final stages of restructuring the Trade Bank of Iraq
Translated by Iraqdirectory.com - [12/17/2011]
Organizers of the Trade Bank of Iraq the (TPI), revealed, on Wednesday, the restructuring of the bank and reached the final stages to suit international standards. The Trade Bank of Iraq is a bank established in 2003, according to its law No. 20 of the Collision Authority at the time, and on its law it was his board, and today is the third-highest executive authority in the country, the prime minister, and the goal of establishing the bank is to be the interface of Iraq's financial outward including transactions for the Iraqi state with the outside world.
The Director General and Chairman of the board Hamdiya Al-Jaaf told the Agency (Rn), that «the government formed a committee to restructure the banks, but the committee did not include the Trade Bank of Iraq that the bank had started some time ago through its functional coordination with the Ministry of Planning to re-structure». Al-Jaaf explained that «was to reach the final stages of restructuring the administrative side of the bank in line with international standards».
She explained that «the other Iraqi banks Rafidain and Rasheed is an urgent need to restructure their being moved away, for a period of more than 25 years from the outside world because of previous policies». The World Bank announced last August that he completed 80% of the rate of re-structure the financial aspects of the Rafidain bank and good on the payments system. The main objective of restructuring is to reach a sound banking system and sophisticated because the five banks owned by the state controls about 90 percent of the entire banking sector activities.
The restructuring plan aims also to convert other Iraqi banks to specialized financial companies such as development banks and Islamic banks to encourage investment and development of the real economy.
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