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Bank of the economy: raising the seventh item will give local banks to deal with the global
On: Fri 1/22/2012 8:39
□ Baghdad / term
Chairman of the General Economy Bank Husam Obeid on the importance of removing Iraq from Chapter VII as a grant to the Iraqi banks to deal with the international banks. The Prime Minister said, according to the Agency (news): that Iraq is still bound to item VII of the UN, thus affecting the work of Iraqi banks being given a bad reputation in the external and international work, which led to the refusal of international banks to deal with our banks on local communities.
Obaid said that removing Iraq from Chapter VII is very important because it gives freedom to deal with international banks, particularly the States represented the UN Security Council, calling the move towards the lifting of the Iraqi economy in order to promote and develop the work of Iraqi banks. He Obaid said the move will serve primarily the basis of government banks that most private banks do not have sufficient means to reach a deal with international banks. Noting that the United Nations established in the siege Bank of Iraq trade for the purpose of assisting the Iraqi economy and stimulate bank in Iraq, expressing his deep regret that the departments previous banking did not provide any service for private banks through the Bank of Iraq trade but fought the private banks did not give them the domain the springboard to international banks, hoping that the existing financial management to take cons previous administration and reflected in the service of Iraqi banks that provide a public service of the country.
The Iraq when he is obliged to the economic blockade in the nineties of the last century, was placed under Chapter VII of the UN, which restricted his actions make financial transactions of Foreign Affairs.
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