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Bankers are demanding the House of Representatives to amend the law of Iraqi banks
On: Wednesday 02/15/2012 19:46
Citizen - Follow-up
A number of private banks the House of Representatives to amend the law of Iraqi banks for lack of clarity of some of its articles as well as the circumstances raised by the article, especially the twenty-eighth of it. Enactment of the law of Iraqi banks in 2004, the authority of the civil administrator Paul Bremer and which contains many of the Alnicosat according to specialists.
The deputy managing director of United Bank for Investment sword Hilfi during a seminar held in Baghdad that the «Article 28 where a lot of the challenge that limits the actions and activities prohibited to banks, including investment, participation, and many other aspects should not be locked in the bank». Article 28 of the Banking Act it is not permissible for any bank from the private sector to exercise or participate as an agent, partner, or owner of the trade, wholesale or single or manufacturing processes, transfer, agriculture or fisheries, or mining or building or re-insurance, or any activity or work other than authorized. The Hilfi that «should be adjusted this article or gives the Central Bank of the broad powers and full of all the banks to enter into investment projects as projects of housing», indicating that «Iraq is in need of 3 million housing units, so can not enter the foreign investor in these projects if you do not modify this material ».
And economic expert, said Mohammed al-Samarrai during the seminar that «there is no integrated system for managing the economic file in the country is the main reason behind this issue», pointing out that »the central bank is working on one side and the Ministry of Finance is working on the other hand».
Samarrai said he «must unite these views and that the economic file is run in cooperation rather than differences in views as to develop the economic reality of the country».
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On: Wednesday 02/15/2012 19:46
Citizen - Follow-up
A number of private banks the House of Representatives to amend the law of Iraqi banks for lack of clarity of some of its articles as well as the circumstances raised by the article, especially the twenty-eighth of it. Enactment of the law of Iraqi banks in 2004, the authority of the civil administrator Paul Bremer and which contains many of the Alnicosat according to specialists.
The deputy managing director of United Bank for Investment sword Hilfi during a seminar held in Baghdad that the «Article 28 where a lot of the challenge that limits the actions and activities prohibited to banks, including investment, participation, and many other aspects should not be locked in the bank». Article 28 of the Banking Act it is not permissible for any bank from the private sector to exercise or participate as an agent, partner, or owner of the trade, wholesale or single or manufacturing processes, transfer, agriculture or fisheries, or mining or building or re-insurance, or any activity or work other than authorized. The Hilfi that «should be adjusted this article or gives the Central Bank of the broad powers and full of all the banks to enter into investment projects as projects of housing», indicating that «Iraq is in need of 3 million housing units, so can not enter the foreign investor in these projects if you do not modify this material ».
And economic expert, said Mohammed al-Samarrai during the seminar that «there is no integrated system for managing the economic file in the country is the main reason behind this issue», pointing out that »the central bank is working on one side and the Ministry of Finance is working on the other hand».
Samarrai said he «must unite these views and that the economic file is run in cooperation rather than differences in views as to develop the economic reality of the country».
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