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Banking: private banks need government support
On: Saturday 05/05/2012 7:01
Baghdad / term
chairman said Bank economy Hossam Obaid Ali, that the work of private banks is limited and confined to the issuance of letters and deposits, and unable to perform their duties in the banking and contribute to the financing of investment projects of the country. said Ali (of the Agency news): The investment process in the country need a lot of money to private banks and their capital a few are not commensurate with the size of investments within the country, noting if the cost of the project would be one-(250) billion dinars, some private banks did not reach its capital to (100) billion dinars.
He explained: private banks that need government support to the development of its work and increase its capital and banking on any of its duty well, in addition to it being able to contribute in a lot of investment operations in the country. It consists of the banking system in Iraq from the forty-three banks as well as the central bank and distributed according to ownership between (7) banks and government (30) waged, including banks (7) Islamic banks in addition to (6) foreign banks. In spite of the Investment Law No. 13 of 2006 had excluded the investment in the banking sector of its provisions but the investment in the banking sector takes its legal framework on the basis of legal central bank No. 56 of 2004, banks No. 94 of 2004, with a minimum of the founding of a bank in Iraq 100 billion Iraqi dinars (ie, up to $ 85 million).
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