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Central plans to convert the private banks to large financial institutions
02/06/2012 0:00
Baghdad Al-Sabah
stressed that the Iraqi Central Bank plans to convert the private banks to large financial institutions after the approval of the Government to amend Law No. 94 of 2004 on the integration of small private banks government banks.
Deputy Governor of Bank of the appearance of Mohammed for (news center for the Iraqi Media Network) that "the central bank does not currently have the legal authority for the integration of private banks, but has the power to persuade banks to merge literary capacity." He explained that the appearance of "the central bank awaiting the approval of the Government to Amendment Act No. 94 of 2004 private banks to merge with the government to make large financial institutions.
He added that "the government banks with a dominant 92 percent on the domestic market and that private banks do not exceed 10 percent of its hegemony and do not take the space of the Iraqi market. "and concluded by saying:" Upon approval of the Government to integrate the private banks the Central Bank will deal with all government and private banks on the same laws recognized when the central bank. "The Central Bank of Iraq confirms that the number of private banks arrived in Iraq to 40 banks while capital is still weak and need to be that banks more aggressive with each other to form a strong capital. and seeks the Iraqi Central Bank to restructure the private banks in line with the general structure of the Iraqi market and the nature of his relationship with other global markets.
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