Expert: restructuring of Government and private banks a necessary to support the national economy

Baghdad (newsletter) … The Economist said Jalil Al-Rubaie, the importance of restructuring the banking sector by the Government and private subsidiary through a capital increase and the introduction of modern banking technology in their work, to the advancement of the national economy.

He said Al-Rubaie (News Agency news) on Thursday that the Iraqi banking system has fallen behind the evolution of global banks as a result of wars and international sanctions which was imposed on Iraq during the 1990s, but make Iraqi banks lacking modern means and mechanisms that facilitate and complete banking transactions quickly.

And between: the restructuring of the banking sector both public and very essential to the economic process in the country, because it will help increase its capital and introduce modern banking electronic technologies in his work, and that’s what investors want when they come to invest, what would achieve sustainable development in the country and a great investment.

The banking system in Iraq consists of forty-three banks, as well as the Central Bank and distributed by the property (7) and (30) Al Ahli Bank including (7) in addition to Islamic banks (6) foreign banks.

Although the investment law No. 13 of 2006 had excluded investment in the banking sector of its investment in the banking sector takes its legal framework based on Central Bank Law No. 56 of 2004, banks no. 94 of 2004, the minimum to establish a bank in Iraq 100 billion Iraqi dinars (around 85 million dollars