MPs call for the establishment of bank shareholder between the public and private
Date: Monday 14/5/2012 6:48
Baghdad / range
called on lawmakers to establish an Iraqi bank to contribute to the public and private sectors, stressing the importance of developing the banking system, which is the basis of the investment process in the country.
witnessing the banking system branches of government and private confusion and a clear result of the absence of technology of modern banking and programs educate citizens, making his limited the issuance of letters and bid farewell to the funds.
A member of the Economic Commission Abdul-Abbas broadly according to the Agency (news): The banking sector needs banking systems a modern fit with what is applicable in the countries of the world showing the Iraqi economy heading towards a free market.
He broadly: that the project create a bank shareholder by the public and private sectors will ease on the government banks, which bear a great burden, a condition granting the bank shareholder of some powers that help him to develop the investment process in the country, such as opening of credit and loans and some transactions other.
referred to as the volume of deposits of financial by the customers of government banks of proportion (90%) of the volume of deposits financial private banks because of high public trust Baovernmah, being subsidized by the state, although it is a sophisticated technology.
For his part, the decision of the Economic Commission Mahma MP Khalil Qassem, that the banking sector “neglected” because of the unstable conditions of the country, so you must put scientific plans to make him, being the main factor to bring the heads of investors’ money to Iraq.
He denominator: that rehabilitation includes the departure of routine banking transactions, and to enact laws that require Iraqi banks to develop its work according to the evolution in the world, and helps the entry of investors to the Iraqi environment.
He denominator: that the country need to create a bank shareholder and effectively engaged by some private banks and with the support of the Iraqi government to increase its capital and be able to perform the investment process in the country.
and see the investment process in the country a significant decline because of political differences, which gave the message is reassuring for investors and prevented him from entering Iraq for the purpose of investment.
to that explained committee member Nora Albjara that the National Investment Commission sent a working paper as amendments to the Iraqi investment law includes support for Iraqi private banks which failed for a long time for development of the global banking because of the circumstances that have passed on Iraq, as well as an intention to hold a special conference on how to the development of Iraqi banks eligibility of the Economic Commission representative.
said Albjara The idea of establishing an Iraqi bank shareholder will be a successful project and will help to promote the process of investment in Iraq as will create competition between public and private sectors, stressing that rely on the government sector will create a major imbalance in the Iraqi economy because it supports the market free and is not centralized totalitarian state.
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) state banks and (30) banks waged, including (7) Islamic banks in addition to (6) foreign banks.
Although the Investment Law No. (13) for the year 2006 excludes investment in the banking sector of its provisions, except that the investment in the banking sector takes its legal framework on the basis of legal central bank number (56) for the year 2004 and the bank number (94) for the year 2004, with a minimum of the founding of a bank in Iraq’s 100 billion Iraqi dinars, or up to (85) million.