Governor of the Central Bank of Iraq: Some banks will amend laws
Governor of the Central Bank of Iraq: Some banks will amend laws
MAR 10, 2015
BAGHDAD supporter Alpartya- Anatolia
The governor of the Central Bank of Iraq, the relationship, that his country is developing a strategy for the next five-year plan includes the modification of some competent job banks and create some institutions laws.
and founded the Central Bank of Iraq in 1947 and was called then the name of National Bank of Iraq, but it has been modified his name in 1956 to be Central Bank of Iraq and is the main branch of the bank in central Baghdad, and his duties implementation of monetary policy, and management of foreign reserves, and the issuance of currency management and regulation of the banking sector to promote a competitive financial system is stable.
He Keywords in a special correspondent Anatolia remarks, that “the plan include modifying some special work laws banks such as the law of the Central Bank and the Banking Law and the Law on Deposit Insurance in banks as well as money laundering law, “adding that” some of these laws will complete the legal formulations her and others present in the Iraqi parliament. ”
opened a number of foreign bank branches in Iraq in 1956, while a number of Iraqi private banks opened with a little money relative to government banks in successive periods, especially after the invasion of the United States of Iraq in 2003.
He explained Governor of the Central Bank of Iraq, that “the Central Bank intends to create some of the institutions that guarantee deposits of citizens with private banks in order to encourage People on deposit in banks, and the introduction of modern technologies through complete electronic payment project. ”
describes the experts in the field of economy, Iraq’s banking sector Palmtkhalaf depends on capital are very few do not live up global banks or countries in the region, with most of the government banks operate the old systems in still transactions daily.
The governor of the central bank, last Saturday, that the size of the assets (deposits) Iraqi banks are 225 trillion dinars (192.9) billion dollars, of which 204 trillion (174.9) billion dollars in government banks, by 80% and the rest in private banks.
denied Central Bank of Iraq, last week reduced its reserves of hard currency (the dollar), indicating that it covers the Iraqi currency traded at more than one and half times the size, without setting a specific value of the reserve.
The Hoshyar Zebari, Minister of Finance in the Iraqi government has said in the February 27 The last Iraqi Central Bank’s reserves of hard currency dropped to $ 68 billion, which means a decline of about $ 9.7 billion from the level at the end of 2013, a decline of 12.5%.
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