Saleem al-Jubouri: calls to amend the Banking Act

Saleem al-Jubouri: calls to amend the Banking Act

June 21, 2016

Saleem al-Jubouri - calls to amend the Banking ActCalled on Parliament Speaker Salim al-Jubouri, to amend the Banking Act in line with the developments of the stage, as called for the formation capable of resolving the private banks and stakeholders problems Financial Court, the financial adviser to the Government for the high levels of poverty to 23 announced after the exodus of a large number of citizens, in while the central bank revealed pumping large sums of money for the purchase of treasury transfers to cover the expenses of the Ministry of Finance.

Jubouri said during his Association of Iraqi banks in the Babylon Hotel in central Baghdad conference, said that the economic elite are the decision makers and be in conditions that most crises effectiveness and feasibility of, and I hope that this meeting produce a clear vision and new about our crisis we are going through solutions, adding that it is important to be convinced The civil banking sector is very important and we must realize its importance and necessity.

He Jubouri that the complexities that have passed us did not give us the opportunity to work together to develop a road map that is pushing for activating the role of private banks to support the national economy and the strengthening of Iraq’s ability to adjust the economic rhythm, stressing that it is watching with interest the many problems between private and government banks on the one hand and between them and the Ministry of Finance On the other hand.

And the Chairman of the House of Representatives, said that these problems have led to the banking market segmentation, weaken and make them work incorrectly, which underlines the need to modernize the economic vision of the banking business and make it more flexible and realistic, noting that state support for private banks comes from increasing the volume of deposits and open accounts where and encourage banks that offer outstanding performance and contribute to supporting humanitarian work and social projects.

He said al-Jubouri, well aware that the Banking Act No. 94 of 2004, the category of private banks as commercial rather than development, while the State-owned banks is a comprehensive banks exercising banking development and to engage in industrial investment, agricultural and others, also realize that this law has been issued in the circumstances today’s it is necessary to modify in line with the developments of the stage and it specifically Article 28 to allow for private banks to exercise commercial matters, provided that they maintain the high liquidity of material.

He called on the President of the House of Representatives to form capable of resolving the private banks and stakeholders problems Financial Court, to be a specialist and better able to understand the complexities of the problems and financial disputes private institutions and individuals, pointing out that the financial, industrial and commercial enterprises are able to determine the fate of the stability of any country in the world economy.

In turn, the Governor of the Central Bank of Iraq on the Keywords, on the sidelines of the ceremony, said that the Iraqi Central Bank played a very important role funded by the state budget in general, including activities related to the security aspect and displaced people and other things.

He said the Keywords, the bank began months ago to pump large sums of money for the purchase of treasury transfers to cover the Ministry of Finance expenses, after oil revenues drop dramatically, they returned to the central bank plays a major role in saving the country from the financial crisis and pull it out to safety.

For his part, the financial advisor to the prime minister appearance of Mohammed Saleh, said that the war against al Daash represent a large part of the economic and social burden suffered by Iraq, as well as the displacement of more than four million displaced people, noting that the displacement lifted from poverty levels in Iraq to 23, where there four out of every ten displaced people living below the poverty line.

Saleh added that the money that the war against organized drained led to the suspension of many development priorities in order to assign the battlefronts, where he has been allocated 23 of the financial budget to support the Iraqi armed forces in all its forms, including the popular crowd and clans.