Member of the Finance Committee: CBI initiated a new law to facilitate the work of the banks

Baghdad (News) … Finance Committee member declared Deputy of Kurdish blocs Coalition//Risalat Najib, the enactment of new banks by the Central Bank granted broader powers and facilities to promote their reality, sending it to the House for a vote after discussion by the Government.

Najib said (to news agency news): the Banking Act No. (94) of the year (2004) under the Iraqi banking and select its powers, and is inconsistent with other laws such as the Penal Code (111) of the year (1969).

She added: the Central Bank prepared new legislation to give banks powers and facilities especially in the investment process, and was sent to the Council of State that is sent to the House of representatives to vote after completing its discussion by the Federal Government.

Noted: the parliamentary Finance Committee adopted a theme of restructuring Iraqi banks through held a Conference in the coming days, in the presence of a number of specialists and representatives from the banks to stand on the major challenges facing their work to find solutions through legislation.

The banking system in Iraq consists of forty-three banks as well as the Central Bank and distributed by ownership between banks (7) and (30) Bank of my family including Islamic banks (7) in addition to (6) foreign banks.

Although the investment law No. (13) of 2006 has excluded investment in the banking sector of its provisions, however, investment in the banking sector takes its legal framework based on the legal Central Bank number (56) of 2004 and bank number (94) for 2004, the minimum to establish a bank in Iraq (100) billion Iraqi dinars (around 85 million dollars