Economic Commission intends to increase the capital of Bank of Iraq Trade and the Ministry of Finance

Member: Economic Commission intends to increase the capital of Bank of Iraq Trade and the Ministry of Finance Alhakhh

On: Tuesday 07/17/2012 11:07

Baghdad (news) .. Announced that a member of the Committee of Economy and Investment MP / coalition in Iraq / Nora Albjara, for an amendment to the Law of the Bank of Iraq trade format that encourage investment in the country and try to sign him to the Ministry of Finance instead of the cabinet.
said Albjara (of the Agency news) said on Tuesday: The Law of Bank of Iraq Trade has been enacted in the previous session of the House of Representatives in particular year (2009) and delayed approval to the current session, noting that the Economic Commission representative intends to modify it before voting on it. She added that the amendments will increase its capital from (50) million to (100) million to be able to deposit its funds in the form of loans to investors, will help to boost investment by encouraging investors to come, confirming that the bank is now working without a legal formula governed. pointed to: that the Committee on the economy of parliamentary trying to include the bank to the Ministry of Finance instead of the Council of Ministers of through modification of the law for the purpose of auditing its accounts yearly in the ministry and be subject to the Office of Financial Supervision, stressing the need for attention to this bank because it has high qualifications and experience of advanced country in dire need of such a bank. It is noted that the Trade Bank of Iraq owned entirely by the Iraqi government was established in July of 2003 to facilitate trade in Iraq’s international and reconstruction of Iraq after the end of the work program of the UN oil-for-food program. and follow the Trade Bank of Iraq policy of prudent credit, is also one of the first banks in the completion of banking operations in full, and the first Iraqi bank that issues Visa credit cards, and the development of the first national network for ATM. Is also a bank specializing in the production of documentary credits, letters of guarantee. / Finished / 8. D. Q /
Source: ikhnews