Banks, civil plans to set up a fund to finance development projects

Central Bank of Iraq announced on “orientation of private banks to set up a fund from the surplus of their funds to support and fund development projects in Iraq.”

The deputy governor of Bank of the appearance of Mohammed Saleh, said today that “the private banks, the process of establishing a special fund to lend to projects as development projects and housing construction after making amendments to the laws of Iraqi banks soon.”

He was an Economist in the Ministry of Finance Crescent Taan called in earlier to a new law to domestic banks or banks to amend the law on organization of work to take a real role in economic development.

He said that “the Banking Act No.. prevents 28 all banks, whether public or private, from practicing any commercial activity outside the banking business, so the law needs to be amended to take private banks true role in the development of the country’s economy through the commercial, along with business banking. “

“The work of private banks now is to buy money orders from the Treasury and the Ministry of Finance and profit from the benefits of this work and in fact achieve a profit and serving the departments of fake banks do not serve the economy Ichee. “

Taan and confirmed that “the private banks need to raise capital is also to be able to grant loans and advances and re-entry into the world of money because the role of departments of these banks is currently limited to the issuance of decisions and control to achieve a personal goal is profit only.