Expert calls for the House of Representatives to speed up the adoption of the new banking law to support the banking sector

Called for a banking expert Ghazi Kanani need to speed up passage of the Banking Act to support the new banking sector in Iraq, the fact that the current law is inconsistent with other laws making banking work irregularly.

Kanani said in a press statement today: Some of the paragraphs of the Banking Law No. (94) for the year in 2004 marked by a lot of mistakes and conflict with other laws as sanctions law which made the work of banks in Chit is not a regular.

He added that the Iraqi banking system needs to be discreet law allows it to bring technological modern banking in his work, pointing out that the House of Representatives in connection with new legislation regulating the work of Iraqi banks globally according to the mechanism must be followed quickly by endorsing support of the Iraqi banking sector.

He pointed out: that all economic laws, including the Banking Law requires constant adjustments to once in a while and is supposed be adjusted by the professionals and people with expertise and professionalism in the field of economic development and support of the national economy.

It is noted that the banking system in Chit consists of forty-three banks as well as the central bank and distributed according to ownership between (7) banks and government (30) my family, including Bank (7) Islamic banks in addition to (6) foreign banks.