Member of the Finance Committee: the advent of foreign banks support the Iraqi banking sector and earn experience

Baghdad (News) … According to a member of the Finance Committee of Kurdistan Alliance Deputy//Risalat Najib, increasing foreign banks in Iraq in accordance with the law No. 21/1997 would strengthen the work of Iraqi banks and supports the Iraqi banking sector.

Najib said (to news agency news) Monday: that the law allows for all foreign banks and Arabic to open branches in Iraq or the participation of Iraqi banks, according to the Central Bank controls, indicating, that the work of foreign banks promotes business promotes Iraqi banks and the banking sector.

She added: to get banks to leave investment in Iraq be under the Central Bank controls monetary policy and every bank in contravention of these rules leave the investment it pulls.

Noted: that allowing foreign banks to invest in Iraq came to the reluctance of banks and the lack of experience and global technology, called for the need for participation of foreign banks with Iraqi banks to earn experience and advancement of Iraqi banks.

She explained: the Finance Committee to hold workshop for all private banks and Government to discuss the places of proposed new laws and review the structure of banks and the banking sector serves