CBI: Log international development bank will create a competitive environment with Iraqi civil banks banks plans to set up a fund to finance development projects

Central Bank of Iraq for «went private banks to create a fund of surplus funds to support and fund development projects in Iraq».

said the deputy governor of the Bank the appearance of Mohammed Saleh in a statement told the National Iraqi News / Nina / yesterday «that private banks in connection with the establishment of a special fund to lend projects development as projects Construction and Housing after holding the amendments to the Rules of Iraqi banks soon ».

was an economist in the Ministry of Finance Hilal Taan called earlier to issue a new law on domestic banks or modify the Banking Act to regulate the work to take a real role in economic development. said told the National Iraqi News / Nina / that »Banking Act No. 28 prevents all banks, whether public or private, from practicing any commercial activity outside the banking business, and therefore, the law needs to be amended to take private banks true role in the development of the country’s economy through practicing commercial activities Besides banking ». added» that the work of private banks now is to buy money orders safe from the Ministry of Finance and profiting from its benefits and this really work to achieve profits and fake serve departments banks do not serve the economy Ichee ». said Taan that« private banks need to raise capital 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 issuing decisions and control to achieve a personal goal is profit only ».

On the other hand the CBI that «enter development bank international development purposes will create a competitive environment between him and Iraqi banks to provide the best services at the lowest costs ». said the deputy governor of the Bank the appearance of Mohammed Saleh in a statement told the National Iraqi News / Nina / yesterday that« Iraq is not afraid of entering such a bank into the arena and provide its services to citizens through the launch of loans and advances diverse ». added« Iraq needs to enter such a bank to move the banking environment where deflationary monopolistic », referring to« need to be modified laws and banking legislation all to the fact that banks are the backbone of the Iraqi economy and should play an active role in economic development ».

was a member of the Committee on the economy and investment parliamentary Nahida Daini called earlier to enter the cooperative bank international development capital large to help the citizens by giving them advances and housing loans. said Daini told the National Iraqi News / Nina /: that such a bank would fill the government’s inability in the continued firing of housing loans which benefited many citizens Although the interest rate high on them, as it would be a substitute for government and private banks in terms of facilitating the granting of loans. said Daini stop advance the 100 salary a negative impact on citizens has also affected the disabled workforce working in construction as well as the construction materials and the movement of the market. stressed the the need for a housing loan facilities being within the reconstruction of the country.