A proposal for the establishment of a supreme body concerned with banks
A proposal for the establishment of a supreme body concerned with banks
25/02/2014
BAGHDAD / JD / .. Parliamentary Finance Committee proposed new legislation allows banks to establish an independent supreme body of the Iraqi banking sector and monitor the work.
Said committee member Rep. Dler able Agency / JD /: “The Banking Act current backward and non-supportive of the banking sector being a working systems old traditional non abreast of the development in the global banks, so has to be new legislation supports the banking sector and develops.”
He added: “It must be a new law, a main backer of the banking sector and allows the creation of a supreme body an independent banking sector and manages its affairs and monitors the work associated with the central bank and the general supervisor of the work, the composition of discreet banking sector in the country.
The parliamentary Finance Committee has asked the prime minister to send the law to protect bank deposits to Parliament for discussion and approval, to encourage owners of capital to bid farewell to the big money in the banks.
A member of the Committee Deputy Secretary Hadi in an earlier statement to the Agency / JD /: “There are claims by economists, investors and owners of capital large and even banks to the enactment of the bank deposits, being one of the important laws that encourage the process of filing financial banks and increase the confidence of investors in banks local. ”
He added that the government is required to speed up the sending bank deposits Protection Act to the House of Representatives for the purpose of discussion and approval during the remaining period of the current parliamentary session, calling on the central bank by requiring local banks to increase the interest rate on the money deposited in them.
The project aims to protect the deposits of citizens, in addition to a set of controls that are still working on the central bank, under this law, including the possibility of increasing the capital of private banks through deposits and government ministries. / End / 8 /
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