Parliament: raise capital, private banks, the case of a positive

A member of the Finance Committee Deputy Secretary Hadi Abbas:that the conversion of private banks to large financial institutions by the central bank by raising capital will enhance the Iraqi economy.

He said Abbas (of the Agency news): The central bank plans to convert the private banks to large financial institutions through integrated Baovernmah, indicating that a request was made to the government to amend the Banking Law No. (94) for the year (2004). He continued that some private banks declared bankruptcy in recent times because of the absence of a law regulating its work sober and the absence of strict control and follow-up by the Central Bank as if turned to large financial institutions will develop their work and contribute to the advancement of the national economy.

And that when private banks are running large financial institutions will make her the ability to promote the economic reality of the country, working as a special law regulating the work under the supervision of the Central Bank or other government agencies and its affiliates.

The Central Bank of Iraq confirms that the number of private banks arrived in Iraq to 40 banks while capital is still weak and need to be that banks more aggressive with each other to form a strong capital. He indicated that the government banks with a dominant 92% on the domestic market and that private banks do not exceed its dominance of the 10%, which does not take space from the market, according to the Central Bank of Iraq.

The Central Bank of Iraq is seeking to restructure the private banks in line with the general structure of the Iraqi market and the nature of his relationship with other global markets