President of the Bank: private banks are still unable to perform his duties and the need to support government

On: Friday 05/04/2012 13:04

Baghdad (news) .. The Chairman of The Board of Directors Bank economy Hossam Obaid Ali, that the work of private banks is limited limited to the issuance of letters and deposits, and unable to perform their duties in the banking and contribute to the financing of investment projects of the country. 
Ali said (to the Agency news) Friday: The investment process in the country need to be a lot of money and private banks their capital a few are not commensurate with the size of investments within the country, noting if the cost per project of (250) billion dinars, some private banks did not reach its capital to (100) billion dinars. He explained: that private banks need to government support for it to develop its work and increase its capital and on any of its duty to the banking well, in addition to it being able to contribute in a lot of investment operations in the country. consists of the banking system in Iraq from the forty-three banks as well as the central bank and distributed according to ownership between (7 ) and state banks (30) my family, including Bank (7) Islamic banks in addition to (6) foreign banks. In spite of the Investment Law No. 13 of 2006 had excluded the investment in the banking sector of its provisions but the investment in the banking sector takes its legal framework on the basis of legal central bank No. 56 of 2004, banks No. 94 of 2004, with a minimum of the founding of a bank in Iraq 100 billion Iraqi dinars (ie, up to $ 85 million). / Finished / 8. j. N /