Private banks critical of its own law and the government are given: will be amended
Private banks critical of its own law and the government are given: will be amended
03/05/2015 (00:01 pm)
BAGHDAD / long-Presse
Private banks promised that its own law is not commensurate with the current stage of the country, and showed that the law needs to amend the comprehensive allows it to enter into large-scale projects, while the government has confirmed an intention to amend the law as soon as possible and supported by more than a project, specialists found that the current law raises concerns outside investors.
Says Commissioner for Bank of Iraq Investment Director (Hani Khuwaylidi) in an interview with the (long-Presse), “The current stage is not commensurate with the Banking Act No. 94 of 2004, so it needs to be re-examined fully and in many of its paragraphs, there are a lot of variables that got in Iraq and in private banks work. ”
Khuwaylidi shows that “the issue is not modified paragraph or substance, but the issue of modifying the entire law what is the use of changing some of the paragraphs and the survival of texts from within those paragraphs disrupt the work of the bank and its progress and development.”
He adds Khuwaylidi that “node in the Banking Act relating to Article 28, where they prevent private banks from participating or engaging in different large investment projects in Iraq, “noting that” this thing represents a restriction of the freedom of the banks and their work other than what we find today in the countries of the region and how the private banks to help their country and its people in its development. ”
stipulates Article 28 of the Banking Act that it “may not be any bank to exercise or participate as an agent or partner or owner, wholesale trade or single or manufacturing processes or transport or agriculture or fisheries or mining or building or re-insurance or any activity or other work is licensed Bha.mn his part, says a source at the Central Bank in an interview with the (long-Presse), that “despite the fact that the Banking Act is one of the advanced laws being passed to open branches of banks in partnership with banks and countries of the world but this law has been put in for urgent,” noting that “the time has come to amend the law for the existence of contradictions and notes on it because some of its articles are not in line with the development of economy and development in Iraq.”
adds the source, who asked not to be named, said “the Banking Act only investment banks usurious did not affect the Islamic banking which is based on participation in the development Profit despite the existence of a draft special law regulating the work of Islamic banks. ”
shows the source said “the central bank put a special committee studying the law and the possibility to modify, especially as he conferences and seminars several held in the presence of specialists in order to modify it, and there is a sincere intention and real management bank in amending the law soon. ”
For his part, says Prime Minister for Economic Affairs Adviser to the appearance of Mohammed Saleh in an interview with the (long-Presse), “The Iraqi government can not ignore the role of private banks in the economy and promote investment and growth forward, so it is taught today more than one project in order to support private banks. ”
adds Saleh, he said that “there are a number of projects have been put forward to the Cabinet table to save the financial deposit law and a recommendation for the development of government financial deposits at private banks,” pointing out that “it is possible to strengthen the infrastructure of the banks strong and makes it in front financial and economic challenges facing the country. ”
turn says financial expert useful Mulla said in an interview with the (long-Presse), said that “there is an urgent need to build a national economy based on a new mechanism and structure to move the private banking sector of the role of financial intermediation to the developmental role and in light of the crisis suffered by the Iraqi economy. ”
refers Mullah that “the government today are dealing with private banks as a money order or the exchange companies and this paints a picture for investors and businessmen abroad that are not safe for their money in Iraq only with the government,” adding that “these investors In Under the current political crisis can not be put their money in state banks. ”
He continues, Mullah “no solution except to give more powers for banks which, amounting to more than 54 trade and investment and developmentally and Islamic banks,” pointing out that “these banks has today a cash block up to (500) trillion Iraqi dinars and can be assigned the state a different service and commercial projects in particular and the country in dire need of those who help her financially and economically. ”
It demands a banking expert Ali Khalil (for over-Presse), the need for the formation of an investment fund to finance projects in Iraq this fund and be supported by private banks under the legal cover of the state.
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