Published on: 8: 01 pm, January 30, 2013 by ipa 2
Baghdad (IBA). The Director of the Association of private banks denied Abdul Aziz Hassoun, the recovery of the capital of foreign banks in Iraq because of the Central Bank and his preference for private Iraqi banks account.
Hassoun said in a statement to the independent press agency (IBA) ... "that capital is determined by the volume of transactions that can be performed by the Bank according to the instructions and the Iraqi laws, explanation, the recovery of foreign banks in Iraq to possess large and strong capital position to expand foreign and domestic transactions".
"There are some incorrect news media on a Central Bank policy preference for foreign banks at the expense of Iraqi banks, saying: the Central Bank follows the policy of one with all banks, according to Iraqi laws."
"The banking law is the law of the translator from English and Arabic and was drafted by the differences in the interpretation of the articles as a result of lack of knowledge, he noted: the Central Bank put the instructions required Iraqi banks capital should not be less than $ 250 billion from the middle of the current year.
He noted that the Central Bank has allowed foreign banks to open branches in Iraq "on the capital one branch $ 7 million to run its business and meet its needs and expenses," he said, adding: the capital of foreign branch is part of the concentrated capital abroad and foreign banks capital funds within Iraq and Iraqi banks beyond what makes it more a recovery. "
And between Hassoun "most banking laws and instructions need to be modified to enhance the reality of the banking sector, and must identify the weaknesses in the management of banks and the introduction of modern technology in banking". (End)