11/24/2013 - 14:26 | Source: Economy and business 148 views Editor: Hussein gesture, Ammar al-Ani
Governor of the Central Bank and the Agency Abdel Basset Turki
Alsumaria News / Baghdad
Central Bank of Iraq on Sunday, he is seeking to amend the three laws important to the work of banks in Iraq, pointing out that he is preparing a plan of economic development that will promote the economic reality of Iraq.said Bank Governor Abdul-Basit Turki said in an interview for "Alsumaria News "on the sidelines of a workshop held by the bank in the Palestine Hotel on amending its law and banking law and the law against money laundering," The Bank is seeking through his workshop current to re-examine three important laws of interest to the work of banks in Iraq, the Central Bank Act and the Banking Act and civil law against laundering money. "added Turki that "the importance of this amendment come to address all the problems and problematic shortage of laws that limit the activity of banks and developmental role, in addition to the Central Bank's role in managing the economy," noting that "the bank is preparing a plan of economic development that will promote economic reality of Iraq. " He Turkish that "there are some problems that limit the work of banks in Iraq, including Article 28 of the Banking Act Iraqi No. 94 of 2004," noting that "the time has come to put the decision amends the article in accordance with the controls and mechanisms available to the Central Bank" . continued Turkish that "the International Monetary Fund drew central banks to play a developmental role in addition to the Bank's work in the monetary policy of their countries," pointing out that "the central bank took this directive, which is preparing a plan of economic development that will promote the economic reality of Iraq." is Banking Act No. 94 of 2004 in general, laws advanced in the world, but it has abounded notes about this law of bodies covered, due to the lack of clarity of its articles some circumstances raised, prompting a large number of banks claim the need to be modified to keep pace with development processes that the international banks. Article 28 of the Banking Act "may not be any bank to exercise or participate as an agent, partner, or owner, wholesale trade or singular or manufacturing processes, transport or agriculture or fisheries or mining or building or re-insurance, or any activity or other work unauthorized. mention that in spite of the proliferation of private banks in Iraq, which amounted to more than 30 banks, but the banks did not play a pivotal role in the process of economic development in Iraq because of the small banks in addition to the move away governmental institutions to deal with it because of the reluctance of Some private banks in their work.