30-11-2013 07:05 AM
Baghdad (newsletter). Excluded Member of the Finance Committee, MP Hassan Al-Bayati, Iraqi coalition, development of the banking system in the country when modifying the current banking law, calling the legislation a new law keeps pace with developments in international banks.
He said Al-Bayati (News Agency): the current Bank Act which initiated the era of us civil administrator Paul Bremer in 2004 laisthaml amendment being initiated in the current situation any different from a decade ago.
Added: new law on banks kept pace with developments in the work of banks in the world and encourage local banks to develop their work through the use of the most advanced systems and devices, as well as encourage investment in banking.
Confirmed: to amend the current law will be short and will not lead to the development of the banking system in the country.
The banking system in Iraq consists of forty-three banks as well as the Central Bank and distributed by property (7) and banks (30) Community Bank including (7) in addition to Islamic banks (6) foreign banks.
Although the investment law No. 13 of 2006 has excluded investment in the banking sector of its investment in the banking sector takes its legal framework based on Central Bank Law No. 56 of 2004 and no. 94 of 2004, the minimum to establish a bank in Iraq 100 billion dinars (around 85 million dollars (./finished/8 l. Eng.