08/06/13 08: 00
That's what the President of the Association of private banks in Iraq, Adnan Chalabi talk in response to a question for (morning) on the evaluation of workshop for amending banking legislation said that the local economy is moving towards an open market economy, this is a constitutionally recognized, pointing out that despite 10 years but there have been no changes to the legislation in force and which do not fit the phase shift.
Chalabi warned banks to be aware of the meaning of global banking banks to enter the country, and with the best technology and most recently the World Bank Standard Chartered Bank of Britain, which requires work to access our banks to the same level in offering banking products, to gain more customers and keep existing customers, confirming the existence of sophisticated global banks on its way to enter the field of local action and the competition will be fierce.
Chalabi said that private banks were able to develop their capital and have high amounts of required investment in projects to develop local economy, noting that it would require an amendment to the laws in force and that the Central Bank is running now.
He pointed out that the CBI workshop organized recently stood at article (28) which is a barrier to the entry of banks into the investment of capital in investment projects directly and there to make the necessary adjustments.
And the reality of the banking services offered by private banks, Chalabi said: the World Bank provides more than 200 advanced banking service to facilitate financial transactions for customers, while still below the ambitious banks services welattgaoz products (15), noting the importance of the law of private banks with the flexibility required by the provocative act makes deliveries of advanced technology and widely adopted to achieve these goals.
Called private banks to cooperate with the Central Bank and the central operations and bring the views of the atmosphere keeps the stability of the financial market.
Chalabi said that the Association of private banks in Iraq represents the container that brings together private banks and have many views to organize the work Bank, calling on banks to cooperate with ASEAN in order to create a domestic banking investment process which started doing in the country.
The supply of advanced banking technology within a short time and to keep up with developments in the sector and adopting advanced global systems, and to create a competitive business environment for the volume of work that awaits him. Chalabi suggested that the banks that have not yet reached their capital to what was approved by the Central Bank's 250 billion dinars in starting with integration to the financial ceiling specified as well as the Bank benefits when this integration. and private banks to cooperate with media that are reflective of the reality of women's private banks and its achievements during the past period, as well as advanced systems launched into these banks.
Chalabi was speaking by saying that the country has a vast investment portfolio in many sectors, this requires sophisticated banking sector providing services commensurate with the volume of work required by the stage, where there are local and international companies with large capital.
I use this translator: http://22.214.171.124/