Saturday, 15 March / March 2014 13:25
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Called representative of the Association of Iraqi private banks in the Economic Committee of the Council of Ministers Nawzad David Fattah, dry, "the banking sector to take advantage of the investment portfolio vast owned by the Iraqi economy is in a lot of sectors in a manner commensurate with the volume of activity represented by the financial transactions related to development projects in the country."
Dry and said, "The availability of large numbers of financial liquidity in banks without investment in development projects would the loss of opportunities that are related to the development of the national economy, pointing out that" the need for legislation and laws dolly to the activity of banks to invest in the sectors of development. "
He explained that "the call for the formation of a supreme body of the banking reform is a good idea if we take into account the need for a legislative environment that allows a bank to activate the work of banks and provide the requirements to grow in line with the developments in the sector in the world."
He Dry, who is chairman of the North Bank for Finance and Investment, "that this subject has long been discussed in conferences and seminars, as well as in the relevant committees to economic activity in the forefront of the Economic Committee of the Cabinet, but he has not been out positive results and ambitious as it requires the inclusion of laws legislation and materials that give the private sector a wide area in banking transactions. "
He explained that "the negative effects experienced by the banking sector, is a result of the articles 27 and 28 of the Banking Act which prevented articles without the implementation of the private banks for their financing and credit, stressing that" the Iraqi Central Bank's keenness constantly to provide support for private banks to develop their tools operating across the follow-up activity and find care has to overcome the obstacles that prevent the stability of the private banks. "
And between dry that "the central bank held a symposium last year, devoted to discuss the challenges facing the sector and look for a review of laws relating to monetary policy and finance in the country, a banking law and the law of the Iraqi Central Bank and the law of money laundering, but we did not find Miouha address the failures that touched her Participants at the symposium on the issues that have been discussed and what check on the recommendations that came out of those responsible for the sector in the seminar on the issuance of new laws to respond to the requirements of establishing a solid banking sector in line with the need to deal with the spirit of interacting with the investment needs of the stage in the areas of investment and development. "
He called dry "the private sector to activate the proposal to form the Supreme Committee for banking reform in a manner reflecting the importance of the role of the private sector in construction and development and in establishing laws that regulate economic life and banking in particular, where the banks are the financial arm of the proposal to have the private sector priority in adopting proposals that relate to legislation and amending laws, particularly the investment law and the law of the banks and the Central Bank Law and the Law of money laundering in addition to the laws relating to Iraq market for securities and the Securities Commission.
He said dry the importance of providing Maidam private sector activity in the sectors of the economy and helps to move the Iraqi economy to a market economy in accordance with the strategic development of the reality of the work of the private sector, especially since Iraq has fertile ground for investment, which gives the private sector a better opportunity to contribute to the implementation of the programs of the country. "
He explained that "the most important challenges facing Iraq now is to build a robust economy, which the private sector role, taking into account the proper exploitation of the material and human resources and this does not take place except through a sophisticated banking sector is able to shoulder the burdens of development efficiently and effectively.
The reports talked about the call for the formation of a supreme body to reform the banking shall work to amend the Banking Act, the current line with the nature of banking activity, specifically materials that prevent the practice of banks to invest in development projects, with a review of laws related to monetary policy and modernization of the banking business and the introduction of technological systems in place globally and focus on expanding and developing products sector.