Government Banking Act supports the march of reforms

Government Banking Act supports the march of reforms

14/4/2016

BAGHDAD / Economy News ...

Differing views on Government Banking Act, which offer readers a first reading between the corridors of Parliament, where he asked finance experts and specialists on the feasibility of the enactment of government banks in light of the transition to the open market economy in which private banks represent the center of development measures, among a representative of the financial sector that the government banks play an active role in community service, providing free products «this came during a seminar of the Association of Iraqi private banks dealt with the proposed government banks Law». The seminar which was led by Vice Chairman of the Association management tempted dealt How important legislation government Banking Act at this time go through the restructuring of State-owned banks, particularly the countries of regional and international became the private banking sector runs to move money and manage the process in accordance with the policy of those Albullad that achieve significant economic feasibility for all sectors of production and service.

The right decision

But Faleh applicable president of the Parliamentary Finance Committee said that the government Banking Act had been read in parliament and awaiting the second reading, adding that he looked forward to hearing the views of experts and specialists in this field to choose the right decision or make the required amendment.

While between Walid Idi adviser to Governor of the Central Bank of Iraq: the preparation of the law is part of the restructuring of the banking sector in accordance with the requirements of

The agreement signed between the Iraqi government and the International Monetary Fund and the World Bank, pointing out that the ad hoc committees prepared this law and ensure that 24 articles regulating government banks work, pointing out that the draft completed law seven years ago was sent to the Council of State and returned to the Association of Banks for discussion and returned again to reach to the Council of Ministers and now

In parliament.

It began a special

Kazem fistula, Director General of the Agricultural Bank of addressing the reality of the banking sector since its inception, as it seemed a private sector and Arab and foreign banks, and its goal was the financial capacity of the bank building, pointing out that after the nationalization became the bank's government and the decision of the state and this has led to a decline in the banking business due to lack of interest to raise capital the bank, because the obligations are guaranteed by the Ministry of Finance.

Fistula pointed out that an employee in the State Bank does not pay much attention to the development of expertise and communication with banking products witnessed by the world because of the rights guaranteed, adding that banks offer free services and maintained its financial documents and entitlements of the beneficiaries.

Building the economy

Executive Director of the Association of Iraqi private banks Tariq Ali said that the government discuss the Banking Act in the presence of the private banking sector, parliament and public banks is positive visions to clarify for all and to clarify the true image of the Iraqi lawmaker.

Tariq said the Association supports the advancement of the banking sector in general, as we support the direction of the government program and the Iraqi constitution for the development of the private banking sector, which is to be at this stage have a greater role in our national economy during the next phase. A financial expert, Mohammed Saleh Tahan: We need to interest private banks that started achieved significant growth through the adoption by the sophisticated systems provide advanced products are working to expand gradually commensurate with the size of the Iraqi economy, which needs to be the size of a large and spacious work. Alaa al-Sadoun former deputy said the trend should be towards the open market, which requires the presence of private banks solid economy takes a real role in the economic development process, stressing the importance of support for the work to build a strong economy that meets the need of the country and fits destiny.