Association of Iraqi banks: central bank policy and one with Iraqi and foreign banks

by **Bama Diva** Wed 30 Jan 2013, 1:36 pm

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Association of Iraqi banks: central bank policy and one with Iraqi and foreign banks

by Bama Diva Wed 30 Jan 2013, 1:36 pm

Association of Iraqi banks: central bank policy and one with Iraqi and foreign banks

January 30, 2013

Director of the Association of Banks denied eligibility Abdul Aziz Hassoun, the recovery capital of foreign banks in Iraq due to the preference of the Central Bank and sponsorship at the expense of Iraqi private banks.

He said Hassoun told the independent press (Iba) .. "The capital is determined by the volume of transactions that bank can be paid by according to the instructions and Iraqi laws, reasoned, recovery of foreign banks in Iraq because of its large capital and a strong position to expand the circle of foreign dealings and internal. "

"There are some incorrect news reported in the media for following the central bank's policy preference for the care of foreign banks at the expense of Iraqi banks, stressing: that the central bank follows a policy with all banks and under Iraqi law."

He explained that "the Banking Act is the law of an interpreter of English and not be drafted in English and therefore differences in the interpretation of its provisions as a result of lack of knowledge correctly, pointed out: that the central bank put instructions obliges banks Iraqi capital is not less than 250 billion dollars from the mid- the current year.

He noted that the central bank has allowed foreign banks to open branches in Iraq "to be the capital of the branch per $ 7 million to run its business and cover its needs and expenses inception," explaining: that capital foreign branch is part of the capital position abroad and banks' capital Foreign funds that have large inside Iraq and Iraqi banks exceed what makes it more vibrant. "

Hassoun between "that most banking laws and instructions need to be modified for the advancement of the banking sector, and must identify the weaknesses in the management of banks and the introduction of modern technology in the banking business

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