Central Bank seeks to amend the three laws important job banks

[ltr]Alsumaria News / Baghdad 
The Central Bank of Iraq on Sunday, he is seeking to amend the three laws important work of banks in Iraq, pointing out that it was preparing an economic development plan that will promote the economic reality of Iraq. 

The bank governor said Abdel Basset Turki said in an interview for "Alsumaria News" on the sidelines of a workshop held by the bank in the Palestine Hotel on amending its law and banking law and the law against money laundering, "The Bank is seeking through his workshop current to re-examine three important laws of interest to the work of banks in Iraq, the Central Bank Act and the Banking Act and the civil law against money laundering. " 

He added Turki that "the importance of this amendment come to address all the problems and problematic shortage of laws that limit the activity of banks and developmental role, in addition to the Central Bank's role in managing the economy," noting that "the bank is preparing a plan of economic development that will promote the economic reality of Iraq ". 

He said Turkish that "there are some problems that limit the work of banks in Iraq, including Article 28 of the Banking Act Iraqi No. 94 of 2004," noting that "the time has come to put the decision amends the article according to the controls and mechanisms available to the central bank." 

He Turkish that "the International Monetary Fund drew central banks to play a developmental role in addition to the Bank's work in the monetary policy of their countries," pointing out that "the central bank took this directive, which is preparing a plan of economic development that will promote the economic reality of Iraq." 

The Banking Act No. 94 of 2004 in general, laws advanced in the world, but it has abounded notes about this law of bodies covered, due to the lack of clarity of its articles some circumstances raised, prompting a large number of banks claim the need to be modified to keep pace with development processes the international banks. 

Article 28 of the Banking Act, "no bank shall be exercised or participate as an agent, partner, or owner, wholesale trade or singular or manufacturing processes, transport or agriculture or fisheries or mining or building or re-insurance, or any activity or action other than a licensed them. 

It is noted that in spite of the proliferation of private banks in Iraq, which amounted to more than 30 banks, but the banks did not play a pivotal role in the process of economic development in Iraq because of the small banks in addition to the move away governmental institutions to deal with it because of the reluctance of some private banks in their work.[/ltr]


I like these sentences.


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[ltr] [You must be registered and logged in to see this link.]
Side of the workshop, which was organized by the Central Bank of the banking environment[/ltr]
[ltr]Central Bank: We seek to amend the banking laws and go to play a developmental role for the economy [/ltr]


[ltr]Author: ASJ, HH, NF
Editor: HH, NF
11/24/2013 11:40
Number of readings: 260 [/ltr]


[ltr]Long-Presse / Baghdad
The Central Bank of Iraq, on Sunday, seeking to amend the banking laws, including the proportion to the current situation, and pointed out that the money laundering law the most prominent laws that seek to modify it, while stressing that going to play a developmental role of the Iraqi economy.
The governor of the Central Bank and the Agency Abdel Basset Turki said in his speech during the first sessions of the workshop organized by the bank to modify the legal environment of banking in the Palestine Hotel, the center of Baghdad, and was attended by (long-Presse), "Since we receive the responsibility of the central bank discussed with the competent legal possibility of amending laws banking, which came after the occupation, according to the exceptional circumstances in order to develop and make it fit with the current banking business. "
The Turkish "We do not hide the existence of obstacles facing the work of banks, including Article 28 of the Law of private banks, so it is time to put the decision amends the article in accordance with the rules and mechanisms available to the central", noting that "the workshop, which was held in the presence of a professor and specialists qualified affairs, financial and legal, will certainly have an appropriate role and vital to present their ideas behind them, which contributes to amend those laws. "
The Turkish that "the central bank is heading now to amend the law on money laundering, as is the case with other countries that are looking with experts the possibility of the development of the law," pointing out that "in the 25th of the month of November this, there will be an international conference to be held in Bahrain in order to stand on the main obstacles facing the law and the possibility of putting a new version agree all the controls and mechanisms of all nations. "
He Turkish that "the International Monetary Fund and in the last meeting in Geneva face of central banks to play a developmental role and not only stay on the organization of the financial policy of their countries," stressing that "the central bank actually taking this guidance, which is preparing a plan of economic development that will promote the reality Economic Iraq. "
The Iraqi Central Bank revealed on Friday (November 22, 2013), his intention version Coins categories of small, indicating that those currencies, which may be issued sometime in the next year, will be written in Arabic and Kurdish, confirming the existence of a proposal for the issuance of Banknotes large value of fifty thousand dinars.
It is noteworthy that the Iraqi Central Bank was established as a bank independent under the law issued on the sixth of March 2004, as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies are being daily sessions for buying and selling currencies.


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Central Bank seeks to amend the three laws important job banks

24-11-2013


The Central Bank of Iraq on Sunday, he is seeking to amend the three laws important work of banks in Iraq, pointing out that it was preparing an economic development plan that will promote the economic reality of Iraq.

The bank governor said Abdel Basset Turki said in an interview for "Alsumaria News" on the sidelines of a workshop held by the bank in the Palestine Hotel on amending its law and banking law and the law against money laundering, "The Bank is seeking through his workshop current to re-examine three important laws of interest to the work of banks in Iraq, the Central Bank Act and the Banking Act and the civil law against money laundering. "

He added Turki that "the importance of this amendment come to address all the problems and problematic shortage of laws that limit the activity of banks and developmental role, in addition to the Central Bank's role in managing the economy," noting that "the bank is preparing a plan of economic development that will promote the economic reality of Iraq ".

He said Turkish that "there are some problems that limit the work of banks in Iraq, including Article 28 of the Banking Act Iraqi No. 94 of 2004," noting that "the time has come to put the decision amends the article according to the controls and mechanisms available to the central bank."

He Turkish that "the International Monetary Fund drew central banks to play a developmental role in addition to the Bank's work in the monetary policy of their countries," pointing out that "the central bank took this directive, which is preparing a plan of economic development that will promote the economic reality of Iraq."

The Banking Act No. 94 of 2004 in general, laws advanced in the world, but it has abounded notes about this law of bodies covered, due to the lack of clarity of its articles some circumstances raised, prompting a large number of banks claim the need to be modified to keep pace with development processes the international banks.

Article 28 of the Banking Act, "no bank shall be exercised or participate as an agent, partner, or owner, wholesale trade or singular or manufacturing processes, transport or agriculture or fisheries or mining or building or re-insurance, or any activity or action other than a licensed them.

It is noted that in spite of the proliferation of private banks in Iraq, which amounted to more than 30 banks, but the banks did not play a pivotal role in the process of economic development in Iraq because of the small banks in addition to the move away governmental institutions to deal with it because of the reluctance of some private banks in their work.

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Turki is trying to give the Iraq Banks the warning to get it together and they better as when Basil III comes into play in January it would suck for all the foreign banks to be ahead of the game... ;)

This is Article 28:

Article28 Prohibited activities No bank shall engage in or participate as an agent, partner or co-owner in wholesale or retail trade, manufacturing, transportation, agriculture or fisheries, mining, building, re-insurance, insurance underwriting or other business activities except for activities that are authorized by Article 27.
Notwithstanding the foregoing, and with the prior written approval of the CBI, a bank may temporarily carry on or participate in the carrying on of such activities to the extent necessary to obtain satisfaction of
claims, provided that the CBI may require the bank to cease such activities by a date specified in the
license or permit.

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yes, i'm aware of the link above, but it is the correct wording

They're at an International Conference on banking and deciding on changing Article 28 by re-writing new laws to replace it.  This is important!!  

the International Monetary Fund drew central banks to play a developmental role in addition to the Bank's work in the monetary policy of their countries," pointing out that "the central bank took this directive, which is preparing a plan of economic development that will promote the economic reality of Iraq."

I am also hearing all those banks that don't meet basil will get bail in which could be 16% Of depositors money! Greece was 83%