The Governor of the Central Bank: there is one more reason to reconsider the banking legislation

The Governor of the Central Bank: there is one more reason to reconsider the banking legislation 


      
 
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25/11/13, 12: 00 am


Attempts to reach an integrated economic system
Baghdad-Mostafa Hashemi
The Central Bank plans with the relevant authorities to have access to an integrated economic system through his call for private banks to send observations and proposals on the amendment of the laws of the Central Bank and money laundering and banks to reach legislation serves the economic process to the joint efforts by the Central Bank and private banks.
The Governor of the Central Bank, opened the Agency of Abdel Basset Turki said Monday the workshop attendance and participation of private banks and a number of economic figures which will last for five days to discuss proposals made by a number of private banks in order to improve.
He said in his address on the occasion, attended by (morning) that the Central Bank plans to discuss the banking laws that were required to submit relevant proposals to the workshop.
There was more reason to reconsider the laws first, they issued the then Coalition Provisional Authority as well as the need arose from the experience of development of those laws as well as the need for the Bank's role in driving the country's economy.
He stressed the need for proposing bills for Iraq in the coming years and not for periods and staying away from all that is futile, adding that this workshop will decide the destination of the banking business in Iraq add to it would be supportive at the legislative level, expressing wishes for success and acceptance of all points of view that will be, pointing out that opportunity will not be repeated.
The workshop agenda for first two days discussing the Central Bank Act No. 56 of 2004 with other laws will be discussed in the rest of the day. said Dr. Abdel Rasoul Abdullah Jassim, Director of the Central Bank is reviewing laws that bank terms extracted from the English translation, illustrating the importance of the review submissions to see Iraq and legal history to advance the process of economic development. And methodology path at this stage because there are many banking laws are unclear.
Banking expert said Hassib Kadhim Ali, there is a need to review all provisions and issued in accordance with the Constitution and the preservation of the independence of the Bank. Noting that the Central Bank is the oldest Bank in the region and the Middle East where it was founded in 1947 as well as other Iraqi banks were founded by this date shows that Iraq has the necessary experience and knowledge to not rely on foreign legislation. In the same context, said Waleed Abdel Nabi that Idi Amin Bank for years to take action to improve the legislative environment and increased density of bank where bank branches in proportion to the population, explaining that most of the laws that govern the banking of the Bank posted foreign language terminology peculiar to banks where there are corresponding Arabic language text, stressing the importance of making adjustments in line with the transition to a market economy and liberalization of economy inclusive.
The interventions took place in the workshop by some officials of the private banks referred to the importance of maintaining the integrity of the monetary policy and addressing letters of guarantee and respect the free exercise of the business of banks show the need to discontinue the laws promulgated since 10 years of CPA they antagonized this as inappropriate. it is hoped that the workshop to concludes the following sentence of paragraphs in the main article 28 banking laws, Banking Act that limit the freedom of private banks and the practice of its investment and business activities Where: experts said the repeal of article 28 of the Banking Act will be decided by the workshop where the trend now is that the Bank development cycle and lift all impediments to the exercise of this role while expecting others to be modified do not cancel because they were formulated in a cross with article 27 of the same law.

 



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