Experts: the formation of a supreme body for the development of the banking does not interfere with

Experts: the formation of a supreme body for the development of the banking does not interfere with the work of the Central Bank

04/07/2014





brahim al-Mashhadani,
Called economic reports to the formation of a supreme body to reform the banking holds the work to amend the Banking Act in line with the current nature of the activity
Banking, 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. "
As the economist said Ibrahim al-Mashhadani, that the formation of a supreme body for the development of banking must be in accordance with the mechanics and controls are far from the mechanics of the central bank in order to not be there any state interference in the banking business. "

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He said al-Mashhadani said in a statement singled out by the Baghdad news on Sunday, said that "the central bank has no relationship to the work of the banks only processed liquidity but that we see today is supervised directly the work of the banks, so the formation of a supreme body for the development of the banking business would have a clear impact on the development of the work of banks condition make it clear that there is overlap with the work of the central bank. "
He noted, "The High Commission for the development of the banks will be organized and coordinated the work of banks and control their business, and that the banking system is in need of such a formation because he is on the verge case of expansion through Iraq's progress economically and financially, and who will be supportive of the financial investment as well as supporting economic sectors, especially the private sector."
And between, "The formation of such a body needs a thorough study to determine its powers and mechanisms of action and role in the development of the Iraqi banking system, including law does not contradict with the central bank."
For his part, said economic expert nice Ugaili Salem, said that "the application of mechanics and ideas of the High Authority for the development of the banking business in Iraq, the correct form would have a clear impact for the development of the banking sector in Iraq."
He added Ugaili in a statement singled out by the Baghdad news on Sunday, said that "the formation of the High Authority for the development of banking will have a clear impact on the development of banking and financial work in Iraq, on the grounds that the banking sector needs to be further development and transfer of technologies technological world to him."
He noted that "the formation of such a body would have a clear impact also on the investment sector in Iraq to their link with some in Iraq, one complementary to the other, because the investor when it comes to Iraq needs to be certified Banks and reliable in order to proceed with the investment process in Iraq."
And between, "The Central Bank of Iraq bears a huge burden of work by maintaining the stability of the national currency and sell foreign currency in the auction and monitoring of the local market, as well as the regulation and control of the banking sector.
He explained, "The banking sector has great significance in promoting the development and the development of all countries of the world, it must take care of him through the formation of a special body interested in his work under the name of 'supreme body to regulate and monitor the work of the banks."
The representative called 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 said in a statement singled out by the news of Baghdad, said that "the availability of financial liquidity figures large banks without investment in development projects of the missed opportunities that would relate to the development of the national economy."
He added, "The need for legislation and laws dolly to the activity of banks to invest in the development sectors, and to call for the formation of a supreme body of the banking reform is a good idea if we take into account the need for legislative environment banking allows the revitalization of the work of banks and provide the requirements to grow in line with the developments in the sector in the world. "
He pointed out that "the negative effects experienced by the banking sector, is a result of the articles 27 and 28 of the Banking Act, where articles prevented the implementation of private banks for their financing and credit."
And between, "The CBI is keen on continuously providing support for private banks to develop their tools operating across the follow-up activity to find and care has to overcome the obstacles that prevent the stability of the private banks

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