Experts: professional competence and financial capacity of the most important conditions for founding banks
2014/06/28 (00: 01 pm)
Baghdad/Ibrahim Ibrahim
The Parliamentary Commission on the economy, the Central Bank need to address crises of private banks in accordance with the laws, instructions and more flexibility, with economists stressed that ensure professional competence and financial capacity such as giving license to create community banks may be fake and interface of major money-laundering operations.
Member of the parliamentary Economic Committee, mehma Khalil on the Kurdistan Alliance in an interview for the "range" to "laws and instructions of the Central Bank at a standstill, and private banks in urgent need of economic development did her supportive institutions, and this in turn requires a strong will to apply legislation in the correct contexts."He said private banks offer good services to citizens, despite the country's exceptional economic and security conditions, it has become necessary to review the help. " Khalil said that "match the actions taken against certain civil banks by the Central Bank with the legal and constitutional machinery would contribute effectively to the strengthening of the economic and financial side of individuals and corporations more."The "confusion in the country requires a security check and await any steps that would harm the interests of the citizens and customers of banks with some simple commands and unimpressive.""The Commission on economy prompted the Central Bank to clarify cases of seizure and bankruptcy of some banks repeatedly to find the necessary solutions."The Central Bank may impose guardianship on a number of private banks, including the Bank of economy and investment and Warka in step to keep the funds of the Bank's clients and is not affected by the Iraqi economy.The Central Bank said it was based on the vote that the Banking Act No. 94 of 2004 on article 40, which gives authority to oversee the banks operating in Iraq, the text of paragraph 1 of article 59 that the CBI designates the trustee Bank when the Central Bank decided that the Bank did not meet its financial obligations when entitlements.He said the parliamentary Finance Commission member Abdul Hussein Al-yasiri in an interview for the "range" to "activate the work of private banks in the Central Bank law is significant support for the national economy.""The seizure or bankruptcy of a number of private banks frequently puts the Central Bank and the procedures for many questions should be interpreted scientifically helps not to damage the reputation of the Iraqi economy."Yassiri stressed "the need to activate the regulatory side of the banks through contracted service to follow up the situation of banks and financial and monetary efficiency on a daily basis as it is in economically developed countries."The "State banks control most of the country's financial movement, born in the frustration of the private sector and of private banks and its inability to support investment projects and all aspects of economic development.""The bankruptcy of some banks and the disappearance of money mysteriously and rapidly led to the failure of citizens to deal with most civil and private sectors from banking."The Central Bank tried for several times to maintain the stability and the ability of banks, especially community, through real-time controls and instructions issued from time to time to address bankruptcy and others. "A large number of citizens to withdraw their deposits from private banks with the acceleration of news about the bankruptcy of some of the dramatic increase in the number of banks abnormally. The Ministry of Finance decided to put tighter controls on banks as they had expected role in economic activity, and the opening of a large number of private banks in a relatively short time, but was unable to play its role assumed what causing some financial problems.Said economist Mustafa Mohamed Ibrahim for the "range" to "procedures for giving licenses to create non-integrated banks legally incompatible with the country's current economic policy." "The increasing numbers of private banks quickly and mysteriously led to creation of convulsive economic environment and undergo many impurities such as money laundering, embezzlement and other chronic economic illness."Ibrahim said that "the presence of influential figures working behind the scenes to weaken the national economy by establishing fake banks don't last only a limited period and then shut down for unknown reasons."He stressed the need for "more stringent requirements on banks as well as the procedures for establishment of private banks in the future in accordance with the legal frameworks don't exclude anyone."The majority of private banks operated under the Banking Act, and it lets the Government Banking monopoly banks, especially after the release of the new instructions that require private banks to raise their capital to 250 billion Iraqi dinar at the very least by 2013, which would make the national banking sector almost paralyzed and unconscious of its flexibility. The Banking Act No. 94 of 2004 in General, laws in the world, but it has so many notes about this law that covered, because clearly some articles and circumstances raised, prompting many banks to claim to be amended to keep pace with developments in international banks. And that despite the proliferation of private banks in Iraq that reached more than 30 banks, these banks did not play a central role in the economic development process in Iraq due to small banks as well away from government institutions to deal with it because of the reluctance of some private banks in operation.As a Central Bank, a three-stage plan to raise capital for banks to 213 million dollars by June 2013 to spur lending while recovering the Iraq sanctions and the US-led invasion in 2003.Iraq reportedly has seven state-owned banks and private banks, eight Islamic banks, according to the website of the Central Bank, as the banking sector is dominated by the Al Rafidain Bank and good government, and being the restructuring of debt accumulated after years of war and sanctions.
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2014/06/28 (00: 01 pm)
Baghdad/Ibrahim Ibrahim
The Parliamentary Commission on the economy, the Central Bank need to address crises of private banks in accordance with the laws, instructions and more flexibility, with economists stressed that ensure professional competence and financial capacity such as giving license to create community banks may be fake and interface of major money-laundering operations.
Member of the parliamentary Economic Committee, mehma Khalil on the Kurdistan Alliance in an interview for the "range" to "laws and instructions of the Central Bank at a standstill, and private banks in urgent need of economic development did her supportive institutions, and this in turn requires a strong will to apply legislation in the correct contexts."He said private banks offer good services to citizens, despite the country's exceptional economic and security conditions, it has become necessary to review the help. " Khalil said that "match the actions taken against certain civil banks by the Central Bank with the legal and constitutional machinery would contribute effectively to the strengthening of the economic and financial side of individuals and corporations more."The "confusion in the country requires a security check and await any steps that would harm the interests of the citizens and customers of banks with some simple commands and unimpressive.""The Commission on economy prompted the Central Bank to clarify cases of seizure and bankruptcy of some banks repeatedly to find the necessary solutions."The Central Bank may impose guardianship on a number of private banks, including the Bank of economy and investment and Warka in step to keep the funds of the Bank's clients and is not affected by the Iraqi economy.The Central Bank said it was based on the vote that the Banking Act No. 94 of 2004 on article 40, which gives authority to oversee the banks operating in Iraq, the text of paragraph 1 of article 59 that the CBI designates the trustee Bank when the Central Bank decided that the Bank did not meet its financial obligations when entitlements.He said the parliamentary Finance Commission member Abdul Hussein Al-yasiri in an interview for the "range" to "activate the work of private banks in the Central Bank law is significant support for the national economy.""The seizure or bankruptcy of a number of private banks frequently puts the Central Bank and the procedures for many questions should be interpreted scientifically helps not to damage the reputation of the Iraqi economy."Yassiri stressed "the need to activate the regulatory side of the banks through contracted service to follow up the situation of banks and financial and monetary efficiency on a daily basis as it is in economically developed countries."The "State banks control most of the country's financial movement, born in the frustration of the private sector and of private banks and its inability to support investment projects and all aspects of economic development.""The bankruptcy of some banks and the disappearance of money mysteriously and rapidly led to the failure of citizens to deal with most civil and private sectors from banking."The Central Bank tried for several times to maintain the stability and the ability of banks, especially community, through real-time controls and instructions issued from time to time to address bankruptcy and others. "A large number of citizens to withdraw their deposits from private banks with the acceleration of news about the bankruptcy of some of the dramatic increase in the number of banks abnormally. The Ministry of Finance decided to put tighter controls on banks as they had expected role in economic activity, and the opening of a large number of private banks in a relatively short time, but was unable to play its role assumed what causing some financial problems.Said economist Mustafa Mohamed Ibrahim for the "range" to "procedures for giving licenses to create non-integrated banks legally incompatible with the country's current economic policy." "The increasing numbers of private banks quickly and mysteriously led to creation of convulsive economic environment and undergo many impurities such as money laundering, embezzlement and other chronic economic illness."Ibrahim said that "the presence of influential figures working behind the scenes to weaken the national economy by establishing fake banks don't last only a limited period and then shut down for unknown reasons."He stressed the need for "more stringent requirements on banks as well as the procedures for establishment of private banks in the future in accordance with the legal frameworks don't exclude anyone."The majority of private banks operated under the Banking Act, and it lets the Government Banking monopoly banks, especially after the release of the new instructions that require private banks to raise their capital to 250 billion Iraqi dinar at the very least by 2013, which would make the national banking sector almost paralyzed and unconscious of its flexibility. The Banking Act No. 94 of 2004 in General, laws in the world, but it has so many notes about this law that covered, because clearly some articles and circumstances raised, prompting many banks to claim to be amended to keep pace with developments in international banks. And that despite the proliferation of private banks in Iraq that reached more than 30 banks, these banks did not play a central role in the economic development process in Iraq due to small banks as well away from government institutions to deal with it because of the reluctance of some private banks in operation.As a Central Bank, a three-stage plan to raise capital for banks to 213 million dollars by June 2013 to spur lending while recovering the Iraq sanctions and the US-led invasion in 2003.Iraq reportedly has seven state-owned banks and private banks, eight Islamic banks, according to the website of the Central Bank, as the banking sector is dominated by the Al Rafidain Bank and good government, and being the restructuring of debt accumulated after years of war and sanctions.
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