Invitations to amend the law on banks and expand its branches

Invitations to amend the law on banks and expand its branches






05/09/2013 12:00 AM

Rely on the economic return of capital for development migratory
Baghdad - شكران the Fatlawi
counting an economist Iraq's participation in the Arab Conference of the Union of Arab Banks breakthrough and a good step for the development of the banking business. The expert said Bassem Jamil Antoine for "morning," said one of the most recommended by the Arab Conference on strengthening governance, transparency and oversight and the advancement of the banking sector, the possibilities and the international standards in force in the countries of the world, especially the Basel standards, which will be the key to the advancement of banks Iraqi and performance. amend the law and noted the need to review and amend the law banks, leading to the liberation from the constraints in order to be launched towards the strengthening of the capacity of the national economy and rise to the level of performance and giving banks advanced in the world and which tend open economy platform her pointing to the small number of banks where they are supposed to be for every 10 thousand people, one bank covers their activities Banking in a while Iraq remains behind in this regard as per 40 thousand people, banks and one is this ratio a major gap in the banking business, he said. ruled Antoine entry of local banks at the present time two branches of public and private to world markets because of the restrictions imposed on Iraq under Chapter VII of the Charter of the United Nations.weakness of the relationship between banks and the central and said: that the banks barely meet the needs of the local market to double the performance by the lack of capitalization pointing to the migration of the Iraqi capital abroad due to lack of investment opportunity profitable. said Antoine that local banks are still tied at home and need to restructure and develop and this is due to the lack of coordination and joint cooperation between them and the central bank in addition to weak government control over banks noting that all of this end of the movement of banks as being free client from opening credits banking directly only through banks other Arab argument, noting that banks Local has qualified professional high but it needs a banker powered and sophisticated and is equipped with the latest technologies and restructuring, as well as the strengthening of relations of banks with foreign banks and enabling them to access and strongly to markets global banking pointing to the need to work Balki card and Visa card and provided such technology via credit card without the need to carry cash, which is exposed to theft or damage and problems of counterfeit currency. restrictions noted Antoine that the restrictions imposed on Iraq under Chapter VII by the United Nations, made ​​the relationship with local banks with global weak except Trade Bank of Iraq, which works in partnership with the American banks as There are banks able to occupies advanced positions such as Bank of Baghdad and the North Bank in this area, pointing out that the Iraqi market for securities are the cornerstone in the trades and the real indicator of the growth and development of economic sectors, financial and banking. and stopped Antoine on the problem of the dollar and considered a setback in the banking business on the grounds that the reality of banks reflects the economic reality in every country where is the cursor is great for the economy in general need to reconsider and coordination between the banks and the central bank to define the mechanisms limiting volatility made ​​in the U.S. dollar exchange rate. specialized banks and recalled Antoine Date of Iraqi banks and how old over 80 years in the mid-twenties of the last century Kalmsrv industrial and agricultural either in the forties was established Bank of the Middle East and occupied an important position, and the Rafidain Bank, then in 1958 - 1964 became the banking business is managed properly and parallel to the economic sector and MLB needs, especially after the establishment of the specialized banks Kalmsrv agricultural and real estate and pointed out that in the year 1964 and after securing Iraqi banks hit by banks setback great included private sector industrial and commercial banking and recalling that in 1990 was the establishment of banking companies Vtasst banks civil in the forefront of the Bank of Baghdad and the Commercial Bank and Bank of the Middle East. Bank joint and concluded by saying that Iraq needs to Bank capital mixed between the public and private sector ranges from 5 to 10 billion Dolaredar mentality and think the private sector and operates according to a market economy to jump-start the Iraqi economy and to contribute to the development of the banking and real equipped with the latest equipment and is managed by the cadres of banking with expertise and high working modern techniques Kalki card and Visa card to reduce of carrying cash, risks and this is contained in Article 25 of the Iraqi law.



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