Iraqi Dinar ~ Private banks criticize the decisions of the Banking Act and Central asserts that it is for the protection of Iraqi funds ...

May 24, 2011
Private banks criticize the decisions of the Banking Act and Central asserts that it is for the protection of Iraqi funds
Alsumaria News / Baghdad

Confirmed that the majority of private banks in Iraq, Tuesday, the Banking Act, the Iraqi permit banks to government monopoly of the banking business, especially after the release of the new instructions, which calls for private banks to raise their capital to 250 billion Iraqi dinars, at least by the year 2013, while noting that this resolution makes the banking sector, the National semi-paralyzed and to have lost its elasticity, the central bank attributed the reasons to save the Iraqi funds deposited in these banks.

He said an expert on North Bank Sudanese civil Abbas in an interview for "Alsumaria News", "Some private banks have difficulty from the application of new instructions to increase their capital within three years, until 2013 from 100 to 250 billion Iraqi dinars."

The Sudanese that "the claim according to the instructions of new private banks merging with other banks, impeding the banking business and stand in front of the development and improve the functioning of these banks."

For his part, said the managing director of the Warka Bank National Mohammed al-Samarrai said in an interview for "Alsumaria News", "private banks called in accordance with Article 28 of the Banking Act, banks, investment and finance, but the opposite because she was banned from the practice of investment."

The Samurai, "The Ministry of Finance has not changed since 2009 and its view on private banks and suggest not to deal with it," noting that "the financial calls to deal only with the banking sector, government, and belonged to the mass of cash knowing that the government banks is not qualified to manage and unable to cope with ".

For his part, adviser to the Central Bank of the appearance of Mohammed in an interview for "Alsumaria News", "some government decisions in spite of their negative impact on private banks, but it is necessary to protect public money from looting, especially as there are in government deposits in these banks," he that "there are failures of these banks before the 37 banks of 45 bank."

Iraq has been announced in the earlier postponement of a program for restructuring the financial system of Iraq until the year 2013, which included restructuring of the largest banks Iraqi owned by the state and are good and Mesopotamia, and restructuring of the Audit Department at the Central Bank and the development of the private banking sector.

The Central Bank of Iraq said in November last year, 2010, that foreign banks operating in Iraq do not work independently, but under the umbrella of the local banks, civil, indicating that investments in Iraq, regional countries with a commercial dye and lacks international standards.

The Ministry of Finance has announced at the end of the month of January of this year from its quest for the opening of an Islamic bank under the Ministry of Finance based bank dropped interest in Mesopotamia and the good ..

The number of Arab and foreign banks made after the issuance of the Banking Act No. 94 of 2004 to get licenses for the establishment of private banks in Iraq, whether by 100%, or in partnership with banks, a local Iraqi, or to open branches to work in Iraq, but security conditions have prevented it , with the exception of some few posts that have been made with a number of national banks.

The CBI, with headquarters in Baghdad, has four branches in Basra and Sulaymaniyah, Irbil and Mosul, and founded the bank independent Iraqi under the law of the Central Bank of Iraq issued on the sixth of March 2004, and is responsible for the maintenance of price stability and the implementation of monetary policy, including policies, prices exchange and management of foreign reserves and the issuance of currency management, as well as to regulate the banking sector
http://alsumarianews.com/ar/3/22226/news-details-Iraq%20business%20news.html