Baghdad, February 14 (Rn) – The number of Iraqi banks, civil, Tuesday, Iraqi Council of Representatives to amend the law of Iraqi banks for lack of clarity of some of its articles as well as the circumstances raised by the article, especially the twenty-eighth of it.
The law of Iraqi banks enacted in 2004 by authority of the civil governor Paul Bremer and which contains many of the Alnicosat according to specialists.
The deputy managing director of United Bank for Investment sword Hilfi during a seminar held in Baghdad and attended by the correspondent of news agency Kurdistan (Rn) that “Article 28 has a lot of the challenge that limits the actions and activities prohibited to banks, including investment, participation, and many other aspects should not be locked in the banks,” .
He Hilfi that “there must be edited this article or gives the Central Bank of the broad powers and full of all the banks to enter into investment projects as projects of housing,” noting that “Iraq is in need of 3 million housing units, so can not enter the foreign investor in these projects if not modified this Article. “
In turn, said Mohammed al-Samarrai, an economist at the symposium “The lack of an integrated system for managing the economic file in the country is the main reason behind this issue,” adding that “the central bank is working on one side and the Ministry of Finance is working in the other.”
Samarrai said he “must unite these views and that the economic file is run in cooperation rather than differences in views as to develop the economic reality of the country.”
Article 28 of the Banking Act it is not permissible for any bank from the private sector to exercise or participate as an agent, partner, or owner of the trade, wholesale or single or manufacturing processes, transfer, agriculture or fisheries, or mining or building or re-insurance, or any activity or work other than authorized.
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