Call for the establishment of economic institutions in accordance with the laws of international banks

8/9/2015 0:00

Baghdad, Alaa al-Tai

Economic advisor to the Prime Minister Dr. called the appearance of Mohammed Saleh, government agencies concerned with the economic aspect of the country, to the creation of economic institutions according to the approved banks and the laws of the world, noting that the national economy needs to be a serious stand to promote it, as well as the banking business. "He stressed Saleh, an economist known, the need for a "new working mechanism to keep the financial system in the country, and the establishment of banking institutions in accordance with the internationally accepted laws, in order to protect depositors and employees in the banking sector."

He said in a statement the "morning" yesterday: "The Iraqi economy needs to a serious stand to promote it and work also banking ", adding that" there is a trend government for an amendment and create new legislation to address the problems and constraints of the previous phase. "
government adviser, he explained that "the banking system is the country's underdeveloped compared to the foreign banking systems, as well as problems and suspicions of corruption ", adding that" Islamic banking is still without law "He called to unify the government banks law depends on bank governance properly, adding that" the government takes this matter into consideration, so that has a package of legislation to amend the banking system. "

He also revealed Saleh, a government directed to activate the domestic borrowing singles mechanism instead of borrowing from the banking institutions, which relies on the remittances of Treasury that mimic banks only, while possible to borrow from Algmehoralferdi which is more flexible, pointing out that "the idea is currently studying and applicable globally," And on this step proposed, answered that "the mechanism involves the issue of support and national individuals and the public is called (the bond's credit) and puts his central bank ceiling of the amount of 10 trillion dinars," stressing that it depends on supply and demand by marketing and acceptance of the community for this bond.

He concluded his statement, saying that "this mechanism have other features, along with interest rates, such as the preservation on their purchasing power and value of the future, so that can be called bonds measured. "