A new law allows the government to banks to raise their capital to 750 billion Iraqi dinars

17/04/2016 - 21:15 Views 11

BAGHDAD / Economy News ...

CBI revealed, for the preparation of a draft law "public banks," which will be organized government banks work, and promised to block "a key in the Iraqi banking system, while the speaker of parliament adviser confirmed" the support of the parliamentary finance committee of the law, he stressed that the most prominent of its paragraphs is to increase banks' capital to 750 billion Iraqi dinars, and the distribution of 40% of the profits on the staff.
He said the Iraqi Central Bank adviser Walid Abdel-Nabi on the sidelines of a seminar at the Babylon Hotel in central Baghdad to discuss blackish General Banking Act, "The Bank is currently discussing with the relevant parliamentary committees, the draft General Banking Act, which aims to develop the banking business, the public sector because it is an essential building block in the Iraqi banking system. "
Abdel Nabi said that "State-owned banks provide 95% of banking services and also has almost 90% of total deposits and 8% of the total bank branches in the country," noting that "the law will be discussed in the House of Representatives has made it clear at the symposium strengths and listened to the views of the two communities."
Abdel Nabi said that "among other things came from new issues in the law is to increase government banks' capital to 750 billion Iraqi dinars, and change the board of directors variety and method of distribution of profits."
For her part, the President of the House of Representatives Financial Affairs Adviser Alaa al-Sadoun said the draft law will be submitted to a vote in the House and the Finance Committee will support and vote on it sees as encouraging to work. "
Al-Saadoun added that "the most prominent paragraphs present in this law is the capital position of $ 750 billion Iraqi dinars for Sarv and is distributed 40% of the profits on the staff," indicating that "this law if they were working on it, it will encourage employees to strive and work well to provide the largest of its bank service. "
In turn, executive director of the Association of Iraqi private banks Ali Tariq vacationer, said today witnessed a dialogue between the private banking sector representatives and legislative authority of the President of the Finance Committee Faleh sari and a representative of the Central Bank to discuss the government Banking Act, "noting that" this meeting is important because the voice of the private sector up to legislators and to the banking sector directly. "
We vacationer "We also support the banking sector in Iraq with all its formations, but our ambition that there should be a greater role for the private sector."
The Prime Minister Haider al-Abadi called for in the (12th of December 2015 the past), the banking sector to make a "leap quantity and quality" in its activities, and stressed the government's determination to activate the role of the private banks, while warned of "obstacles" delayed the work of banks put private, vowed to "hold negligent."
The Iraqi Central Bank revealed, on the fourth of April 2014, the opening of 15 branches of Arab banks or foreign in the country during the first three months of this year, as a result of its policy of opening up to the world, indicating that pulling off one branch of the Bank of Arabic for violating the conditions laid down in laws .

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