Economist: lifting the seventh item on Iraq would give the Iraqi banks to deal with the global counterparts
On: Sat 21/01/2012 18:59

BAGHDAD - A citizen

Chairman of the General Economy Bank Husam Obeid importance remove Iraq from Chapter VII as a grant to the Iraqi banks to deal with the international banks.

Obaid said in a statement quoted (newsletter) that Iraq is still bound to item VII of the United Nations has an effect on the work of Iraqi banks being given a bad reputation in its external and international, causing thus rejected international banks to deal with Iraqi banks. The slaves to remove Iraq from Chapter the seventh is very important because it gives freedom to deal with international banks, particularly the States represented the UN Security Council, calling for a move to lift in order to promote the Iraqi economy and develop the work of Iraqi banks. He added, when his seventh item on Iraq would serve the government banks primarily the basis that most private banks are not have sufficient means to reach deal with international banks.

The President of the Board of Directors of Bank of the economy that the United Nations established in the period of the siege imposed on Iraq Bank, Iraq to trade for the purpose of assisting the Iraqi economy and stimulate bank in Iraq, expressing his deep regret that the departments previous banking did not provide any service for private banks through the Trade Bank of Iraq, but they fought the private banks did not give her room for stone towards global banks, looking at the financial management of the current disadvantages to take the previous administration and are reflected in the service of Iraqi banks that provide a public service of the country. The Iraq when the economic blockade imposed on him in the nineties of the last century, was placed under Chapter VII of the UN, making it restricted his actions and financial transactions with the State.