Date: Monday, 02-07-2012 10: 35 am
Baghdad (News) … Invited Member of the Finance Committee, the National Alliance Deputy//Secretary Hadi, to restructure the banking sector to activate it and increase public confidence.
He said Hadi (News Agency news) Monday: the new private banks operating mechanism of Central Bank imposed on it, but red tape still prevails in its work and some of them are facing great difficulties in work because it works without legal controls, noting the existence of banks declared bankruptcy, and affected the economic activity and the loss of public trust.
He added: the Central Bank must develop new controls on banks and forcing them to apply to the Organization of its work, and the banks contravening sanctions include fines for organizing their work.
He noted: the parliamentary Finance Committee will hold a special symposium of the development work of the Iraqi banks in the presence of experts and specialists in the area of banks to determine the mechanism of action, and hopefully come up with possible good results against other proposals such as establishing a bank shareholder is run by the Government and private sectors with the advice of experts in this regard.
The banking system in Iraq consists of forty-three banks as well as the Central Bank and distributed by ownership between banks (7) and (30) communal banks, including Islamic banks (7) in addition to (6) foreign banks