Specialist confirms the necessity to amend Article 28 of Iraq’s Banking Act

Posted: December 19, 2013 in Iraqi Dinar/Politics
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12/19/2013 0:00

He said that banking reform lever economy

counting economic expert d. Akram Mohammed Hassan banking and financial sector one of the main factors of the transition from a centralized economy to a market economy, demanding the lifting of the restrictions that his movement, referring to the experiences of Eastern European countries in this field.

said Hassan »Sabah» that the economic reform process starting from the banking reform as a lever basic walking the economy, pointing out that Article 28 of the Banking Act restricted banks from exercising activities that are at the heart of its work and investment-related, as well as prevent them from undertaking any activity that is not mentioned in Article 27, but after taking the approval of the Central Bank.

noted that the increase in commercial banks for their capital to 250 billion dinars, not enough to make economic reform unless it is handled paragraph 27 which reads »attending the banks exercise any activity not mentioned in this article« What made ​​banks restricted in the exercise of a particular aspect of the banking business and not to exercise the second side.

indicated that the Economic Commission stressed the importance of to make amendments to the Banking Act, especially Article (28) according to the policy of a free market economy to support the Iraqi private sector.
pointing out that the support of the private sector and the promotion of investment process require to make amendments to some important laws that have been set previously in the House of Representatives, including the law (banks The companies, investment and tax), format compatible with the policy of a free economy.

well as the private sector must take a leading role in Iraq to promote the growth of the Iraqi economy, noting that the Constitution allowed for in Article (25) to give the important role of the private sector in the promotion of the country’s economy, uncertain Article (28) of the Banking Act do not help to support private sector investment in the country, it needs to be modified to boost investment in Iraq. was the Iraqi Central Bank may hold a workshop on amendments to some laws that deal with banks namely Central Bank Act and the Banking Act and the Money Laundering Act a five-day waiting and recommendations on the required modifications that may deal with Article 28 and 27 of the Banking Act.

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