Vice-Chairman of the Economic Commission for parliamentary Kanna (Citizen), Law on Banks and insurance of the most important laws that might govern the mechanics of investment
Citizen / Omar Khuzaie be no doubt that two of the banking sector in Iraq has begun to leave the state of braking or of neglect that prevailed in the past decades, has also begun to play its role as an engine for private sector development, which in turn is the main driving force towards the development of the economy.
Sector plays a direct role in the financing of social security, either through social insurance or through the establishment of pension funds.
With the surge of the number of families that can not get social security, should the financial sector could fill this deficit.
Is still the law of banking and insurance have not seen the light, similar to other laws, he thought the Iraqi street that has been final approval, but it is still under internationalization. . Vice-Chairman of the Economic Committee in the House of Representatives Kanna said that the current conditions experienced by the Iraqi banking sector needs to complement the new legislation needs to create an economic climate for the transition to a free market in accordance with the plans and programs agreed upon.
"We were in telephone contact with (citizen) asked to send a copy to speed up banking and insurance law to the parliament for discussion and vote during the coming period.
mechanics of the partnership between the banks and organized and to give priority to Iraq and improving the procedures followed to develop and reality of the work banks will contribute to the development of the performance of these sectors through increased competition between companies and affect positively and quickly to the country's economy.
He called for action to promote and support institutions that are looking for direct investment opportunities in Iraq in this sector. And we saw that the interest rates set by the Central Bank of Iraq within the investment laws and does not favor high to attract investment.
Reported in Japan, for example, has been cutting interest rates assessed on the investor in the banking sector to 0,01 percent after it was 1 percent of profit comes from the continued criticism of the declared project.
On the other hand, we said that the country does not need to withdraw a part of the cash reserves of the Central Bank to step to meet the projected shortfall. Rejecting calls, which starts in this direction.
He said we have to balance the accumulation of Mali last year brought back most of the provinces and ministries, which is under the control of the Ministry of Finance, has been planning the budget and override any confusion financial future until mid-2010.
Stressing that the high global oil prices will support the budget and achieve the good in the implementation of projects.
Monitors and confirms that the regularity of financial sector work is a critical factor in promoting growth, led by the private sector, is also a key element in reducing poverty, through loans and other plans, and this requires the application of basic economic tools in the analysis of the financial sector the opportunity to address a wide range of problems and the implementation of many of the tasks to the private sector and government sector.
In the opinion of one expert, the liberalization of the financial sector and micro-finance organization and contribute to the analysis of the impact of liberalization and the subordination of the interest rate and foreign currency exchange rates and reduce restrictions on capital flows and technological development.
Furthermore, data showed the U.S. embassy in Baghdad said the Iraqi banking sector is witnessing signs of growth as violence has dropped to its lowest level in four years increased its lending and deposit operations and electronic transfers significantly in the past few months.
Jumped loans to private banks in February by almost half to 755 million compared with last October and the value of letters of credit in March to more than double to reach $ 189 million compared with October.
" Said Charles Ries, a senior U.S. embassy official charged with the task of helping Iraq to revive its economy "improved security situation made it possible to set up business and trade was not possible before." And included the embassy statistics data collected from a number of Iraqi sources. Did not respond to the central bank and Ministry of Finance to requests for data could not be reached with officials of banks, including banks, particularly for comment.
The numbers were tiny compared with international banking standards, but large for a country trying to rebuild its financial sector and the promotion of investment after years of wars and sanctions.
Reyes and helped some Iraqi banks to adopt the SWIFT global electronic banking transactions, is an important step for integration in the global banking system. And still many of the big trades in Iraq are made in cash, businessmen and contractors usually travel to Baghdad, carrying large amounts of dollar notes
Citizen / Omar Khuzaie be no doubt that two of the banking sector in Iraq has begun to leave the state of braking or of neglect that prevailed in the past decades, has also begun to play its role as an engine for private sector development, which in turn is the main driving force towards the development of the economy.
Sector plays a direct role in the financing of social security, either through social insurance or through the establishment of pension funds.
With the surge of the number of families that can not get social security, should the financial sector could fill this deficit.
Is still the law of banking and insurance have not seen the light, similar to other laws, he thought the Iraqi street that has been final approval, but it is still under internationalization. . Vice-Chairman of the Economic Committee in the House of Representatives Kanna said that the current conditions experienced by the Iraqi banking sector needs to complement the new legislation needs to create an economic climate for the transition to a free market in accordance with the plans and programs agreed upon.
"We were in telephone contact with (citizen) asked to send a copy to speed up banking and insurance law to the parliament for discussion and vote during the coming period.
mechanics of the partnership between the banks and organized and to give priority to Iraq and improving the procedures followed to develop and reality of the work banks will contribute to the development of the performance of these sectors through increased competition between companies and affect positively and quickly to the country's economy.
He called for action to promote and support institutions that are looking for direct investment opportunities in Iraq in this sector. And we saw that the interest rates set by the Central Bank of Iraq within the investment laws and does not favor high to attract investment.
Reported in Japan, for example, has been cutting interest rates assessed on the investor in the banking sector to 0,01 percent after it was 1 percent of profit comes from the continued criticism of the declared project.
On the other hand, we said that the country does not need to withdraw a part of the cash reserves of the Central Bank to step to meet the projected shortfall. Rejecting calls, which starts in this direction.
He said we have to balance the accumulation of Mali last year brought back most of the provinces and ministries, which is under the control of the Ministry of Finance, has been planning the budget and override any confusion financial future until mid-2010.
Stressing that the high global oil prices will support the budget and achieve the good in the implementation of projects.
Monitors and confirms that the regularity of financial sector work is a critical factor in promoting growth, led by the private sector, is also a key element in reducing poverty, through loans and other plans, and this requires the application of basic economic tools in the analysis of the financial sector the opportunity to address a wide range of problems and the implementation of many of the tasks to the private sector and government sector.
In the opinion of one expert, the liberalization of the financial sector and micro-finance organization and contribute to the analysis of the impact of liberalization and the subordination of the interest rate and foreign currency exchange rates and reduce restrictions on capital flows and technological development.
Furthermore, data showed the U.S. embassy in Baghdad said the Iraqi banking sector is witnessing signs of growth as violence has dropped to its lowest level in four years increased its lending and deposit operations and electronic transfers significantly in the past few months.
Jumped loans to private banks in February by almost half to 755 million compared with last October and the value of letters of credit in March to more than double to reach $ 189 million compared with October.
" Said Charles Ries, a senior U.S. embassy official charged with the task of helping Iraq to revive its economy "improved security situation made it possible to set up business and trade was not possible before." And included the embassy statistics data collected from a number of Iraqi sources. Did not respond to the central bank and Ministry of Finance to requests for data could not be reached with officials of banks, including banks, particularly for comment.
The numbers were tiny compared with international banking standards, but large for a country trying to rebuild its financial sector and the promotion of investment after years of wars and sanctions.
Reyes and helped some Iraqi banks to adopt the SWIFT global electronic banking transactions, is an important step for integration in the global banking system. And still many of the big trades in Iraq are made in cash, businessmen and contractors usually travel to Baghdad, carrying large amounts of dollar notes