Iraq - the Association of Banks urged private banks to merge
04/04/2010-MENAFN - Aswat Al-Iraq - Arabic
(MENAFN - Aswat Al-Iraq - Arabic) urged the director of the Association of Iraqi banks, Saturday, private banks to merge to form a high capital to strengthen their capacity to work.
Abdul Aziz al-Hassoun told (Voices of Iraq) that "the Association urges the integration of banks to raise their capital to enhance the ability to work," said Hassoun "There are talks taking place in the Commonwealth of Iraqi banks to examine the views of specialists with regard to the decision of the central bank has raised capital banks and how to implement it ", pointing out that the story was" up to the banks and their capabilities. "
The central bank decided in March and last up capital of banks to 250 billion dinars gradually over the next three years, which caused lower rates of prices of banks in the Iraqi Stock Exchange due to lack of liquidity, especially since most of the banks with a capital of 50 billion dinars, which included the resolution lifting their capital to 100 billion dinars during the next year.
And on strengthening the Ministry of Finance procedures against banks told Hassoun that "the Association of Banks was surprised by the statement by the Undersecretary of the Ministry of Finance recently published," noting that a "body of the Association of the process of preparing a response to the statement of the Undersecretary of the Ministry of Finance, who said which, the state will crack down on banks Iraqi special, and will be subject to a particular system will impose financial all banks. "
The Undersecretary of the Minister of Finance Fadel Prophet said in a press statement late last month that the ministry decided to put tougher controls on the private banks because they did not lead role in the economic activity in Iraq.
04/04/2010-MENAFN - Aswat Al-Iraq - Arabic
(MENAFN - Aswat Al-Iraq - Arabic) urged the director of the Association of Iraqi banks, Saturday, private banks to merge to form a high capital to strengthen their capacity to work.
Abdul Aziz al-Hassoun told (Voices of Iraq) that "the Association urges the integration of banks to raise their capital to enhance the ability to work," said Hassoun "There are talks taking place in the Commonwealth of Iraqi banks to examine the views of specialists with regard to the decision of the central bank has raised capital banks and how to implement it ", pointing out that the story was" up to the banks and their capabilities. "
The central bank decided in March and last up capital of banks to 250 billion dinars gradually over the next three years, which caused lower rates of prices of banks in the Iraqi Stock Exchange due to lack of liquidity, especially since most of the banks with a capital of 50 billion dinars, which included the resolution lifting their capital to 100 billion dinars during the next year.
And on strengthening the Ministry of Finance procedures against banks told Hassoun that "the Association of Banks was surprised by the statement by the Undersecretary of the Ministry of Finance recently published," noting that a "body of the Association of the process of preparing a response to the statement of the Undersecretary of the Ministry of Finance, who said which, the state will crack down on banks Iraqi special, and will be subject to a particular system will impose financial all banks. "
The Undersecretary of the Minister of Finance Fadel Prophet said in a press statement late last month that the ministry decided to put tougher controls on the private banks because they did not lead role in the economic activity in Iraq.