Posted 26 June 2012 - 05:10 AM
Economist: Banks operating in Iraq are banned from direct investment for commercial purposes
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Economic expert said that all banks operating in Iraq are governed by special law prevents them from expanding their activities in the interest of economic development needed by the country.
He said expert Majid picture in a press statement today that "Article 28 of the Banking Act to prevent these banks from the direct investment or by proxy for commercial purposes." He said: "The banks in Iraq, a variety of its terms of reference mismatch of development, including commercial, Islamic and specialized Kalmsrv real estate, agricultural and industrial." He called the legislation a special law regulating the work of banks, especially as the current stage requires the expansion of its specified because of the risks. He said the picture that he "must provide the health conditions and legal order that is that the banks duties," he said, adding that private banks limited activity because of the risk of the lending process affected the economic situation and the security situation. operates 44 banks in Iraq, civil strife and foreign banks in addition to 5-governmental Rafidain and Rasheed and Trade Bank of Iraq and the Industrial Bank and the Agricultural Bank. / End 2
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