CBI Plans to Convert Private Banks to Large Financial Institutions

[Shelley]

Central Bank plans to convert the private banks to large financial institutions

31/05/2012 02:55

BAGHDAD / Center News for the Iraqi Media Network - The Central Bank of Iraq that he plans to convert the private banks to large financial institutions after the approval of the Government to amend Law No. 94 of 2004 on the integration of private banks small banks-governmental organizations. Deputy Governor of Bank of the appearance of Mohammed's (center news network Iraqi media) that "the central bank does not currently have the legal authority for the integration of private banks, but has the power of persuasion literature to integrate the private banks." said the appearance that "the central bank awaiting the approval of the Government to amend Act No. 94 of 2004 for the integration of private banks with the government to make large financial institutions . He added that "the State-owned banks dominate 92% on the domestic market and that private banks do not exceed its dominance of the 10%, which does not take space from the Iraqi market." and concluded by saying "when the government's approval to integrate the private banks will handle the central bank with all government and private banks on the same laws recognized when the central bank. " and emphasizes the CBI that the number of private banks arrived in Iraq to 40 banks while capital is still weak and need to be that banks more aggressive with each other to form a capital strong. and seeks the Iraqi Central Bank to restructure private banks in line with the general structure of the Iraqi market and the nature of his relationship with other global markets.

http://imn.iq/news/view.12741/

[SidneyJr]

I’m excited. For the lasttwo years, my stocks buys have been mostly

banks, banks, banks. I’m a believer in the banking sector. I’m waiting patiently.

[BrokeNoMore]

And everybody's feeling sorry for the Warka depositors

[Unitedrich]

Thanks for the article Shelley!

To those folks who have an understanding of how banking works, this is a great article, that may otherwise be swept under the rug with all of the other news articles coming out. Privatization is a large part of what will make the Iraqi currency strong, and for those that will continue to invest going forward, this is huge. UR

[zigmeister]

This is good news. Thanks Shelly....good news.

[6ly410]