Central Bank of Iraq Confound the Banking Business
|July 2, 2014||Filled under Central Bank of Iraq|
Central Bank of Iraq News –
Called a specialist in financial matters on behalf of Hadi al-Tamimi, the Central Bank of Iraq to take important measures to address the crisis experienced by the Iraqi banks in accordance with the laws and regulations, pointing out that some of the checks issued by the bank created a kind of confusion in the banking business.
Said Tamimi Agency / JD /: “Some of the instructions issued by the Central Bank against the private banks that confound the banking business such as increasing their capital or put strict controls for transfers of financial and buying and selling currencies are all led to the creation of a financial crisis in many Iraqi banks.”
And noted: “The confusion security witnessed by the country requires auditing and wait any steps that would harm the interests of citizens and customers with some of the banks, contrary to simple commands and ineffective.
Added: that the central bank must take legal action to help support the banking sector, as well as finding solutions to the banks that have gone bankrupt as a Warka bank The economy and other banks.
Noteworthy that the central bank may impose guardianship on a number of private banks, including Bank of the economy, investment and the Warka Bank in a move to keep the funds bank customers and is not affected by the Iraqi economy.
According to the Central Bank of Iraq, he was based in conducting this to the Banking Act No. 94 of 2004, Article 40, which enables him the authority to supervise and control the banks operating in Iraq, the text of paragraph 1 of Article 59, which refers to appoint the CBI guardian of the bank when the central bank decided that the bank does not meet its financial obligations when entitlements.
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