15/12/2011 Dry closer to the final stages of restructuring the Trade Bank of Iraq
BAGHDAD - Al Sabah
Revealed organizers of the Trade Bank of Iraq the (TPI), Wednesday, for the restructuring of the bank and reached the final stages to suit international standards. The Trade Bank of Iraq is a bank established in 2003, according to its law No. 20 of the CPA dissolved at the time, and on its law it was his board, and today is the third-highest executive authority in the country, the prime minister, and the goal of establishing the bank is to be the interface of Iraq's financial outward including respect to transactions of the Iraqi state with the outside world.
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The Director General and Chairman of the board Hamdiya dry Agency (Rn), that «the government formed a committee to restructure the banks, but the committee did not include the Trade Bank of Iraq that the bank had started some time ago through its functional coordination with the Ministry of Planning to re-structure ». She said dry it «was to reach the final stages of restructuring the bank from an administrative point in line with international standards».
And said dry that «Iraqi banks other banker Rafidain and Rasheed urgent need to restructure their being moved away, for a period of more than 25 years from the outside world because of previous policies ». The World Bank announced last August that he completed 80% of the rate of re-structure the financial aspects of the Rafidain bank and good on the payments system. The main objective of restructuring is to reach a sound banking system and sophisticated because the five banks owned by the state controls about 90 percent of the activities of the banking sector as a whole.
The plan is aimed at restructuring also to transform the Iraqi banks other financial firms specialized, such as development banks and Islamic banks to encourage investment and development the real economy.
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