The story of the law on the nationalization of banks in Iraq in 1964
Sari Al-Obeidi 132 2020-12-08
Follow-up - Sri Al-Obaidi ||
That was the straw that broke the back of the emerging capitalism in Iraq forever. With the rise of the Nazarene tide in the 1960s, an economist appeared in Iraq, a graduate of Cambridge University in Britain.
This man is Khair El Din Haseeb, who is currently the director of the Center for Arab Unity Studies in Beirut. Haseeb was fond of the person of Gamal Abdel Nasser to the point of assimilation and dissolution.
In 1961 Haseeb visited Egypt and stayed there for a full year, then returned to Baghdad and worked on a package of projects for socialist laws, including the draft law on nationalizing private banks in Iraq, taking advantage of the popularity of the ominous Nasserist nationalization decisions that were issued in the same year.
In 1963 Haseeb assumed the position of Governor of the Central Bank of Iraq, with support from Abdel Nasser personally, who had great influence over President Abdel Salam Aref. Later, the secret of Nasser's adherence to him became clear when Haseeb offered a loan to Egypt in early 1964.
Haseeb says in his memoirs, with all brazenness and meanness: that on July 13, 1964, he met Ibrahim Yousry from the Egyptian embassy in Iraq, and asked him to inform Abdel Nasser that socialist legislation in Iraq would be announced the next day.
And this is what it was, where Law No. 100 was issued to nationalize banks in Iraq on July 14, 1964, and it says in its first article: All non-governmental banks and banks operating in Iraq, including branches of foreign banks, are nationalized and their ownership reverts to the state, including movable funds and immovable money registered in its name.
On the same day, Law No. 99 was issued to nationalize Iraqi private companies, including:
Iraqi Cement Company
Al-Rafidain Cement Company
Al Furat Cement Company
United Cement Company
Real Estate Industries Company
Iraqi Building Materials Company
Iraqi Asbestos Company
Iraqi spinning and weaving company
Fattah Basha Spinning Company
Iraqi Carpet Company
Iraqi Jute Industry Company
Vegetable oil extraction company
Cotton Seed Products Company
Al-Rafidain Company for the manufacture of detergents
Kafel Hussain soap and detergents factory
Al-Rafidain Smoke Company
Aboud smoke company
National Smoke Company
National Leather Industry Company
Bata Iraqi company
North grain milling company
Iraqi grain trade and milling company
Technical Mills Company
Al-Damraji Flour Factories Company
Al-Rafidain Company for Grinding and Trade
United Sulfur Company
Union Paper Factories Company
Iraqi Warehouse Company
The African-Iraqi Company
The Iraqi Company for Import and Distribution
To this end, the story of capitalism in Iraq ended, and the abhorrent socialist laws dawned and were consecrated in subsequent eras, causing all this ruin.
Whereas the Gulf states were just building a capitalist system based on commercial agencies,
Later on, it will have a major role in promoting and protecting the emerging national identity. ,,,,