Opening branches of foreign banks in the country is beneficial but would hurt local banks

Banking expert: opening branches of foreign banks in the country is beneficial and would hurt local banks

Date: 29/01/2013 10:45:26 Tuesday

Baghdad (news) .. called banking expert Mohsen Ali, the need to support private banks and encouraged to deal with it, instead of going to the opening of branches of foreign banks in Iraq because they are overlooked by the national economy and will affect the activity of the banking sector.
Ali said (of the Agency news): The experience of opening branches of international banks in Baghdad and the provinces useless being limited in recent banks are not sober and trying to plunder the riches of the country and take over the country’s ability to harm the banking sector.

He added: You must support the Iraqi private banking sector with all the necessary to be able to promote the investment process through effective contribution as a foundation for achieving the country’s economic development.

It is noted that the banking system in Iraq consists of forty-three banks as well as the Central Bank and distributed by property (7) government and banks (30) Al Ahli Bank, including (7) Islamic banks, in addition to (6) of foreign banks.

Although the Investment Law No. 13 of 2006 has excluded investment in the banking sector of its provisions except that the investment in the banking sector takes its legal framework based on the legal central bank No. 56 of 2004, banks No. 94 of 2004, with a minimum to create a bank in Iraq 100 billion Iraqi dinars (ie around 85 million dollars (. / end / 8. n. p /