Bankers: the opening of branches of foreign banks in Iraq will foster investment in the country

Bankers: the opening of branches of foreign banks in Iraq will foster investment in the country

8.3.13

Baghdad (News)/report/… What country of the great banking movement was evident among some foreign banks to start coming to Iraq to open branches, which found some of the legislative and governmental bodies and a step in the right direction while it considered an Iraqi private banks that it does not support the Iraqi banking system.

It has a number of Deputies and specialists in banking (News Agency) the coming of foreign banks will support the national economy and push forward the investment being the wheel would be a cause for global investment companies which in turn will find a guarantor for its money.

The Bank adviser says ‘ city ‘ in Iraq Bank Stephen randov: our company’s move came after an exhaustive study to the Iraqi market and advanced stages where to hug that Iraq has become attractive to invest in various sectors, especially in the oil, tourism, construction and housing, so it was necessary to have a foothold in Iraq and we open our branch

The randov in modern (News Agency): Citi Bank is Bank of America’s financial companies so their presence in Iraq, we would have advanced in support of Iraq and the economy move to foreign currency and foreign liquidity as possible benefit from the implementation of various projects for both the public and private sectors.

It appears that the expansion of the size of the country’s banking after 2003 Pat stack for foreign banks to enter Iraq to expand its work in Iraq becoming a good market for the trading funds in various investment projects in all regions of the country.

Step foreign banks coming to Iraq brushed off some Private Iraq banks to be designed to support the Iraqi banking system or development causes said it did not know the Iraqi economy.

Managing Director of corporate investment bank Mohannad Qassem, said that foreign banks could not be as supportive of the Iraqi economy in any way being far from the reality of the Iraqi economy and further details of the work of Iraqi citizens and Iraqi trader worries so it would be its inefficient.

Kassim (News Agency): foreign banks in Iraq to only profit while national banks including special purpose of supporting and promoting the Iraqi economy by increasing their capital every year and give credit and ownership of large and medium-sized projects.

While the parliamentary Finance Committee disagreed with the expectations of some private banks in the coming of foreign banks that would cause to enter global investment companies that in turn find a guarantor for its money.

He said the parliamentary Finance Committee member Hassan aozmn (News Agency): that the private Iraqi banks might be bug when rejecting the coming financial firms to open branches in Iraq, even if they work they come will benefit by giving a big opportunity for foreign banks to reassure on its funds in Iraq.

Aozmn said: it was rather as before to reject the coming arrival of foreign banks had worked for us to wonder about the fate of the Banking Act, which is still going on between the House inserted without debate or even submitted as draft, stating that the Act on banks and in the case of legislation will reflect positively on Iraq’s money market and may even increase the value of the dinar and regulates all banks.

Aozmn said: the banks that were now opening up banks that wish everyone from public and private banks to be where they are closest correspondents to work indoors where will create an atmosphere of real competition and banking with the banking business in Iraq and how to provide universal service.

The Iraqi Government has allowed the city to us Bank to open branches in Baghdad, while waiting for Standard Chartered Bank British departments and Goldman Sachs official approvals for u.s. branches in southern and central Iraq North and shown that foreign companies operating in particular British and us looking for financial services ‘ more supportive ‘ in their work there.

Suction system consists on Iraq from forty-three banks as well as the Central Bank and distributed by ownership between banks of Komi (7) and (30) my family including Bank (7) in addition to Islamic banks (6) foreign banks

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