The Central Bank announces a plan to increase the number of foreign banks in Iraq
The Central Bank announces a plan to increase the number of foreign banks in Iraq
03-08-2017 07:52 PM
The governor of the Central Bank Ali al-Alak, on Thursday, a plan aimed at increasing the number of Arab and foreign banks and financial companies operating in Iraq will continue until 2020.
Al-Alak said in an interview with Al-Hayat newspaper and his follow-up ‘Economy News’ that’ the number of foreign banks, During the past two years, currently reaching 18 banks, having numbered no more than 11 banks’, stressing that ‘these steps were in coordination with the World Bank and most of these banks is solid and has branches in most of the world’.
He added that ‘branches of foreign banks can not be asked for new rules, since the bank has one capital for the branch or origin, which applies to our banks in Iraq and neighboring countries, and falls under the policy of reciprocity with the countries of the world, so we deal with the branches framework International law ‘.
He pointed out that there are some Arab and foreign banks have an ‘international rating’, pointing out that ‘our assessment of banks is a calendar in terms of compliance and combating money laundering for the purpose of buying the dollar, which is limited in the window selling the dollar’.
And on the new Islamic banks, which was established with a capital of 100 billion dinars, pointed out that the ‘part of these banks completed 250 billion dinars in the increase of capital before the end of three years, and began to scrutinize the same as all private banks, to ensure that the capital in the central bank As collateral for customers ‘deposits with their customers, and even the subject of rating, we granted foreign advanced ratings unlike local’.
Currently, there are 140 banking and financial institutions, including 6 government, 24 private and 16 Islamic, in addition to 63 financial companies, transfer companies and financial investment companies, 60% of which are Arab and foreign.
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