Private banks in Iraq succeed in increasing their capital

Private banks in Iraq succeed in increasing their capital

Monday, July 9, 2012 12:27

Translation / Baghdadiya News / .. Reuters reported in its report that most private banks have brought to the Central Bank of Iraq $ 150 billion dinars
Iraq is the equivalent of 128.8 million dollars as part of the requirements of the Central Bank in 2012 as officials said that this represents a measure to strengthen its financial capacity.
The central bank has put a plan in three phases starting in 2009 for domestic banks to increase their capital, a move aimed at strengthening to deal with any crisis in a country still trying to rebuild its shattered economy after years of war and economic sanctions.
The deadline for the first stage in the plan ended in June of 2011 when it reached the level of private banks to the capital of a hundred billion Iraqi dinars. In June of 2012, banks increased their capital to the amount of $ 128.8 million in the second stage in what will be the third phase in June 2013 and next year it is imperative that the banks increase their capital to the amount of $ 215 million. The deputy governor of the Central Bank of the appearance of Mohammed Saleh: The increase in the capital of private banks is aimed at strengthening its ability to absorb losses.
For its part, said the Association of private banks that access to capital required by the central bank is relatively easy for many of the private banks, with 80% of these banks increased their capital while increasing others more money than is required to do much which is not a major dilemma In the words of Abdul Aziz al-Hassoun, Executive Director of the Association of private banks.
According to the site, the Central Bank of Iraq, OPEC oil producer, has seven state banks and 23 bank my family and 11 Islamic bank. Ended / 21
Source: albaghdadianews