CBI tightens procedures for Iranian banks in Baghdad

The Central Bank said that the United Nations and the Security Council a request from Iraq to tighten its procedures for dealing with Iranian banks operating in Iraq and take caution, saying not to allow the presence of Iranian and foreign banks because of the weak capacity of the Central Bank of Iran and Iraq from the international crisis dimensions.

He appearance of Central Bank Adviser Mohammed Saleh said the Bank inspection, auditing procedures and stressed the Iranian banks operating in the capital after receiving a request from the United Nations and the Security Council to be cautious of these banks, indicating that Iraq is obliged to fully help and sanctions imposed on Iran and their economic as Iraq as a member of the United Nations and the Security Council tries to move away from crisis with the international community and of agenda item VII.

Saleh said Iraq Iranian banks with foreign banks to take advantage of the Iraqi economy, only without upgrading or achieve mutual benefit and although Iranian banks limited their dealings. Advisor Central Bank revealed on discontinuation of law No. 49 of 2004 which allows the Iranian banks and foreign entry to Iraq and work within its financial system indefinitely as a result of weak supervisory abilities of the Bank and bank supervisors limited with efficiency and high capacity, adding that the Central Bank cannot expand this area although foreign banks work to free Iraq helps its financial regulations and entry to the World Trade Organization.

And the pressures exerted by the Government to the Central Bank with the aim of allowing Iranian banks in favour of Iraq said that the Iraqi Government currently does not exercise any pressure this aspect and exercised pressure the Central Bank will not tolerate the presence of any Iranian Bank covered by international sanctions because Iraq will enter banks thus entering “trouble” with the international community.