CBI will require foreign banks applying for an Iraqi charter to open with $170 million

BAGHDAD – Al Sabah said the central bank decided that the requirement of the opening of branches of foreign banks with a capital of $ 170 million.

Deputy Governor of the Central Bank of the appearance of Mohammed Saleh (News Center for the Iraqi Media Network) that “the condition of the opening of the Central Bank foreign branches in Iraq, with a capital of $ 170 million.

“and added that” there are 36 branches of foreign branches, including a number of Islamic and which is expected to contribute to the development of the payments system in the country.

“He pointed out that” the the central bank would be required to the opening of private banks Tejess 250 billion Iraqi dinars as capital of the founding of banks. “The total capital of Iraqi private banks billion and 600 million dollars now, except what is owned branches of Arab and foreign banks operating in the the country.

The main tasks of the Iraqi Central Bank to maintain price stability, and the implementation of monetary policy, including exchange rate policies, and management of reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.