Central Bank: the withdrawal of licenses for five commercial banks for not filed for their capital
Central Bank: the withdrawal of licenses for five commercial banks for not filed for their capital
Mon, January 27, 2014 14:37
BAGHDAD / Baghdadi News / Basset Turki Saeed said the central bank governor on Monday that the bank is expected to pull the licenses of five commercial banks are unable or unwilling to increase their capital before the expiry of a deadline for the end of January.
And between Turkish vassal in a press statement / Baghdadi News / on the sidelines of a financial conference in Dubai that other banks or committed to the decision taken steps but those five banks are not working on it.
And pressing the Iraqi Central Bank on private sector banks to increase their capital to 250 billion Iraqi dinars (215 million dollars) in the context of efforts to strengthen the banking system and raise its efficiency.
Turki said when asked about the measures to be taken against the banks that do not raise their capital by the end of the deadline that their licenses will be withdrawn.
He declined to give the names of the five banks, pointing out that there is still some time before the expiry of the deadline.
The conference takes place on the second global financial and banks in Iraq under the auspices of the Iraqi Central Bank on 27 and 28 January / Cowen second in Dubai.
The conference is a platform gathering of delegates and sponsors local projects in Iraq to communicate with international investors, as well as providing a forum to discuss three main issues arising from the rapid economic growth in Iraq.
These areas include sources and financial structures for major projects in Iraq, and the current situation of the banking sector and the participation of foreign lending companies, environment and technology, and its central role in driving innovation and risk mitigation.
The governor of the Iraqi Central Bank ‘Central Bank of Iraq began a major program to attract foreign investment to Iraq and pave the way for the entry of banks and foreign financial institutions to the State’.
He added: ‘We will use this event to provide outstanding strategies and policies for the development of the financial and economic situation in Iraq, including highlighting the important role played by foreign companies in the growth and development of the local banking sector. We look forward to active participation on the part of financial contributors and investment bodies in supporting the process of construction and development and take advantage of investment opportunities’.
The work in Iraq is currently fifteen international banks, as well as seven state banks and twenty-three private lending company and nine Islamic banks. Over the past year, in particular, have increased the appetite of foreign investors to invest in Iraq dramatically
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