View Full Version : political & security crises are forcing foreign banks to leave Baghdad to Kurdistan

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07-08-2014, 04:58 PM
2014/07/08 (00: 01 pm) - hits: 206 - count (3121)


The political and security crises are forcing foreign banks to leave Baghdad to Kurdistan (http://almadapaper.net/ar/news/467872/%D8%A7%D9%84%D8%A7%D8%B2%D9%85%D8%A7%D8%AA-%D8%A7%D9%84%D8%B3%D9%8A%D8%A7%D8%B3%D9%8A%D8%A9-%D9%88%D8%A7%D9%84%D8%A7%D9%85%D9%86%D9%8A%D8%A9-%D8%AA%D8%AC%D8%A8%D8%B1-%D8%A7%D9%84%D8%A8%D9%86%D9%88%D9%83-%D8%A7%D9%84)

Baghdad/Ibrahim Ibrahim

Lawmakers and economists called on Iraqi politicians need to reassure foreign investors and owners of banks to stay in Iraq and continue their work through an accelerated formation of the Government, arguing that the security situation is in control of the World Bank's work in Iraq.

Member of the Finance Committee, said Hassan Suleiman Wahab said in an interview for "the range", that "the economic transformation in the country is still in its early stages and has not taken root in so reliable and make it an important tributary of the processes of reconstruction and building the future."

"The work of foreign banks with little no effect a large daily operations to the Iraqi economy and known as" sabotage "wetathrh Government most of his joints."

Wahab said that "political flop and the formation of the new Government at the first session after the elections all messages reflect the internal instability of the country which makes foreign investors fear continued to escape to the outside."

The "troubled economic situation is a reflection of political reality, confused and bad and it seems to be very clear in the Iraqi situation many years ago."

"The biggest reason the volatility of the financial transaction in General as a result of the non-adoption of the general budget sets guidelines and detailed economy financial year causing obstruction of many investment projects with foreign capital."

The Economist said the appearance of Mohammed Saleh in an interview for "the range", "the security situation has become the master draws a large number of global banks with professional competence and financial work in the Iraqi market."

"The start of the year saw the contention of many foreign banks and Arabic to enter the Iraqi market for its promising features all of its financial, investment and other".

The former adviser at the Central Bank that "events of Mosul left a footprint on the overall economic operation in the country and the results have begun to appear through the reverse migration of most banks and foreign banks that prefer Arbil, Iraq and Oman on his capital Baghdad."

And that "despite the great impact caused by foreign banks to the local market but the impact external media will confuse the image with investors and other banks were intent on going into Iraq."

He stressed that "the process of the withdrawal of some foreign banks to provinces such as Erbil and sulaymani factions don't necessarily mean withdrawing their investments once but a tactic she outlined one Iraqi market."

He noted that "trade and financial market depends primarily on the information which is an important pillar to extrapolate changes may affect economic and financial work of the foreign investment banks".

Saleh noted that the "fast-moving financial companies also known as they are of any security or political disorder sudden so manipulated in several directions without enormous financial losses."

The Economist said maytham alaibi to "range", that "the economic situation of the country is not bring good news to the contrary in the large decline as a result of the deterioration of security in the areas of the national map".

"The work of foreign almsarbev depends on strategic plans and after close range to take action commensurate with any economic development or security may occur."

Alaibi told that "banks are the basis on which economic movement, so it is necessary to provide guarantees to banks and other financial corporations To continue to invest money into the market the ornament of the country".

The "forging Bank withdrawal carries with it many negative effects including loss of important investment projects help build and develop the country's infrastructure, in addition to wasting opportunities for hundreds of people."

He noted that "the Iraqi banking system suffers from significant limitations led to limited banking on remittances, import without saving system for individuals and companies as well as in regional banks, including Lebanon."

Press reports were confirmed on Monday that Standard Chartered Bank, which opened its branches in Baghdad and Erbil, in Iraq's transfer of its business to Dubai.

The Bank opened a subsidiary in Iraq to take advantage of large infrastructure projects in the country, which is trying to rebuild itself after years of war, especially in the wake of Iraq's rapid economic growth thanks to the growth of oil production.

The transfer Bank Citigroup analog library from Baghdad to Jordan, Oman, with international corporations advised the process has reduced the level of criticism the issue kept to a minimum, according to the financial times of London.

Although organized Islamic State control over large areas in the West and Mosul provinces, but aid workers say the banking sector banks located in the city of Mosul, still operating as usual, with international lenders continue to offer their services to multinational corporations in Iraq, noting that business going normally.

The sources said that the wisest daash grip on the $450 million and gold stocks in the Central Bank of Iraq in Mosul last month, when control of the city located in northwestern Iraq, the banks and the banking sector workers say they want to be prepared in the event of deterioration.

The other banks withdrew from Iraq before the outbreak of the recent crisis in Iraq such as the HSBC Bank, which cut its relationship with Dar es Salaam Investment Bank, by suspending its relationship with the Bank, which owns 70 percent of the shares of