Bankers: opening the draft to foreign banks enhance the confidence of Iraqi Palace

07/9/13 12: 00 am
Baghdad-Farah pumice

Economists, bankers and experts encouraged the opening of branches of foreign banks in Iraq, they antagonized them as "healthy" as it will contribute to the economy and create competition with domestic banks, it will strengthen confidence in the Iraqi market.

the banking expert and Director of the Association of private banks Abdul Aziz hasoon said that the opening of foreign banks in Iraq would boost confidence in the local market, particularly the Iraqi market accept economic openness for nearly ten years.

Goldfinch felt that allowing foreign banks to operate in Iraq should not come at the expense of local banks, especially as (foreign banks) receive assistance that makes them privileges beyond what you get all the banks did not make concrete steps, since the integration into the world market has been limited by restrictions, and that these banks will come to the methods and means of action of new banking is likely to be useful for its revitalization (local market) expert said that banks, whether Iraqi or foreign are all approved by the Central Bank and the law Iraqi banks,

although foreign banks able to go beyond the provisions of this law, will be competing for Iraqi banks, this will show negative impacts when local banks remain under the same restrictions currently subject to the Banking Act, noting that it needs to be adjusted, especially that there are demands to amend this law for years.

The goldfinch that foreign banks have great potential to work in different markets than local banks, although banks play an important role in financing and reconstruction projects.

The Central Bank of Iraq had agreed over the weekend to open a branch of the British Bank in Baghdad, expecting that the Bank proceeds its work before the end of this year.

According to a statement released by the World Bank, "morning", "the World Bank has agreed in principle to open the Standard Chartered Bank British branches in the capital to work practice", stating that "the World Bank informed the Bank's representative in Iraq with this approval."

a number of private banks criticized in July 2013 opening of foreign banks in Iraq, saying that it did not meet the aspirations and keep away from the economic realities of Iraq,

opened Prime Minister Nouri al-Maliki in June 2013, one of the branches of "City Bank" in the green zone, is the first US Bank to open in Baghdad, said a member of the parliamentary Finance Committee Deputy najeeba Najib in a press statement: "after Iraq from Chapter VII showed global interest in foreign banks open branches in Iraq, began legal proceedings required to work in the period painsBalla",

arguing that this step will contribute to boosting the Iraqi economy forward and if the banking sector and banking laws which najeeba recognized after 2003 and the existence of appropriate legislation and land investment and profits allow foreign banks to open branches without fear that it will encourage investment companies come to Iraq despite their reluctance to invest their money.

the Advisor Citi Bank ' Bank ' us Iraq branch Stephen randov said in an earlier statement: "our company's step came after extensive consideration to the Iraqi market and advanced stages where we can Iraq become attractive to invest in various sectors, especially in the oil, tourism, construction and housing, so it was necessary to have a foothold in Iraq and we open our branch"

randov Citi Bank is Bank of America's important financial companies so their presence in Iraq will have fruitful results in supporting the economy Iraq and the move of foreign currency and foreign liquidity possible utilization in the implementation of various projects for both the public and private sectors.