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  1. #1
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    Calls for the creation of twinning between local and foreign banks

    Calls for the creation of twinning between local and foreign banks



    2014-02-16

    Baghdad/JD/...
    The parliamentary Finance Committee, called on the Central Bank to develop new procedures through which encourages the creation of twinning between local banks and banking to improve Iraqi banking.

    Committee member Jimmy is capable of agency/JD/: "its Central Bank called in the previous procedures, new regulations encourage domestic banks to create a bank with foreign banks twin for support and development of the banking sector, especially since Bank Uruk, Basra is suffering from financial problems can be solved through" twinning".

    He added that strengthening bilateral ties between local and foreign banks would pay to develop the Iraqi banking system by introducing modern banking systems and facilitating transactions among banks, calling for speedy enactment of a new law on banks and abolition of the existing law to improve banking.

    The banking system in Iraq consists of forty-three banks as well as the Central Bank and distributed by property (7) and banks (30) Community Bank including (7) in addition to Islamic banks (6) foreign banks.

    Although the investment law No. 13 of 2006 has excluded investment in the banking sector of its investment in the banking sector takes its legal framework based on Central Bank Law No. 56 of 2004 and no. 94 of 2004, the minimum to establish a bank in Iraq 100 billion dinars (around 85 million dollars
    (./finished/8/


  2. #2
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    This is a good step, if it's actually acted on. Partnerships and mergers will only prod iraqi institutions to stop operating in the dark ages.
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

  3. #3
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    Hidden message

    Quote Originally Posted by dinar_dude View Post
    This is a good step, if it's actually acted on. Partnerships and mergers will only prod iraqi institutions to stop operating in the dark ages.
    This is the first I have heard of bank of basrah in years. Thought it was dead. Hope the theory takes off and basrah engages. It would be good for my portfolio if I could salvage basrah from the junk pile I currently have it placed.
    ---------------------------------------------------------------
    "Sumerian News", that "the real value of the coin is the value of goods received by the individual and on the strength of the national economy"

  4. #4
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    Me too. I think the CBI's plan was to liquidate Bank of Basrah, but I haven't heard any updates. The bank is still be in trouble, but I hope they may achieve a partnership. It'd be great for my portfolio as well. Basrah is one of the wealthiest oil regions, and it'd make sense for a western bank to operate there, if it would choose to tolerate the poor security.
    I hope this recent press is an indicator that the CBI doesn't want to have to deal with the problems the private banks are having in keeping up with capital increases, statist gov't control, yada yada, and in turn is becoming amenable to foreign banks being more present in the banking sector.
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

  5. #5
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    LOL .. I love the piled up money (passed their head) in the teller's window... nothing like taunting a thief ... although, what's it worth ?? a few thousand US$ probably LOL - still lots to an Iraqi citizen maybe.... just seemed funny to me ... new marketing campaign ...free wheelbarrow with every new account opened

  6. #6
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    Really Cool

    Quote Originally Posted by dinar_dude View Post
    Me too. I think the CBI's plan was to liquidate Bank of Basrah, but I haven't heard any updates. The bank is still be in trouble, but I hope they may achieve a partnership. It'd be great for my portfolio as well. Basrah is one of the wealthiest oil regions, and it'd make sense for a western bank to operate there, if it would choose to tolerate the poor security.
    I hope this recent press is an indicator that the CBI doesn't want to have to deal with the problems the private banks are having in keeping up with capital increases, statist gov't control, yada yada, and in turn is becoming amenable to foreign banks being more present in the banking sector.
    I received email confirmation from Basrah Bank today. To quote:

    "We are still in business"

    That is very cool.
    ---------------------------------------------------------------
    "Sumerian News", that "the real value of the coin is the value of goods received by the individual and on the strength of the national economy"

  7. #7
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    If they are still in business is their stock any good?
    " Never forget everything Hitler did in Germany was legal " ---Martin Luther King jr.---

  8. #8
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    Dont know

    Quote Originally Posted by Fishindinar View Post
    If they are still in business is their stock any good?
    I was wondering the same thing. I took a shot in the dark with the email to the bank staff. Not sure who to ask that question. Like you I wonder if it was saved by a 3rd party that took over the bank rendering our previous ownership null. Time will tell. But at least the bank has to be operational for us to have any hope in the stock so thats a good thing.
    ---------------------------------------------------------------
    "Sumerian News", that "the real value of the coin is the value of goods received by the individual and on the strength of the national economy"

  9. #9
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    The people to contact about the stock question is the Iraqi Central Depository at the CBI.
    I don't have any points of contact there. They have a box to submit questions, but rarely
    get back to you.
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

  10. #10
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    [QUOTE=dinar_dude;19319]The people to contact about the stock question is the Iraqi Central Depository at the CBI.
    I don't have any points of contact there. They have a box to submit questions, but rarely
    get back to you.[/QUOTE

    Is the stock price is still the same. The stock price was 1.28 last time I checked. Lets hope they are calulating our free shares they owe us.

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