Bankers: the opening of branches of foreign banks enhances confidence in the Iraqi market

Bankers: the opening of branches of foreign banks enhances confidence in the Iraqi market



07/09/2013 12:00 AM

BAGHDAD - Farah pumice

Encouraged the experts , bankers and economists on the opening of branches of foreign banks in Iraq, Adin it of " state of health " because it will contribute to support the economy and create competition with local banks , will also enhance confidence in the Iraqi market . Banking expert and director of the Association of private banks Abdul Aziz Hassoun said that the opening of foreign banks in Iraq will strengthen confidence in the local market , especially as the market accept Iraqi economic openness for nearly ten years .

And saw goldfinches that allowing foreign banks to operate in Iraq should not be at the expense of local banks, especially as it ( foreign banks ) receive assistance that makes her privileges than what you get Iraqi banks all of which did not make concrete steps , because the merger global market remained limited restrictions , and therefore, these banks will come in ways and means of the work of a new bank is likely to be useful to the revived ( the local market ). expert added that the banks whether Iraqi or foreign are all licensed by the Central Bank and subject to the Banking Act of Iraq, despite the fact that foreign banks able to beyond the provisions of this law , as it will be competitive with Iraqi banks , and this will show negative effects when the remaining local banks under the restrictions imposed itself upon currently Bkhaddoaha to the Banking Act, pointing out that he needs to be modified , especially as there are claims to amend this law for years.

And between the Goldfinch that foreign banks have great potential to work in different markets than domestic banks , despite the fact that Iraqi banks play an important role in the financing market and reconstruction projects .

It is said that the CBI had agreed over the weekend to open a branch of a British bank in Baghdad, the bank expected that the proceeds of its work before the end of this year.

A statement issued by the bank, received the "morning" a copy of " Bank management agreed in principle to open a bank," Standard Chartered " British branch in Baghdad to exercise the banking business ," noting that " the bank told the representative bank in Iraq this approval ." Was a number of private banks criticized in July 2013 opening of foreign banks in Iraq , arguing that it does not meet the ambition and keep away from the economic reality of Iraq. was opened by Prime Minister Nuri al-Maliki in June 2013 S branches for " Citibank " the U.S. in the Green Zone , the first U.S. bank is opened in Baghdad. , in turn , said a member of the Finance Committee parliamentary MP Najiba Najib told a news briefing : "It is after the withdrawal of Iraq from Chapter VII showed foreign banks universal desire to open branches in Iraq , and began legal procedures required of them in order to engage in business in the coming period " , arguing that this step will contribute to advancing the Iraqi economy forward and the advancement of any way the banking sector. said Najeebeh that banking laws adopted after the year 2003 and the presence of a suitable ground of legislation , investment and profits make way for foreign banks to open branches without fear, stressing that this it will encourage investment companies to come to Iraq, despite the reluctance to invest its funds . was adviser to the Bank ' Citibank ' American branch of Iraq Stephen Randov had said in an earlier statement : "The step our company came after an extensive study into the Iraqi market and stages developed where luck that Iraq has become a magnet for investment in various sectors , especially in the field of oil , tourism, construction and housing , so it was essential that we have a foothold in Iraq and open a branch for us. " he Randov that the bank Citibank is one of the financial companies mission in America , so its presence in Iraq would have a fruitful results in support of Iraq's economy and moving the entire foreign currency and the presence of foreign liquidity as possible to utilize them in the implementation of various projects for both the public and private sectors.

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Bankers: the opening of branches of foreign banks enhances confidence in the Iraqi market


07/09/2013 12:00 AM

BAGHDAD - Farah pumice

Encouraged the experts, bankers and economists on the opening of branches of foreign banks in Iraq, Adin it of "state of health" because it will contribute to support the economy and create competition with local banks, will also enhance confidence in the Iraqi market. banking expert and director of the Association of private banks Abdul Aziz Hassoun stressed that opening foreign banks in Iraq will strengthen confidence in the local market, especially as the Iraqi market accept the economic openness for nearly ten years.

saw goldfinches that allowing foreign banks to operate in Iraq should not be at the expense of local banks, especially as it (foreign banks) receive assistance make her privileges than what you get Iraqi banks all of which did not make concrete steps, because the merger global market remained limited restrictions, and therefore, these banks will come in ways and means of the work of a new bank is likely to be useful to the revived (the local market). expert added that the banks whether Iraqi or foreign are all licensed by the Central Bank and subject to the Banking Act of Iraq, despite the fact that foreign banks are able to go beyond the provisions of this law, as it will be competitive with Iraqi banks, and this will show negative effects when the remaining local banks under the restrictions imposed itself upon currently Bkhaddoaha to the Banking Act, pointing out that he needs to be modified, especially as there are claims to amend this law for years.

between goldfinch that foreign banks have great potential to work in different markets than domestic banks, despite the fact that Iraqi banks play an important role in the financing market and remodeling projects ages.

indicated that the Central Bank of Iraq has agreed over the weekend to open a branch of the Bank of British in Baghdad, and expected that the proceeds bank work before the end of this year.

said a statement issued by the bank, received "morning," a copy of "The bank's management agreed in principle to open bank, "Standard Chartered" British branch in Baghdad for the exercise of the banking business, "noting that" the bank told the representative of the bank in Iraq this approval. "and a number of private banks criticized in July 2013 opening of foreign banks in Iraq, arguing that it does not meet the ambition and keep away for the economic reality of Iraq. was opened by Prime Minister Nuri al-Maliki in June 2013 S branches for "Citibank" the U.S. in the Green Zone, the first U.S. bank is opened in Baghdad.,

in turn, said a member of the Finance Committee parliamentary MP Najiba Najib told a news briefing: "It is After the withdrawal of Iraq from Chapter VII showed foreign banks universal desire to open branches in Iraq, and began legal procedures required of them in order to engage in business in the coming period, " arguing that this step will contribute to advancing the Iraqi economy forward and the advancement of any way the banking sector.

said Najeebeh The banking laws adopted after the year 2003 and the presence of a suitable ground of legislation, investment and profits make way for foreign banks to open branches without fear, saying that this would encourage investment companies to come to Iraq, despite the reluctance to invest its funds. was adviser Bank 'City Bank 'American branch of Iraq Stephen Randov had said in an earlier statement: "The step our company came after an extensive study into the Iraqi market and stages developed where luck that Iraq has become a magnet for investment in various sectors, especially in the field of oil, tourism, construction and housing, so it was necessary to we have a foothold in Iraq and open a branch for us. "

He Randov that the bank Citibank is one of the financial companies mission in America, so its presence in Iraq will have fruitful results in supporting the economy of Iraq and move full of foreign currency and the presence of liquidity Foreign possible to utilize them in the implementation of various projects But both the public and private sectors.

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