[ltr] Resumption of work at the Rafidain Bank in London within the Paris Club Adjustments [/ltr]
BAGHDAD / Ibrahim Ibrahim
[ltr] Economists welcomed the re-opening of the Rafidain Bank in London after he stopped working for 24 years, noting that the expansion of trade cooperation between Baghdad and the rest of the world has become an urgent necessity at the present time, demanding to take similar measures in other countries.[/ltr]
[ltr]The economist said the appearance of Mohammed Saleh in an interview for the "long", "The re-opening of a branch of the Rafidain Bank in London is an important step for the trade and economic integration with the international financial markets, which represents the biggest UK position in the world."
"The events that followed the invasion of Kuwait by the former regime of Iraq cost a lot, including the closure of the Rafidain Bank in London for the existence of decisions to freeze all his assets, including financial assets of individuals and public companies, prompting creditors took legal action to demand their money."
He said a former adviser to the central bank said that "the previous period witnessed a debt settlement by the decisions of the Paris Club, which support the Iraqi economy significantly and private banking institutions of government, including the Rafidain Bank because of its proud history in the operations of financial trading and banking."
And that "the presence of the bank in the City of London to deepen trade and investment ties and economic relations between Iraq and the United Kingdom it is opening a glimmer of hope for a big expansion in various global markets."
He stressed that "the banks Iraqi government to open branches in most European countries, especially in the city of Frankfurt in Germany and Paris in addition to China, which is one of the major economies in the world economy and there is an annual plan of the Central Bank whereby open one branch in each year, but unfortunately is disabled for many reasons. "
He pointed out that "the opening of bank branches is a point messaging without the need to broker another cost a lot of money in addition to the development of the banking sector and trade, both private and government between Baghdad European countries."
He pointed out that "there is an urgent need to provide the right foundations in the process of opening bank branches and the appointment of the owners of competencies and experiences of those who are characterized by mastering the English language fluently and follow the international standards of transparency and the most important in handling and application of accounting systems and the general rules of international banking."
In turn, said economic expert Bahadeli Abbas in an interview for the "long" that "the Rafidain Bank is one of the prestigious international banks in the region and the world so as to Artkazh on scientific grounds in the process of its creation during his long-lasting."
He added that "the nineties of the past century Refer Iraq as a result of the decisions of the economic blockade great strides backwards, including the delayed financial and banking institutions Iraqi catch up with global developments, which included all aspects of the process of financial trading the smallest details."
Bahadli said that "the process of closure of a branch of the Rafidain Bank in London campus for nearly 24 years, the campus of Iraq and the ongoing development operations by constant friction with the international financial institutions located in the United Kingdom, which is the oldest financial markets globally."
He said the "duty of banking institutions Iraqi requires open more than 10 branches of various national banks in some European countries in order to coordinate the work of the banking side and gain experience from the other hand, in addition to the reduction of many of the routine steps and costly financially developed different brokers in exchange operations, the financial and banking me of Iraq and the world ".
Rafidain Bank announced its intention to re-opening of the branch and the resumption of activity in the British capital London after the settlement of all debts incurred by him to the United Kingdom.
The general director of the bank on behalf of Kamal al-Hassani said in a statement received "term", a copy of it, that a branch of the Rafidain Bank in London, the first Arab bank in Europe, was founded in 1952 and has played a prominent role in the performance of the banking outside Iraq.
He said the General Administration of the bank has to pay the debt incurred by him to the United Kingdom and is making strenuous efforts to regain its presence and resume the work of the bank.
He said al-Hassani said the British side expressed its willingness to re-examine the branch to be a window for the exchange of modern commerce and banking operations with Iraq.
The Rafidain Bank stressed his quest to pay the salaries of retirees living outside Iraq electronic card.
The general director of the bank on behalf of Kamal al-Hassani in an earlier statement, the Rafidain Bank, and through his tireless efforts seeking to achieve pay the salaries of residents outside Iraq electronic card, which guarantees them easier to use the card from any ATM of any bank outside of return.
It is noted that Rafidain Bank was established under Law No. (33) for the year 1941 and started operations in 1941 with a paid up capital of 50 000 dinars.
Bank passed through several stages during his historic first was his presence as the first national bank commercial banking is practiced among many foreign banks.
And began the gradual expansion within Iraq then has gone through the integration of multiple began in 1964, including commercial banks, which had been working in Iraq, where they were in 1974 consolidated with the Rafidain Bank, which became the only commercial bank in Iraq.
In 1998, the bank has witnessed a new development is its transformation into a public company owned by the state is fully in accordance with the provisions of the Companies Law No. (22) for 97 years in order to contribute to the national economy in the area of commercial banking and investment funds and provide funding for various sectors in accordance with the development plans in the framework of economic and financial policies and cash for the state.
The number of branches of the bank are currently 147 branches in Iraq, in addition to (8) branches in a sawmill in some Arab cities, namely: Cairo, Beirut, Abu Dhabi, Bahrain.[/ltr]