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Resumption of work at the Rafidain Bank in London within the Paris Club Adjustments

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rocky
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Resumption of work at the Rafidain Bank in London within the Paris Club Adjustments

Post by rocky on Mon 01 Sep 2014, 4:12 am

Resumption of work at the Rafidain Bank in London within the Paris Club Adjustments
 
2014/09/01 


 
Economists welcomed the reopening of the Rafidain Bank in London after working for 24 years, noting that the expansion of trade cooperation between Baghdad and the rest of the world has become an urgent need at the present time, demanding similar action in other States.
 
 
The Economist said the appearance of Mohammed Saleh in an interview for "the range", to "reopen the Rafidain Bank branch in London is an important step for trade and economic integration with international financial markets which represent the United Kingdom in the world's largest" status.
 
"The events following the invasion of Kuwait by the former regime has cost Iraq a lot, including the closure of Rafidain Bank in London for a resolutions freeze all stock including balances and public companies which prompted creditors legal proceedings to demand their money back."
 
The former adviser at the Central Bank that the previous period saw the settlement of debts by the Paris Club decisions that supported the Iraqi economy and private banking institutions and the Rafidain Bank to its history in the banking and financial transactions ".
 
The presence of the Bank in London, deepening trade and investment ties between Iraq and United Kingdom is opening a glimmer of hope for big expansion in various global markets. "
 
"The Iraqi State banks open branches in most European countries and particularly in the city of Frankfurt in Germany and Paris in addition to China, one of the major economies in the world and there is an annual plan for the Central Bank to open a branch in every year but unfortunately not activated for many reasons."
 
He pointed out that "the opening of bank branches is a reporter without the need for another broker costs a lot of money in addition to the development of the banking sector and trade in both private and Government from Baghdad to the European countries."
 
He noted that "there is an urgent need to provide the correct foundations in the process of opening bank branches by setting the talent and expertise of those qualities English language fluently and follow international standards, including transparency and the application of general accounting systems and global banking rules".
Economist, said Abbas Al-bahadili said in an interview for "term" that "Rafidain Bank is a prestigious international banks in the region and the world as a scientifically based process created during long years."
 
"The Decade of the 1990s of the last century as a result of decisions Iraq attributed the economic strides back and delayed Iraqi financial and banking institutions to catch up with global developments, which included all financial trading process in joints detail."
 
Al-bahadili said that "the closure of Rafidain Bank branch in London denied for nearly 24 years, deprived Iraq of continuing development by continuing friction with global financial institutions in the United Kingdom, which is the oldest global financial markets".
 
The "duty of Iraq requires banking institutions to open more than 10 branches of various banks in some European countries to coordinate banking and gain experience on the other hand add to short-circuit a lot of routine and expensive steps financially to develop different intermediaries in banking and financial exchanges between Iraq and the world."
 
Announced its intention to Rafidain Bank opening branch and resume its activity in London after settlement of all debts incurred by the United Kingdom.
The Director of the Bank in the name of Kamal Al-Hassani in a statement "the range", a copy of the Rafidain Bank branch in London, and is the first bank in Europe, was founded in 1952 and has a prominent role in the performance of banking outside Iraq.
 
The General management of the Bank the repayment of debts to the United Kingdom and is making great efforts to restore its presence and resume bank.
Al-Hasani said that the British side expressed its readiness to study the restoration section of the modern window to exchange trade and bank transactions with Iraq.
 
Rafidain Bank was stressed to pay pensioners living outside Iraq with the e-card.
 
The Director of the Bank in the name of Kamal Al-Hassani in a previous statement, that the Rafidain Bank and through his tireless seeking pay living outside Iraq with the e-card, ensuring ease of use of the card at any ATM of any foreign bank.
 
The Rafidain Bank established under Act No. 33 of 1941 and bash t in 1941 with a paid-up capital of 50,000 Iraqi dinar.
 
The Bank passed several stages during his career was the first historical presence as the first National Bank commercial banking is practiced among many foreign banks.
And began the gradual expansion into Iraq and then over multiple stages of integration began in 1964 included commercial banks operating 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 seen new development is its transformation into a public company owned by the State in full in accordance with the provisions of the General Companies Act No. 22 of 97 to support the national economy in the area of commercial banking and investment funds and provide funding for various sectors in accordance with the development plans and within the framework of economic and financial policies of the State.
 
The number of bank branches currently 147 branches inside Iraq add to ( branches in some cities a sawmill in Arabic are: Cairo,
 
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