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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Foreign banks consider open branches in the country

    Hkp1
    Hkp1
    Interacting Investor
    Interacting Investor


    Posts : 3118
    Join date : 2012-12-19

    Foreign banks consider open branches in the country Empty Foreign banks consider open branches in the country

    Post by Hkp1 Sat 06 Apr 2013, 2:10 am

    13/04/06 (00: 30 pm)

    Foreign banks consider open branches in the country


    Translation: Abdel Khalek on

    From: New York Times

    Iraq
    is still struggling to overcome the economic effects of war and armed
    actions and political rifts and fragile security situation. For the
    emerging banking sector, the challenges do not stop at the border.

    According
    to the official website of the Central Bank of Iraq, there are seven
    banks in the country and 32 private banks and foreign banks, but
    analysts say there are some State banks – particularly the Rafidain and
    Rasheed – controls 90% of the banking business.

    The name says
    Khalil al-Salem, Executive Director of capital Bank in Jordan, who owns
    72% of the National Bank of Iraq "the fact that General banks had been
    given the opportunity to take advantage of the huge public sector funds,
    it is natural that the marginalization of Iraqi private banks,
    resulting in a loss of confidence by consumers who fear that the
    collapse of private banks, the major challenge for the growth of private
    banks.

    The other says supporter makhlouf, Regional Director of
    Middle East and North Africa operations of the International Finance
    Corporation (World Bank unit that oversees the private sector) "there is
    no level playing field in Iraq that most agencies and State
    corporations – and staff – are restricted in their dealings with private
    banks and deals only with General banks.

    As a result, the private sector — consisting of almost 40 banks – very small and limited credit activity ".

    Because
    public banks to access public funds the capital good, the private banks
    should strive to get deals on infrastructure competition protector in
    the manufacturing and construction sectors.

    And compounding the
    difficulties, the Central Bank two years ago, the law sets minimum
    capital requirements for all Iraqi banks at $ 215 million, will be
    implemented in June of this year.

    Tawfiq tabbaa says co-director
    at ivrshidz international law "there is a big issue concerning capital
    adequacy in private banks and request the Central Bank raise capital
    gradually, there may be significant among these banks merge, and maybe
    some banks closed their doors, and was integrated into the banks or to
    buy other banks.

    If we add to this the costs of applying risk
    management and measures to combat money laundering and the difficulty of
    running native Bank in Iraq, the task looks daunting.

    However,
    several foreign banks have expressed a recent interest in entering the
    market in Iraq and pursue funding opportunities for projects in a
    country that has a lot of untapped potential. Among the banks,

    Standard
    Bank chatrd, which gets 90 percent of its profits and revenues from
    consumer banking services in Asia, Africa and the Middle East. In other
    steps, the Bank plans to open three offices in Iraq.

    The Bank's representative office in the northern Iraq city of Irbil.

    In
    order to expand the activities of its clients within Iraq, the Bank
    introduced this year a request to the Central Bank of Iraq to obtain
    licenses to expand library in Erbil to the branch and to open an Office
    in Baghdad, followed by another branch in the southern city of Basra in
    2014.

    The Bank also plans to recruit an Executive Director in Baghdad to oversee its work in Iraq.


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