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Lebanese banks crisis in Erbil and Sulaymaniyah is not over what might push it to leave the market t

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rocky
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Lebanese banks crisis in Erbil and Sulaymaniyah is not over what might push it to leave the market t

Post by rocky on Tue 08 Mar 2016, 2:07 am

Lebanese banks crisis in Erbil and Sulaymaniyah is not over what might push it to leave the market the central Iraqi governor's "An-Nahar": We are working to end the problem in order to preserve foreign banks

Iraqi Central Bank Governor acting on the Keywords speaking at the conference. (Sami Ayad)

March 8, 2016

In the context of opening up to the foreign policy of the banking sector and encourage them to open branches in Iraq, or to participate in the Iraqi capital of banks, the Central Bank of Iraq to grant licenses in 2008 to more than 18 subsidiaries of foreign banks branches. But after years of banking complexities and decisions is motivating, a number of these banks reconsider its presence within the Iraqi market, after it became the risks and complexities of the highest level of profitability and investment worthwhile ratio.

Banks that granted the CBI engage in activity holidays in Iraq of five Turkish banks and Iranian banks, and the bank "Citibank" and "Standard Chartered" the British and the "Abu Dhabi Islamic Bank." Also granted leave to Lebanese banks are Fransabank, Banque Audi, Bank of BLOM, Byblos Bank, Mediterranean Bank, Credit Libanais, Bank of Beirut and the Arab countries, the Lebanese French Bank, Intercontinental Bank, Middle East and Africa Bank.

Early November last, received Lebanon 's Central Bank governor Riad Salameh and the Association of banks in Beirut copy of the book has already been operating in Iraq , the banks received from the central bank, informing it that the branches in Erbil and Sulaymaniyah did not prepare , associated with him administratively or organizationally or even financially, but have become linked to the Ministry of money in the Kurdistan region. The move is the first of its kind in the world, raising fears among foreign banks operating in Iraq, including the Lebanese, to the fact that the central step Iraqi means not admitting after the date of issuance of the decision amounts deposited with branches in Erbil and Sulaymaniyah, the Lebanese banks in dinars or the dollar. Admittedly Iraqi banking laws made ​​on the basis of which Lebanese banks have applied for a license to its branches in Iraq, on the banks of deposit of $ 90 million the CBI in Erbil and Sulaymaniyah have. This means a judgment that the Lebanese banks in these two provinces, configure Maonat on amounts deposited, which limits the margin of profitability.

Since then, the Lebanese banking authorities began intensive negotiations with the Iraqi side, specifically with the Central Bank for the settlement of the repercussions of secession crisis, but even today did not announce any practical solutions to the crisis yet, despite the talk behind the scenes for a solution leading to the payment of the central branch in Erbil and Sulaymaniyah Mtojbathma to sovereign debt securities of Lebanese banks holders, while information also refer to the entry of the international Monetary Fund as a mediator to resolve this crisis.

in this context, the governor of the Iraqi Central Bank acting on the Keywords for "day" that " the Central Bank in Baghdad was still attaches particular to this file is important, and is following this problem has been holding a series of meetings in the last period to this end , " stressing that the central bank was the initiator to find solution to this problem. He pointed out that a delegation from the Central met with officials in the Kurdistan region, and has held a number of meetings with members of the Federal House of Representatives. He Keywords hoped to reach a final solution to this problem at the next meeting which will bring together curators of the Iraqi Central Bank and officials of the province.

The coming pressures on foreign banks operating in Iraq, including the Lebanese, the CBI has not taken yet any procedural decisions in relation to the promotion of banking overall, it stayed banking complexities imposed relating to the safeguards required in return for granting loans, in addition to the problem of forcing foreign banks to increase their capital within a period ending in June 2016, to $ 50 million , compared to open an unlimited number of branches. With reference to the first decision of the Iraqi central select the increase was $ 70 million , but that the efforts made ​​by the Governor of the Central Bank of Lebanon and the Association of banks led to mitigate the increase to $ 50 million.

Iraq Finance 2016

in another context, was launched in the capital , Beirut agenda of the World Conference and Exhibition on third for the financial and banking services in Iraq (Iraq Finance 2016), which is organized by the Iraqi company , "Szimksko", sponsored by the Iraqi Central Bank, in collaboration with the "Central Bank of Lebanon , " and the participation of ministries and banks and body national investment. The conference focused on the development of financial and investment banking industry in Iraq. The limited purpose of organizing this conference in the infrastructure of the banks and financial institutions in the development of Iraq through activation of cooperation between the Iraqi central banks, ministries and the Iraqi financial institutions concerned on the one hand, banks and international financial institutions and international investors on the other. And addressed the meetings of the Iraqi Central Bank 's plans, strategies, financial reforms that government is trying to implement to attract investors, and the future of the State - owned banks, and the role of Islamic banks, and the role of the Iraqi financial markets to support the economy, the current situation of the banking sector and the participation of foreign lending companies, the environment and technological pivotal role in driving innovation and risk mitigation, as well as sources of funding for large projects and infrastructure, and the development of Iraq Stock Exchange, funding opportunities , the Iraqi private sector.

Iraq 's economy is suffering ...

the Iraqi financial situation is suffering from a real crisis as a result of falling oil prices and large costs borne by the state budget for a snack organize "Daash" and the resulting losses on the sector as a result of the ongoing in many provinces of the war. Iraq 's economy depends mainly on oil export revenues, but the decline in global crude prices more than 70% since June 2014, had a negative impact on economic activity in the country. As a result of falling oil prices, Iraq 's revenues from oil exports of about $ 60 billion in 2014 to about $ 30 billion in 2015, fell under Baenkva this revenue forecast to about $ 20 billion at the end of the year.


http://newspaper.annahar.com/article/328243-%D8%A3%D8%B2%D9%85%D8%A9-%D8%A7%D9%84%D9%85%D8%B5%D8%A7%D8%B1%D9%81-%D8%A7%D9%84%D9%84%D8%A8%D9%86%D8%A7%D9%86%D9%8A%D8%A9-%D9%81%D9%8A-%D8%A3%D8%B1%D8%A8%D9%8A%D9%84-%D9%88%D8%A7%D9%84%D8%B3%D9%84%D9%8A%D9%85%D8%A7%D8%B3%D9%84%D9%8A%D9%85%D8%A7%D9%86%D9%8A%D8%A9-%D9%84%D9%85-%D8%AA%D9%86%D8%AA%D9%87-%D9%85%D8%A7-%D9%82%D8%AF-%D9%8A%D8%AF%D9%81%D8%B9%D9%87%D8%A7-%D8%A7%D9%84%D9%89-%D9%85%D8%BA%D8%A7%D8%AF%D8%B1%D8%A9

    Current date/time is Mon 05 Dec 2016, 11:46 pm