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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

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    The Central Bank announces a plan to increase the number of foreign banks in Iraq

    Rocky
    Rocky
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    The Central Bank announces a plan to increase the number of foreign banks in Iraq Empty The Central Bank announces a plan to increase the number of foreign banks in Iraq

    Post by Rocky Thu 03 Aug 2017, 3:38 am

    The Central Bank announces a plan to increase the number of foreign banks in Iraq




    The governor of the Central Bank Ali Alalak, on Thursday, a plan to increase the number of Arab and foreign banks and financial companies operating in Iraq will continue until 2020.

    Al-Alak said in an interview with Al-Hayat newspaper that the number of foreign banks, including Arab ones, increased during the past two years to reach 18 banks after they numbered only 11. Most of these banks are solid and have branches in most of the world. "

    He added that "branches of foreign banks can not be asked for new rules, since the bank has one capital for the branch or the origin, which applies to our banks in Iraq and neighboring countries, and falls under the policy of reciprocity with the countries of the world, so we deal with the branches framework International law ".

    He pointed out that there are some Arab and foreign banks have an "international classification", pointing out that "our assessment of banks is a calendar in terms of compliance and combating money laundering for the purpose of buying the dollar, which is limited in the window selling the dollar."

    And on the new Islamic banks that were established with a capital of 100 billion dinars, he pointed out that "part of these banks completed 250 billion dinars in the increase of capital before the end of three years, and began to scrutinize the same as all private banks, to ensure that the capital in the central bank As collateral for deposits of customers with them, and even the subject of classification, we granted foreign advanced ratings unlike local. "

    Currently, there are 140 banking and financial institutions, including 6 government, 24 private and 16 Islamic, in addition to 63 financial companies, transfer companies and financial investment companies, 60% of which are Arab and foreign.

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    Rocky
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    The Central Bank announces a plan to increase the number of foreign banks in Iraq Empty The shadow of the financial crisis experienced by the country .. The relationship reveals the plan t

    Post by Rocky Thu 03 Aug 2017, 7:27 am

    The shadow of the financial crisis experienced by the country .. The relationship reveals the plan to increase Arab and foreign banks



    03-08-2017

    In light of the financial crisis experienced by the country as a result of the decline in oil prices, which negatively affected all economic sectors, the Central Bank launched a plan aimed at increasing the number of Arab and foreign banks and financial companies operating in Iraq will continue until 2020.

    The governor of the Central Bank Ali Al-Aalak of the plan, pointing out that the number of foreign banks, including Arab, has increased in the past two years, to now to 18 banks, after the number did not exceed 11 banks before taking up the position of governor of the «central».

    The head of the Committee on Economy and Investment parliamentary Ahmed Salim Kenani told a press statement, the central bank's management of «preference for foreign banking institutions in exchange for the negligence of the local, which fell because of their inability to compete».

    Kanani said that the committee "monitors the work of the Central Bank, which was able to absorb part of the inflation rates, and contributed to the stability of exchange rates despite the volatility from time to time, as well as compliance with international laws and standards on money laundering and laundering and financing of terrorism crimes.

    But there are some observations on the performance of the «central» of the «growing numbers of foreign banks currently operating in Iraq, and expansion of the remote provinces, which increased its rival national banks», as well as «the difference in laws between domestic banks and foreign, the first demanding capital of 250 Billion dinars (about 200 million dollars), while foreign banks are required with a capital of 50 billion dinars (40 million dollars) only ».

    He also pointed out that «branches of foreign banks are not obliged to buy real estate with 20 percent of its capital», as well as «note the kind of non-cooperation between Iraqi banks, which are still newly established compared to foreign, especially on the subject of auction sale of currency in the bank, At a time when the financial crisis requires the introduction of an additional currency, including the capital increase of foreign banks ».

    The governor of the Central Bank, Ali Mohsen Al-Alaq, defended his policy and manner of dealing with branches of foreign banks in a statement to «life», stressing that «these steps took place in coordination with the World Bank and most of these banks is solid and has branches in most of the world».

    Al-Aalak, who served as governor of the Central Bank of Iraq in September 2014, worked on a policy different from a previous one in the administration of the bank, which operates in accordance with an independent law approved by the US interim government for Iraq. From the other three authorities (judicial, executive and legislative).

    Currently, there are 140 banking and financial institutions, including 6 government, 24 private and 16 Islamic, in addition to 63 financial companies, transfer companies and financial investment companies, 60% of which are Arab and foreign.

    "The branches of foreign banks can not be asked for new rules, since the bank has one capital for the branch or origin, which applies to our banks in Iraq and neighboring countries," and this policy falls under the item «reciprocity with the countries of the world, so we deal With branches under an international legal framework. "

    As for the new Islamic banks that were established with a capital of 100 billion dinars, Al-Aalak pointed out that part of these banks completed 250 billion dinars in increasing its capital before the end of three years, and began to scrutinize them like all private banks to ensure that the capital is kept in the central bank as collateral For the deposits of customers with them, and even the subject of classification, we gave foreign advanced ratings unlike the local ».

    As for the exploitation of funds belonging to these foreign banks through the purchase of real estate, Al-Alaq pointed out that «there is a problem in the old law does not allow foreigners to buy property and ownership», pointing out that «the Department of Real Estate Registration has not been working on amendments to these laws until now».

    He pointed out that there are some Arab and foreign banks have an "international classification," noting that «our assessment banks is a calendar in terms of compliance and combating money laundering for the purpose of buying the dollar, which is limited in the window selling the dollar».

    He added that the role of the Central Bank in this context, to verify the legitimacy of the funds used in the purchase, and follow-up after the completion of the process », adding that« we started to work in this direction and introduced compliance units and other anti-money laundering in all banks, The sale of the dollar and the extent of its compliance with these standards, and these banks were classified on the basis of these standards.

    The Central Bank of Iraq finally adopted a new policy in the sale of the dollar through the auction of currency, which opened several outlets to citizens to buy a specific amount of dollars in official value, and prevented the collection of applications, and obliged traders to provide their needs of the dollar directly to the Central.

    Al-Alaq confirmed the drop in the dollar's price after applying these criteria. He pointed to the problem of credit and lending, as there is a problem in granting loans in banks and in repayment, noting that «the proportion of loans that were not returned by state employees in the Rafidain Bank, for example, reached 30 percent».

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