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Banking expert: opening branches of foreign banks in the country is beneficial and would hurt local

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Hkp1
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Banking expert: opening branches of foreign banks in the country is beneficial and would hurt local

Post by Hkp1 on Tue 29 Jan 2013, 10:30 am

Banking expert: opening branches of foreign banks in the country is beneficial and would hurt local banks


Date: 29/01/2013 10:45:26 Tuesday



Baghdad
(news) .. called banking expert Mohsen Ali, the need to support private
banks and encouraged to deal with it, instead of going to the opening
of branches of foreign banks in Iraq because they are overlooked by the
national economy and will affect the activity of the banking sector.

Ali
said (of the Agency news): The experience of opening branches of
international banks in Baghdad and the provinces useless being limited
in recent banks are not sober and trying to plunder the riches of the
country and take over the country's ability to harm the banking sector.

He
added: You must support the Iraqi private banking sector with all the
necessary to be able to promote the investment process through effective
contribution as a foundation for achieving the country's economic
development.

It
is noted that the banking system in Iraq consists of forty-three banks
as well as the Central Bank and distributed by property (7) government
and banks (30) Al Ahli Bank, including (7) Islamic banks, in addition to
(6) of foreign banks.

Although
the Investment Law No. 13 of 2006 has excluded investment in the
banking sector of its provisions except that the investment in the
banking sector takes its legal framework based on the legal central bank
No. 56 of 2004, banks No. 94 of 2004, with a minimum to create a bank
in Iraq 100
billion Iraqi dinars (ie around 85 million dollars (. / end / 8. n. p /

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