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Economist describes the decision of the Central Bank of Iraq against the Kurdistan political action

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rocky
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Economist describes the decision of the Central Bank of Iraq against the Kurdistan political action

Post by rocky on Sat Nov 11, 2017 4:35 am

Economist describes the decision of the Central Bank of Iraq against the Kurdistan political action and the disastrous




10/11/2017

Roudao - Erbil

described the economic expert, Hammam Chandler on Thursday, the Iraqi Central Bank 's decision on the closure of the branches of Iraqi banks in the territory of Kurdistan catastrophic action, calling on the competent authorities to undo the fact that the decision has an impact on the Iraqi economy.

Said Chandler in a press statement, said that " the Iraqi Central Bank 's decision to close the branches of Iraqi banks operating in the Kurdistan Region is a catastrophic Iraqi banks , " pointing out that the decision will harm the Iraqi economy as a whole. "

He explained that" this decision is a political before it is economically , "asserting that" the party that Ankzth is not familiar with the technical Alhawwanb to the consequences of this action in the event of implementation. "

the economic expert, that" banks will bear the subordination of this decision they will not be able to obtain funds and facilities loans granted in the region in what would be on the main bank to repay Walt Lamas by the citizens of depositors . Otherwise, the exchange will be subjected to collapse due to a lack of trust credibility. "

He called Chandler" who stands behind the decision to review their accounts and obey as determined by the technicians at the Central Bank. "

The face of the Central Bank of Iraq, November 7 th, all banks in the country to stop the work of its branches in the Kurdistan region, warning of sanctions against anyone who does not abide by the new decision within a period of a week. It is

noteworthy that the Iraqi government has taken many of the political, economic and military measures against the Kurdistan region, after the independence referendum on 25 September 2017, to put pressure on Arby For the cancellation of the results of the referendum.


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The inclusion of 10 Lebanese banks in the Central Bank measures on suspension of work in Kurdistan

Post by rocky on Sat Nov 11, 2017 8:20 am

[ltr]The inclusion of 10 Lebanese banks in the Central Bank measures on suspension of work in Kurdistan[/ltr]

 Since 2017-11-11 at 13:22 (Baghdad time)
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[ltr]Baghdad Mawazine News[/ltr]
[ltr]According to Lebanese sources, the decision taken by the Central Bank of Iraq on the suspension of the branches of private banks in the Kurdistan region within a week, including 10 Lebanese banks, and pointed out that the decision is vague and incomprehensible.[/ltr]
[ltr]The Central Bank of Iraq issued orders to banks to close their branches in the Kurdistan region within a week to avoid a ban on the sale of the dollar.[/ltr]
[ltr]"The CBI decision includes Fransabank, Bank Audi, BLOM Bank, Byblos Bank, Mediterranean Bank, Credit Libanais Bank, Beirut Bank, Arab Bank, Intercontinental Bank, Bank of the Middle East and Africa, and Lebanese Lebanese Bank."[/ltr]
[ltr]The newspaper added that "the units of Lebanese banks in Iraq, specifically in the Kurdistan region, especially Erbil is the most numerous and widespread and active among the banks of expatriate."[/ltr]
[ltr]The capital of Lebanese banks is 500 million dollars as a result of the decision of the Central Bank of Iraq issued in 2016, which obliged foreign banks, including the Lebanese, to increase its capital to 50 million dollars. According to the newspaper.[/ltr]
[ltr]The representative of the Association of Lebanese Banks in Iraq, Samir Tawila, said that "the generalization of the Iraqi Central is unclear." He did not mention many details.[/ltr]
[ltr]"We have contacted the Iraqi Central and demanded clarifications, and will issue an explanatory note to this circular on Monday, which explains more details about the parties concerned specifically decision."[/ltr]
[ltr]He pointed out that "the circular requires banks that buy the US currency from the Iraqi Central, to close its branches or stop dealing with its branches in Erbil."[/ltr]
[ltr]He explained that "this circular affects all banks operating in the Kurdistan region, whether foreign or local, where it is prohibited to buy the dollar from the Central Bank in the case of branches in Kurdistan, and ask them to close their branches in the region in order to continue to participate in the window of sale and purchase of foreign currency" .[/ltr]
[ltr]He said Taweelah that "the Lebanese banks saw this circular" is unclear "because a large proportion of them do not buy the dollar from the central, and therefore wondered in this case if it affects the decision of the Central, and if it had to close its branches in Erbil.[/ltr]
[ltr]The Lebanese businessman Jack Sarraf said that "this decision is an internal banker related to the prohibition of the sale and purchase of the dollar on the branches of banks operating in Kurdistan."[/ltr]
[ltr]"The decision does not affect the Lebanese businessmen working in Erbil because they are doing their business normally and in foreign currency in most cases," he said.[/ltr]
[ltr]The Iraqi parliament had voted earlier in the month to stop financial transactions with Kurdistan in response to the referendum on independence[/ltr]


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