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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


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    Iraqi banking environment needed for sophisticated international banks to create a competitive atmo

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    • Post n°1

    Iraqi banking environment needed for sophisticated international banks to create a competitive atmo Empty Iraqi banking environment needed for sophisticated international banks to create a competitive atmo

    Post by day dreamer Mon 18 Feb 2013, 12:13 am


    Specialists: Iraqi banking environment needed for sophisticated international banks to create a competitive atmosphere and the transfer of expertise and technology




    Date: 02/18/2013 06:22:35 Monday


    Baghdad (news) / report / Hussein Faleh / .. He attributed the number of MPs and experts in the field of banking reason behind the Iraqi banking sector for the global to the old legislation, which is still followed by the local banking system.
    Calling during their talk (of the Agency news) to the need to encourage international banks to open branches in Iraq to create a competitive atmosphere among local and foreign banks and to benefit from the transfer of expertise and developments in the banking industry.

    The association of private banks announced for the desire of many international banks to enter the Iraqi environment for the purpose of employment and participation in the country's banking.

    The administration British Standard Chartered Bank announced its intention to open three branches in southern and central Iraq and north, indicating that foreign companies operating in it, especially the British and Korean are looking for financial services "more supportive" in their work there.

    The executive director of the Association of private banks Abdul Aziz Hassoun (of the Agency news): The international banks have cravings to open branches in Iraq or contracting with Iraqi banks to participate in its work and transfer technological global banking to it, noting that negotiations are still ongoing with bank boards of directors, and that the coming period will witness more of an international bank participant with an Iraqi bank.

    He added: that the goal of international banks to operate in Iraq came for the purpose of their usefulness primarily through earn a profit, but remains on Iraq to take advantage of the existence of such banks in training and transfer of expertise.

    He noted: that the Iraqi banking system consists of (50) banks, manages all things financial and banking in the country, so it does not need foreign banks, adding to say, that international banks come to Iraq to take advantage of some of the facilities granted to them by the laws of the country for the purpose of work and seeking profits.

    As vice chairman of the Finance Committee Ahmed Hassan Faizullah, stressed the importance of encouraging international banks to open branches in the country, to take advantage of the expertise possessed by those banks and the development of the Iraqi banking sector.

    Said Faizullah (Agency news): The Iraqi banking environment desperately needs to enter international banks known to contribute to economic development through financing for investment projects, as well as gaining experience and modern technologies in the field of banking.

    He pointed out: that the investment process in the country require the presence of a sophisticated banking system to facilitate transactions and to ensure investor money, so must find a sophisticated banking system in the country.

    While a member of the Finance Committee MP / National Alliance / Amin Hadi Abbas, stressed: that Iraq lacks the advanced banking environment technology, which led to a large gap between the work of local and international banks.

    Abbas said (of the Agency news): The main reason for failure of the Iraqi banking system due to legislation old that do not fit with the banking systems of recent global, they need some amendments into law banks for the year 2004, as well as the lack of joint work between local and international banks in foreign investment .

    He added: that the central bank demands develop mechanisms and conditions of local banks needed to update its mechanism according to modern techniques and new technological developments to facilitate dealings with international banks and attracted to open branches in Iraq to contribute to the promotion of the economic development process in the country.

    The central bank has set a three-stage plan to raise the banks' capital to $ 213 million by June 2013 to stimulate lending at a time when Iraq recovers from Chapter VII sanctions.

    It is noteworthy that Iraq has seven banks owned by the state, and 23 private banks and eight Islamic banks in particular, according to the site's central bank, while dominated by the banking sector banks Rafidain and Rasheed, and subject currently restructuring in order to pay off the debts accumulated after years of war and sanctions.

    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 /

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    ron-man
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    • Post n°2

    Iraqi banking environment needed for sophisticated international banks to create a competitive atmo Empty Re: Iraqi banking environment needed for sophisticated international banks to create a competitive atmo

    Post by ron-man Mon 18 Feb 2013, 9:58 am

    We all know that if you can't make a profit then why have a bank.The greed in Iraq is really on the move .It is no wonder that the average person is not going to do well as long as the wealthy control the strings.Wow kind of like our goverment huh.
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    • Post n°3

    Iraqi banking environment needed for sophisticated international banks to create a competitive atmo Empty Re: Iraqi banking environment needed for sophisticated international banks to create a competitive atmo

    Post by Neno Mon 18 Feb 2013, 10:24 am

    I actually like this report. It's telling me they know they got to get on a global scale. That global scale which is a trading platform is held down by VII. They know it and we know it. By having Iraq on a global trading platform, that it's self will start the value to move.
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    • Post n°4

    Iraqi banking environment needed for sophisticated international banks to create a competitive atmo Empty Re: Iraqi banking environment needed for sophisticated international banks to create a competitive atmo

    Post by zimi31 Mon 18 Feb 2013, 1:31 pm



    The central bank has set a three-stage plan to raise the banks' capital to $ 213 million by June 2013 to stimulate lending at a time when Iraq recovers from Chapter VII sanctions

    I like this part...sounds to me like this is when V11 has been lifted(probably in April :) ) and they're trying to get the economy moving by getting money into the system. If they want that done by June, maybe they're expecting something to happen!!!! Hope it's not wishful thinking on my part.
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    lonelyintexas
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    • Post n°5

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    Post by lonelyintexas Mon 18 Feb 2013, 3:07 pm

    Like the report sounds like a plan. Moving forward.
    LIT
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    • Post n°6

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    Post by ron-man Mon 18 Feb 2013, 3:43 pm

    This is a good souding plan
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    onecinful1
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    • Post n°7

    Iraqi banking environment needed for sophisticated international banks to create a competitive atmo Empty Re: Iraqi banking environment needed for sophisticated international banks to create a competitive atmo

    Post by onecinful1 Mon 18 Feb 2013, 8:47 pm

    these phases were introduced back in 2011 as a requirement for private/commerical banks in Iraq, to raise their capital to 250 billion dinars/213 million dollars by June 2013,

    "Iraq’s central bank has asked private banks operating in the country to raise their capital to 250 billion dinars by the end of June 2013 to increase lending, investment and competitiveness. The country has seven state-owned banks, 23 private banks and eight foreign lenders, according to the central bank website. Iraq also has 11 Islamic banks."

    if you research you'll find out that some banks are having a hard time raising that kind of capital and are looking for international banks to partner with to help raise the capital needed as required by the CBI, the reason for the CBI raising the capital requirement is to increase lending's as most banks around the world have a 80/90% lending rate, Iraq has about 45/50% lending rate. plus International banks would be held to the same standard.
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    Screwball
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    • Post n°8

    Iraqi banking environment needed for sophisticated international banks to create a competitive atmo Empty Re: Iraqi banking environment needed for sophisticated international banks to create a competitive atmo

    Post by Screwball Mon 18 Feb 2013, 9:08 pm

    this is true they have constantly chnaged the goal posts regarding these capital limits because as you said banks cannot raise the funds in the required time! They will need banks to have a higher capital limit as part of Bassell requirements as well as give them the ability to loand on credit for rebuilding etc!





    onecinful1 wrote:these phases were introduced back in 2011 as a requirement for private/commerical banks in Iraq, to raise their capital to 250 billion dinars/213 million dollars by June 2013,

    "Iraq’s central bank has asked private banks operating in the country to raise their capital to 250 billion dinars by the end of June 2013 to increase lending, investment and competitiveness. The country has seven state-owned banks, 23 private banks and eight foreign lenders, according to the central bank website. Iraq also has 11 Islamic banks."

    if you research you'll find out that some banks are having a hard time raising that kind of capital and are looking for international banks to partner with to help raise the capital needed as required by the CBI, the reason for the CBI raising the capital requirement is to increase lending's as most banks around the world have a 80/90% lending rate, Iraq has about 45/50% lending rate. plus International banks would be held to the same standard.
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    • Post n°9

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    Post by ron-man Tue 19 Feb 2013, 10:10 am

    Everybody needs a helping hand at one time or the other.If they need help,and can find a sound partner with clean morals whynot partner up.It helps all that is or will be involed.
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    • Post n°10

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