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Neno's Place Established in 2006 as a Community of Reality


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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


    Central Bank gives licenses to foreign banks without a commitment to development

    Rocky
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    Posts : 281327
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    • Post n°1

    Central Bank gives licenses to foreign banks without a commitment to development Empty Central Bank gives licenses to foreign banks without a commitment to development

    Post by Rocky Sun 24 Aug 2014, 6:33 pm

    Central Bank gives licenses to foreign banks without a commitment to development

    25/08/2014 (00:01 pm)

    BAGHDAD / Ibrahim Ibrahim

    Called economic experts and specialists in the matter of financial and banking sector, the central bank need to work on the expansion of electronic payment services to facilitate the operations of banking and financial transfer to speed up the cycle of the Iraqi economy, criticized the banking system and the way it works that do not comply with international standards and that is not based on providing banking service sound-sensitive by which time the price for a wide audience of citizens and companies, stressing the importance of routine procedures to ease the work of the banks to enable them to develop their work and the introduction of modern electronic systems.

    The economist said Mohammed Hammad al-Ani, in an interview for the "long", that "the possibilities and financial mechanisms available for trading banking dramatically, but it lacks the right decision for the application on the ground and within the recognized global contexts."

    "The availability of advanced banking services lead to ease the financial transfers to individuals and businesses in addition to the speed of achievement he needs the investment side of the country." He explained that "the process of development of the banking system can be realized through the issuance of instructions by the central bank encouraged by the banks to the introduction of devices modern banking, and urging them to expand electronic payment services, which is one of modern systems and necessary in the banking business, as it facilitates the exchange of financial" .

    He said the "ease some of the complicated procedures allow private banking work for banks, in particular, the civil work on the development of its electronic systems and the use of modern parallel to what exists in neighboring countries."

    He stressed that "the miserable routine procedures which are managed by banking institutions have created the current environment repellent corporate foreign investment over the past ten years, causing economically slowed significantly."

    He stressed that "the work on strengthening the economy should be developed and the existence of a sophisticated banking system and works according to modern electronic systems used in most countries of the world."

    While stressing the Iraqi Central Bank, on the need to use modern technologies in Iraqi banks, which are the fundamental basis for the work in the banking world, including the expansion fits in the economic activity of the country. But financial expert Abdul Aziz Hassoun, criticized the work of international banks in the country, and allow the Iraqi Central Bank to be open "competition Iraqi banks and not supportive," attributing it to being "offers companies the benefit of their countries on the reality of the Iraqi financial sector."

    He said Hassoun, a former president of the Association of Iraqi banks, in an interview to the "long-Presse", "The opening of branches of international banks in Iraq, including British, adds nothing to the banking sector or the financial Iraqi, for confining their work to firms of their countries", returned to the "contrary to custom financial advocated by the laws of the Iraqi banks."

    According to financial expert, that "the work of those branches draining foreign currency in Iraq because of conversions carried out by", stressing that "the branches of international banks do not employ a part of the funds deposited in or you are transferring in development projects or grant loans to promote projects various Iraqi, so form a rival Iraqi banks and not supportive. " And saw a goldfinch, that "any citizen or Iraqi businessman can not open an account in any of the branches of international banks, which should welcome this," pointing out that "policy so as to prevent it came to the implementation of not only personal interests."

    He criticized the financial expert, "the CBI action," accusing him of being "granted licenses to branches of international banks without forcing the implementation of a number of businesses that serve the country, such as loans and establish what projects recorded a negative point against it."

    The central bank had earlier announced its intention to implement the project divided the national banks, which includes linking unified communications network managed by a specialized international company and under the supervision of the Central Bank.

    The Iraqi Central Bank revealed, in the first half of 2014, the opening of 15 branches of Arab and foreign banks in the country, as a result of his policy of openness to the world, noting that the withdrawal of leave one branch of the Arab bank for violating the conditions stipulated by laws.

    The governor of the Iraqi Central Bank and the Agency, Abdul-Basit Turki, had threatened during a financial conference held in Dubai, the withdrawal of licenses of five banks operating in Iraq did not identify, unless the increase of their capital.

    The Central Bank of Iraq was established as a bank independent under the law issued on the sixth of March 2004, as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies are being daily sessions for the sale and purchase of currencies.


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