Central Bank gives licenses to foreign banks

by **Rocky** Tue 26 Aug 2014, 6:21 am

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Central Bank gives licenses to foreign banks

by Rocky Tue 26 Aug 2014, 6:21 am

Central Bank gives licenses to foreign banks

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 for trading banking available dramatically, but it lacks the right decision for the application on the ground and within the contexts of the world recognized.”
and added that “the availability of advanced banking services lead to Ease in financial transfers for 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” .
, and between that “alleviate some of the complicated procedures for action banking allows banks to civil particularly work on the development work and the use of electronic systems modern equivalent of what exists in neighboring countries.”
and stressed that “routine procedures miserable and managed by banking institutions, the current created an environment repulsive corporate foreign investment Over the past ten years, causing slowed economically significantly. ”
and stressed that “the work on strengthening the economy and its development should be a system developed banking and operates in accordance with the electronic systems of modern followed 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 opened to be “competitive with Iraqi banks and not supportive,” attributing it to being “offers the benefit of companies, countries on the reality of the Iraqi financial sector.”
said Hassoun, a former head 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 that “it is contrary to custom financial calls the laws of the Iraqi banks. ”

said 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 for the advancement of various Iraqi projects, 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 “its policy prohibiting it because it came to the implementation of personal interests not only.”
and criticized the financial expert, ” procedures for the CBI, “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 projects that registered a negative point against it. ”
and the central bank had earlier announced its intention to implement the project divided the national which includes linking banks network unified communications managed by a specialized international company and under the supervision of the Central Bank.
was 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 Branch One of the Arab bank for violating the conditions stipulated by laws.
mentions that the Iraqi Central Bank Governor agency, Abdul-Basit Turki, had threatened during a financial conference held in Dubai, the withdrawal of licenses of five banks operating in Iraq, he did not identify, unless the increase of their capital.
was founded Central Bank Iraqi 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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