Foreign banks are looking to withdraw from the Iraqi market
October 22nd, 2016
Central» kept her from a capital increase to $ 50 million of
Baghdad 's new morning:
At a time when foreign banks registered an impressive growth, especially in the past few years, looking this day in the possibility of withdrawing from the Iraqi market, including the Lebanese, as a result of pressure on the big and the costs borne by the payoff is relatively weak interview.
These banks continue to suffer from a series of problems and complications in the work inside Iraq, where he complains of foreign banks are not the CBI decision yet any procedural decisions in relation to the promotion of universal banking, stayed banking complexities imposed relating to the safeguards required in return for the granting of loans, in addition to oblige foreign capital increase banking crisis to $ 50 million, and the crisis of foreign banks, including the Lebanese working in Erbil and Sulaymaniyah, which influenced her work as a result of the separation of the work of the Iraqi Central Bank branch in this Mahafezta central Baghdad.
days specified in the end of last June and established by the Iraqi monetary authorities deadline ago, resulted in efforts led by the Association of banks in Lebanon and the Central Bank of Lebanon to solve part of the Lebanese banks operating in the Iraq crisis, and of the imposition of the Iraqi Central Bank on the foreign banks to increase their capital to $ 50 million in return for opening an unlimited number of branches.
and according to sources , the follow - up of the file, it is expected that the central bank sends Iraqi letter to the public and foreign banks in Iraq informing hereby consent to retail for the increase of capital of each institution or banking group in two installments , the first value of $ 25 million to be worthy of the second installment of the total amount they are also at $ 25 million at the end of June 2017 solutions, conduct contribute to alleviating somewhat the costs that have forced foreign and Lebanese banks specifically allocated for the provision of a capital increase.
first decision of the central Iraqi was fixed increase to $ 70 million , but the Central Bank of Lebanon and the Association of banks were able to mitigate the increase to $ 50 million.
in this context, stresses sources follow - up file that this final version approved by the Lebanese banks after hours of negotiations at the CBI headquarters in Baghdad , although they have expressed their full satisfaction with it, will force some of these banks to reconsider their future in the Iraqi market, in addition to its expansion plans , which was developed in the past within this market, and also after it became the risks and complications is higher than the level of profitability ratio and investment worthwhile.
observers believe that the crisis of the capital increase will force these banks administrations to bear additional costs are no longer act as the only problem experienced by foreign banks in Iraq, including the Lebanese. Indeed, did not find the Lebanese banks in Iraq yet again the ultimate solution to the crisis experienced since the beginning of November last. The day the Bank of Lebanon and the Association of Banks in Beirut received a copy of the book has already been operating in Iraq , the banks received from the central bank, informing it that the sub Erbil and Sulaymaniyah did not prepare , associated with him administratively or organizationally or even financially, but have become linked to the Ministry of money in the Kurdistan region. This measure raising fears among foreign banks operating in Iraq, including the Lebanese Certainly, the fact that the central step means a failure to recognize after the date of issuance of the decision amounts deposited with branches in Erbil and Sulaymaniyah, the Lebanese banks in dinars or the dollar.
The CBI has granted licenses to a number of banks It is: Fransabank, Banque Audi, Bank of BLOM, Byblos Bank, Mediterranean Bank, Credit Libanais, Bank of Beirut and the Arab countries, Intercontinental Bank, Middle East and Africa Bank Lebanese French Bank.
[You must be registered and logged in to see this link.]
» utube 7/25/24 MM&C Iraq Dinar Update - IQD Revaluation-Key Indicators - Deposit Insurance -Arbitra
» utube 7/23/24 MM&C Iraq Dinar-Prime Minister Advisors-Saleh-Al-Nusairi-Facts bringng facts-Reforms
» MMK&C 7/21/24 Government Advisor: Adopting auditing of foreign transfers contributes
» MM&C 7/21/24 Proposed measures to address the rise of the dollar
» Iraq ranks high in income inequality among citizens
» Within months.. Al-Imar: The amount of loans disbursed amounted to about 750 billion dinars
» Parliamentary Integrity confirms the start of opening the files of former officials
» Iraq and the German Development Bank sign an amendment to the loan agreement to finance a number of
» Regional oil...between export ban and smuggling suspicions
» Economist: Faw Port is an important step towards sustainable economic development and a major gatewa
» Parliamentary Investment "Mocks" Solution to Housing Crisis in Complexes: "Joke" and Government Must
» Multi-million dollar agreement to support Iraqi agriculture
» From Chaos to Law.. The Crowd Breathes with the First Reading of “Service and Retirement”
» Oil Minister inaugurates first phase of associated water injection project in Rumaila field
» Water Resources: The reality of desertification in Iraq is better than before
» Disappearance of 50,000 Pakistani tourists in Iraq.. Government position: We will start the investig
» Iraq reveals the value of its agricultural exports: 400 thousand tons in 6 months
» Electricity directs the rapid implementation of the solar power plant project in Khanaqin
» Worth $20 billion.. Iraq is second in trade exchanges with Iran
» (56) megawatt card.. Opening of the gas power plant in Majnoon field
» Parliamentary Committee: Amending this law will address many problems
» Iraq and the German Development Bank (KFW) sign an amendment to the loan agreement to finance a numb
» Finance discusses regulating the work of government banks with international auditing firm Ernst & Y
» The Prime Minister receives the approval of the coalition of companies that won the investment oppor
» US Ambassador: We helped Iraq with $3.6 billion in the displaced file
» In two stages.. The Minister of Oil inaugurates the associated water injection project in the Rumail
» Who manipulated the budget settings? Adding 15 trillion dinars for the benefit of the people or for
» Statement of the Iraqi Communist Workers’ Party on the “Personal Status Law Amendment” Project
» The American arm has become short.. Iraq will eradicate the “SDF” from Syria
» The idea of the “Sunni region” is maturing again.. The insistence of Western politicians collides
» Iraq takes its share of negative development and faces “electronic blackmail”
» Education in Iraq: Between the lack of schools and the delay in providing supplies
» Economist lays out solutions to get rid of the dollar’s dominance: moving towards a currency baske
» The Presidency of the Republic issues a special pardon for a bank manager accused of embezzlement
» The Ministry of Agriculture reveals the volume of its exported products in numbers
» Transport reveals its latest steps towards lifting the European ban on Iraqi Airways
» "Doors are closed" in Parliament.. Will political pressures result in the election of a new presiden
» Prime Minister's Advisor: Kirkuk government formation will be decided within 20 days
» US dollar exchange rate stability in Baghdad
» Reconstruction: New applications for Housing Fund loans will be opened when liquidity is available
» The US Federal Reserve adopts a new strategy towards Iraq.. The dollar is threatened with rising to
» First government comment on the leakage of 50 thousand Pakistanis in Iraq
» Parliamentary Integrity Committee announces keeping the session hosting the Minister of Water Resour
» Parliamentarian reveals the reason for the recent talk about the Sunni region
» Secrets of the Coordination Framework meeting with the Sunni forces.. Three proposals to resolve the
» Iraqis' spending on tourism is equivalent to the electricity budget.. What is the number of traveler
» "Two Papers of the Tashah in Parliament"... Warnings against implicating the legislative institution
» Turkish Minister reveals details about the security corridor in Iraq and the development road projec
» Does it stipulate the marriage of minors? What does the paragraph amending the Personal Status Law i
» One of the motives of the "salary scale".. Iraq is ranked 87th globally in "income inequality"
» "Vigilant Guardian"... Harmonious Supervisory Cooperation to Guarantee Citizens' Deposits in Iraqi B
» Saleh: The Central Bank's dollar reserves are solid and the GDP rate is very optimistic
» Economist accuses political parties of controlling the exchange rate on the black market
» Minister calls for establishing centers for Turkish commercial agencies inside Iraq
» 98% increase in foreign remittance sales at the Central Bank of Iraq auction
» Important meeting between Al-Sudani and the "Arabs of Kirkuk" to decide on the formation of the prov
» Housing projects in the Kurdistan Region are expensive internally and suitable externally
» Slight decline in the "green paper" in Baghdad stock exchanges
» OPEC: Iraq, Russia to compensate for surplus oil production
» Economist: The Iraqi banking sector has achieved significant growth
» Does integrity interfere with the work of institutions when they conduct investigations into suspici
» Parliamentary Finance: The Central Bank agrees to increase the capital of the Real Estate Bank to ex
» The region lags behind "electronic systems".. Transactions are still paper-based and the authenticit
» Media Authority: We are working on strategic agreements with global companies to bridge cybersecurit
» Al-Sudani stresses the importance of completing the formation of the Kirkuk government and reaching
» The region lags behind "electronic systems".. Transactions are still paper-based and the authenticit
» Iraq prepares to sign strategic agreements with global companies to bridge the digital divide in the
» Exporting (10) million liters of black oil daily.. Oil: Karbala has become an oil port that supplies
» Used as a gift and used for fraud.. The Central Bank warns against the circulation of commemorative
» Judge Faeq Zidane: International cooperation is important in the field of combating terrorism
» Al-Abbasi: Framing the relationship with Washington according to the Iraqi constitution
» Within 6 months.. The European ban on the green bird will be resolved
» Thwarting the smuggling of 21 million liters of petroleum derivatives
» Record
» Production of 24 thousand electric cars annually
» The second phase of the campaign (restricting weapons to the state) begins
» Inclusion of social protection beneficiaries in internal contracts
» The Prime Minister directs the rapid completion of Baghdad entrance projects
» Minister of Labor announces launch of health insurance service for social protection beneficiaries
» Via "Baghdad Today" .. Oil Minister announces increasing social benefits to 10 million dollars
» Joint Statement by the Iraqi and US Ministries of Defense
» Al-Sudani meets with a delegation from the American engineering consulting company KBR
» Kurdistan procrastinates to obtain the "lion's share".. Discontent over the delay in localizing empl
» Withdrawal is "Out of Reach"... Analysis of the Joint Iraqi-American Statement
» Al-Sudani stresses the importance of completing the formation of the Kirkuk government and reaching
» "Black Money" Fuels Investment Stock Exchange.. Countries That Prospered with Looted Iraqi Money
» Central Bank warns against circulation of $1 million commemorative notes
» Planning for “Al-Zawraa”: The five-year plan targets different sectors and does not include traditio
» “Unfair and deepens sectarianism”.. Why did the amendment to the Personal Status Law spark anger in
» Launching an electronic application for Iraqi retirees
» The crowd responds to Halbousi: A person convicted of forgery is not qualified to appoint himself as
» Al-Fayadh: We appreciate the Iraqi Parliament’s progress with the first reading of the service and r
» Nassif: The political process needs Al-Sadr and Al-Maliki to “rule” it
» Al-Mandlawi winks at Al-Halbousi: We reject insulting those who presented thousands of martyrs
» adhere to the rules of the Islamic religion and needs to be reformulated (tweet)
» Sarwa Abdul Wahid: The rivalry between Baghdad and Erbil is just "clacks"
» Parliamentary Finance: The Central Bank of Iraq’s measures to change the exchange rate did not achie
» Al-Sudani meets with Kirkuk Arabs to decide on the provincial government