Central Bank of Iraq agrees to the establishment of Iranian banks in Baghdad

Central Bank of Iraq agrees to the establishment of Iranian banks in Baghdad
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Approved by the Iraqi Central Bank on the establishment of Iranian banks in the Iraqi capital Baghdad.

The news agency Fars that "the Central Bank of Iraq agreed to the establishment of the two banks, the Iranians after the request made by the Iranian embassy in Iraq.

And, Ali Heydari, an economist at the Iranian embassy end of legal proceedings for the opening of the two Iranian banks and expressed hope that spraying their doors to customers soon.

And said, "before the banks Barcan and Carr Efren chance one month to choose a place for the establishment of Cabtehma and transfer money to them."

http://non14.net/display.php?id=9920

Update....(reason I hate Iraqi newspapers)

Iraq unlikely to allow Iran banks due to sanctions

Sun Aug 1, 2010 8:59am EDT

By Khalid al-Ansary

BAGHDAD Aug 1 (Reuters) - Two Iranian banks seeking to open branches in Iraq are unlikely to get government approval due to economic sanctions imposed on Tehran in a row over its nuclear programme, an Iraqi central bank official said on Sunday.

Last month, Iraq's central bank said the OPEC member was in talks with six or seven foreign banks, among them Iranian and Lebanese lenders, which are interested in entering the country despite insurgent attacks.

Among the applicants are Iranian lenders Karafarin Bank and Bank Parsian, which want to set up shop in the Iraqi capital, Baghdad, said Waleed Eedi, acting director-general of banking supervision at the Iraqi central bank.

Shi'ite power Iran has strong political and economic ties with neighbouring Iraq with its Shi'ite majority.

But due to a new round of U.N. sanctions, the central bank had asked the foreign ministry and council of minsters for guidance.

"No approval has been made so far," Eedi told Reuters. "We are awaiting a reply from them (foreign ministry) and I, personally, expect that their reply will be a no."

The United Nations and the European Union have imposed new restrictions on Iran over its nuclear enrichment activities, which the West fears could lead it to make a bomb. The sanctions focus on the country's banking and energy sectors. [ID:nLDE66C1KC]

Iraq is trying to attract foreign investment to develop its infrastructure and diversify the oil-dependent economy but many firms are waiting for security to improve. (Writing by Ulf Laessing; Editing by Michael Shields)


http://www.reuters.c...E67005920100801