July 2, 2011
Baghdad, July 2 (Rn) – The Central Bank of Iraq, Saturday, that the number of branches of foreign banks in the country of 7 branches.
The central bank adviser said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that “the number of foreign affiliates in Iraq hit 7 branches and 7 partnerships with private banks which operate in accordance with licensing law No. 94 of 2004.”
“The Central Bank of Iraq works on attracting more international banks to raise the level of banking in the country to foreign Ttoiralaguetsad integration and global banking.”
He noted that “Iraq is a road map to strengthen the presence of a typical foreign banks in the country based on raising capital and developing banking services Interior, which aims to create a banking environment is characterized by competition.”
He said “a few posts a foreign bank not fit with the nature of the Iraqi economy, which plans to open up to the global economy through the banking sector.”
And select the CBI 250 billion dinars as a minimum for the establishment of private banks in the country.
The House of Representatives its first session the Banking Act legislation in 2007 to organize the work of private and state banks.
And the central bank of Iraq in February that he would give the number of licenses to establish private banks, stressing that the increase in banks will enhance the economic role of the country.
He denied the central bank in June 24 that the development of Iraqi private banks according to risk is confirmed by the Ministry of Finance regularly.
The total capital of banks, Iraqi Special billion and 600 million dollars now, other than that owned by the branches of Arab and foreign banks operating in the country.
The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and management of reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.
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