Bankers discuss how foreign banks will impact Iraqi economy

Posted: August 1, 2013 in Iraqi Dinar/Politics
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Bankers: the opening of branches of foreign banks in Iraq  investment in the country

01-08-2013

Machhdh the country of a large movement in banking was evident among some foreign banks to begin arriving on Iraq to open branches, which he found some of the points of legislative and governmental organizations and specialists step in the right direction while it considered private banks Iraqi that it does not support the Iraqi banking system.

The confirmed number of MPs and specialists in the field of banking (of the Agency news) that the advent of foreign banks will support the national economy and push the wheel forward being the investment would be a reason to enter the global investment companies, which in turn will find a guarantor for its money.

The consultant said the Bank ‘Citibank’ U.S. in Iraq Stephen Randov: the move to our company came after an extensive study into the Iraqi market and stages developed in terms of lap that Iraq has become a magnet for investment in various sectors, especially in the field of oil, tourism, construction and housing so it was necessary to have us foothold in Iraq and we open our branch

He Randov in his speech (of the Agency news): The bank Citibank is one of the financial companies mission in America, so its presence in Iraq believe will have advanced stages in supporting the economy of Iraq and move full of foreign currency and the presence of liquidity foreign as possible benefit from the implementation of various projects and both sectors the public and private sectors.

It seems that the expansion of the volume of banking transactions in the country after the year 2003 is an opportunity for foreign banks to enter the Iraqi arena in order to expand its work in Iraq, he has become a good market for trading money in various investment projects in the general areas of the country.

And a foreign banks Bakdovernma step for Iraq excluded some Iraqi private banks to be aimed at supporting the Iraqi banking system or developed for reasons it said it was unaware of the development of the Iraqi economy.

Managing Director of the United Bank for Investment Mohannad Qassem, said, that foreign banks can not be described as supportive of the Iraqi economy in any way being far from the reality of the Iraqi economy and far from the details of the work of the Iraqi citizen, and far from the concerns of the Iraqi trader will therefore its not feasible.

Kassem said (of the Agency news): The foreign banks in Iraq purpose only profit while the national banks in particular special purpose support the Iraqi economy and raising its standards by increasing their capital in every year and give loans and adopted for projects large and medium.

While the parliamentary Finance Committee disagreed with the expectations of some private banks in the advent of the recent foreign banks that would be a reason to enter the global investment companies, which in turn will find a guarantor for its money.

A member of the Finance Committee, the parliamentary Hassan Ozmn (of the Agency news): The Iraqi banks, especially private ones may be on خطئ when they refuse the advent of financial companies to open branches in Iraq, they even did not work V.ihm would be the benefit by giving a great opportunity for foreign banks that rest assured their money in Iraq.

He Auzmn: he was rather to what came before that reject the coming of the coming and the work of foreign banks was for us to wonder about the fate of the Banking Act, which is still going on between the inclusion of the House of Representatives without debate or even presented as a project, noting that the Banking Act and if enacted would have reflected positively on Iraqi money market and perhaps even raise the value of the dinar and regulates all banks.

He Auzmn: that the banks that came open now is the banks that everyone wishes of private banks and the public to be correspondents where they are closer to the action at home, where will create an atmosphere of real competition and evaluate the banking business with the banking business in Iraq and how to provide global service.

The Iraqi government has allowed the Bank City Bank U.S. to open branches in Baghdad, while waiting Departments bank Standard Chartered, the British and the Goldman Sachs U.S. official approvals to open branches for them in southern and central Iraq and north Mpintan that foreign companies operating in particularly British and American looking for financial services ‘more supportive’ in its business there.

It consists of the banking system in Iraq from forty-three banks as well as the Central Bank and distributed by the property (7) state banks and (30) Ahli Bank, including (7) Islamic banks in addition to (6) of foreign banks.

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