Finance Committee Member: Entry of foreign banks to Iraq will promote the country’s investment

Posted: August 24, 2013 in Iraqi Dinar/Politics
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Mayahi: entry of foreign banks to Iraq reality will promote the country’s investment
24-08-2013 07:46 AM
Baghdad (news) .. A member of the Finance Committee MP / National Alliance / AMEER Mayahi, that the desire of foreign banks discreet to open branches in Iraq will contribute to the advancement of the process of investment and promotion of banking activity in the country and motivated by the development.

said Mayahi (of the Agency news): that the entry of global banks that have long experience in the banking industry and well-known at the level of the World for Iraq and open branches in Baghdad and the provinces will achieve positive results for the Iraqi economy, in terms of its contribution to the advancement of the reality of investment and to create an atmosphere competitive between them and the local banks.

Continued: and so it will affect the dinar exchange rate by increasing its price in front of hard currency, so it has to be to encourage those banks to open branches in the country, and take advantage of its expertise in the development of the Iraqi banking sector, which still suffers from underdevelopment.

said: It did not need legislation to new legal or amendments to some laws in order to bring global banks, and that it took the House of Representatives and the Finance Committee are prepared to legislate a law that allows for the entry of those banks and facilitate their work in Iraq in order to serve the country


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