Finance Committee member explains the impact of British Standard Bank joining the banking sector in Iraq

Posted: September 11, 2013 in Iraqi Dinar/Politics
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Specialists: the British Standard Chartered Bank opened a branch in Iraq would strengthen the banking sector and promote development of the country

09-09-2013 09:23 AM

Baghdad (News)/report/bahtik/… Exit Iraq from Chapter VII of the UN which was imposed by the United Nations since the 1990s to stimulate foreign companies and international banks, known as a discreet entrance to the Iraqi environment to work in.

Where Standard Chartered Bank expressed ‘ British ‘ who owns subsidiaries in different countries strong desire to open branches in Iraq, after having made a formal application.

He said the Iraqi Central Bank, agreed in principle to the British Standard Chartered Bank opened a branch in Baghdad for its business banking by the end of this year.

Specialists in banking and the economy in their talk (Agency news) on the importance of allowing international banks to open branches in Iraq, to support the banking sector in terms of gaining experience and capacity development, as well as to promote economic development in the country through its contribution to the financing of development projects in the country, remarkably self-critical Bank Standard Chartered ‘ British ‘ is a solid, global banks entry into Iraq will add vitality to the Iraqi economy.

Member of Finance Committee, MP//Abdul Ameer Al-mayahi, said: the opening of Standard Chartered Bank branches in Iraq would give a moral impetus to the advancement of the Iraqi banking sector by virtue of its experience and technological modern world uses, it will spur local banks to develop their capacities, as well as other global banks will be encouraged to open branches in Iraq.

He said Al-mayahi (News Agency): Standard Chartered Bank is the discreet world of experience in banking and known worldwide, his initiative to open a branch in Baghdad and other provinces will shift in banking and the economy, in terms of its contribution to improve investment and competitive atmosphere among local banks.

He continued: so it will affect the dinar exchange rate through increased its price for hard currency, so to be encouraging those banks to open branches in the country, taking advantage of its expertise in the development of the Iraqi banking sector still suffers from underdevelopment.

He added: the entry of international banks in the country did not need new legislation or amendments to some laws in order to bring global banks, and that requires the lower House Finance Committee touched without legislation the law allows for these banks and facilitate their work in Iraq to serve the country.

The head of the economic information center Dergham Hamad, praised the step standard charted Bank which is one of the world’s major banks to open branch in Iraq as they assume more of the benefit of Iraq and one of the advantages of exit Iraq from Chapter VII and the development in Iraq and open the door to international banks to open branches, like this.

He Mehmet Ali (News Agency): the opening of this section provide services, banking facilities and credit and open credit standards are currently available to clients of the banks and a new era of banking in Iraq, as well as to give confidence to the Iraqi currency than before through the circulation by the Bank and supports the efforts of Iraq’s access to international credit rating.

Confirmed: that the seriousness of this bank in the modern and affordable services via this branch will have local banks whether governmental or private development Bank performance to maintain competitiveness with foreign banks that perform local banks are not considered acceptable even though the minimum and that their capital is often low and limited activity by high interest rates on the loans are no longer able to compete but to re-evaluate the performance and scalability to keep pace with the evolution of banking in the world.

Banking expert, said NAFI Elias Abou: that foreign banks since its entry into Iraq yet offers something new up on the local banks owned by the private sector, noting that private banks began its development in the modern banking and tech services and benefit for the Iraqi economy despite the absence of Government support.

Abou explained in his (News Agency): that if the British bank entry new aspirations are different from what made albenhk other foreign grants soft loans with good amounts of reduced benefits it will give moral impetus to the economy, while if done habitually it would be the case if any local bank or local than it might be.

However, that Standard Chartered Bank has considerable experience in banking would benefit Iraq developments owned by the Bank, so it is a kind of experience and sophistication.

The Standard Chartered Bank of Britain, announced on Monday (February 11, 2013), intends to open three branches in South and Central and Northern Iraq, and that foreign companies operating in it, particularly the British and Korean looking for financial services ‘ more supportive ‘ in their work there.

The Standard Chartered Bank, founded in 1969 through the merger of two separate banks, namely the standard British, South African, Bank of India, Australia and China, taking advantage of the expanding trade between Europe, Asia and Africa, the Bank currently employs 87,000 people, speaking 170 languages, representing 130 nationalities, and has more than 1,700 Office, branches or sales outlets in 70 countries around the world

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