Rasheed Bank in connection with the opening of three overseas branches

9/9/2015 0:00

BAGHDAD Mustafa al-Hashemi
Iraq seeks to open up to the world through the international banking re-relations across the branches of the Iraqi government banks abroad, especially after his release from Chapter VII and the consequent caused great damage in the state of the banking system and financial sanctions cast a shadow over the country's economy.

In this regard, Director General of the Bank of Rasheed Mohammed Abdel-Wahab said that Iraq and immediately after the announcement of the lifting of international sanctions and exit from Chapter VII began a campaign of moves, saying in a statement »Sabah» that there is a committee was formed in the Ministry of Finance with a membership of the Rafidain and Rasheed to discuss the re-opening of the branches of government in banks outside Iraq as it is a gateway of trade relations and foreign investment.

He stressed that this issue is of great significance in moving the economy, and the improvement and development of economic relations between Iraq and the world, calling for the move and transfer procedures and agreements on the exit of Iraq from Chapter VII to the ground and make things real concrete and not a dead letter.

In this context, the Director-General also said that there are efforts to set up overseas branches of Rasheed Bank in Beirut, Romania and Pakistan, adding that the number of internal branches of the bank in 151 branches throughout Iraq, distributed among the provinces.

He noted that the number of branches now compared to the number of population and geographical area below the level of ambition and there are efforts within the bank plan in coordination with the central bank for expansion and opening of four branches annually to meet the needs of the public from banking operations.

Abdul Wahab said that his bank financed 27 projects ranging from a giant cement plants and agricultural fields have achieved feasibility and contributed to get the economy moving locally.
He noted that the continuous release of Rasheed Bank loans to widows and retirees in order to finance small and medium projects, stressing that the rest of the kinds of advances for citizens currently parked as well as a large rationing for other types of loans.

And advance Aokarz the 100 salary and the intention of re-working the said general manager that currently there are no such loans to citizens where exhausted the allocated financial ceiling as well as the reluctance of many of the borrowers to pay what discharged from premiums owed to the bank befuddled move forward in this direction.

He explained that the amount recovered proportion of the total amount which was dedicated to his predecessor, the 100 salary is only 50 percent, indicating that this one of the main reasons for the shut off.

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