Member of the economy: encourage international banks to enter Iraq is essential to support the local banking sector and development

Date: 22/08/2012 10:25:07 Wednesday



Baghdad (news) .. Called a member of the Committee on the economy and investment MP / National Alliance / Abdul Abbas Xiaa, the need to allow investment banks to support the international development of the investment process and create a competitive atmosphere between them and the local banks.

Said Xiaa (of the Agency news) on Wednesday: The international banks sober with capital and high considerable experience will create an atmosphere competitive among local banks in terms of providing the best services at the lowest costs, when given the opportunity to enter the Iraqi environment, as well as it will support the Iraqi banking sector and its development through the transfer of global experience to him.

He added: should encourage international banks to enter the Iraqi environment and open branches in Baghdad and the provinces, because it would serve the national economy in terms of its support for the banking sector and the development process of investment in the country, especially since the central bank law current authorizing open international banks in Iraq and deal by the treatment of local banks from by the central bank through the granting of foreign currency in the foreign remittances and provide facilities to them.

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

Although the Investment Law No. (13) for the year 2006 has excluded investment in the banking sector of its provisions, but the investment in the banking sector takes its legal framework based on the legal central bank No. (56) for the year 2004, banks No. (94) for the year 2004, with a minimum to create a bank in Iraq (100) billion Iraqi dinars (around 85 million dollars.

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