Central Bank: 70 banks in Iraq and a plan to integrate them

Release Date: 2018/9/18 8:32


{Baghdad: Al Furat News} The Central Bank of Iraq, the number of private banks operating in Iraq.

"When I assumed responsibility, I found that the number of private banks, transfer and exchange companies exceeded the need of the market. We did not grant any new license to open a commercial bank or a banking license. We also canceled the transfer companies, Intention to restructure the banking companies, which leads to greater control over them and there is a plan to merge some banks. "

"But we have given us licenses to open a number of Islamic banks based on the facilities provided by its law, as the Council of Representatives put forward a paragraph that helps to establish it, reducing the required capital at the time of incorporation."



"There are currently 70 working banks in the country, 20 of which are branches of foreign banks, but most of them are newly formed, so it did not reach the level of ambition, and these banks worked under exceptional circumstances experienced by the country."

"As you know, the main task of banks is to provide credit through the granting of loans and other services, in return, take the funds of depositors and give them a percentage of interest, but Iraqi banks in general have a great difficulty in doing this Activity. When a loan is granted, the borrower often does not meet its repayment despite the high collateral given by the banks and the high interest rate, as borrowers may be up to 20 percent. "

"The problem is that the bank, when it starts its actions against the borrower, such as the seizure of the property, for example, faces a significant delay in legal proceedings by other parties, in addition to threats of tribal or partisan, and this makes banks afraid to grant loans."


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50 banks in Iraq and its capital to the leaders of the political process


Last updated: 18 September 2018 - 10:21 p

BAGHDAD / The Central Bank of Iraq revealed on Tuesday the number of private banks operating in Iraq.

"When I assumed responsibility, I found that the number of private banks, transfer and exchange companies exceeded the need of the market. We did not grant any A new license to open a commercial bank and leave a banking company, and we have canceled the financial transfer companies, in the presence of an intention to restructure banking companies leading to greater control over them and there is a plan to merge some of the banks, "Istrk," but granted us permission to open a number of Islamic banks on the basis of Facilities provided by its law "There are currently 70 banks working in the country, 20 of which are branches of foreign banks, but most of them are newly formed, so did not reach the level of ambition, and the banks have worked under conditions "As you know, the main task of banks is to provide credit through the granting of loans and other services, in return, take the money of depositors and give them a percentage of interest, but the Iraqi banks in general Facing "When a loan is granted, the borrower often does not meet its repayment despite the large guarantees taken by the banks and the high interest rate, as the borrower may be up to 20 percent."

"The problem is that when the bank starts Such as the seizure of property, for example, faces a significant delay in legal proceedings by other parties, in addition to threats of tribal or partisan, and this makes banks fear of granting loans. "In the same context, a financial expert said Tuesday that all Private banks in Iraq belong to leaders The political process and most of the Shiite alliance registered the names of other fronts forehand them.


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