Home
Financial (range): necessity require the twinning with international banks
On: Friday 5/25/2012 3:12
Baghdad / Ahmed Abed Rabbo
said an official at the Ministry of Finance on the need for the participation of Iraqi banks with their foreign counterparts because the first is still working mechanisms of old.
said Helal Taan (range): The banking sector in Iraq desperately needs the participation of Arab and foreign banks, adding that the partnership is by contributing to the bank's capital as well as transfer of modern technology enjoyed by the foreign banks
Through the introduction of the staff of the Iraqi banks cycles sophisticated about modern banking and comprehensive so that the process of mating between banks in a gradual and not sudden.
He Taan: that this process contributes to increase the capital of Iraqi banks in a very large addition to the introduction of hard currency into the market, which will reflect positively on the development of the Iraqi economy and accelerate the movement of investment increases the total output in the country, pointing out that the progress of the banking sector is a clear sign indicating the country's progress.
and that the entry of international banks increases the investment ratios of 25% to 30%,
stressing the need to provide climates bank needed to be ready for the partnership by changing the old legislation on banks and enact new legislation kept pace with the evolution in the banking system in the world, pointing to the need to educate citizens on systems modern banking.
For his part, said the economist Majid picture (range): The partnership of Iraqi banks universal contribute to the transfer of technology, pointing out that this approach does not offer significant employment opportunities in Iraq, denying the existence of the study and realistic to its impact on the Iraqi capital.
and added the picture: You must specify the rate of participation of these banks so that the capital requirements allocated by the Bank Central, which is estimated up to 250 billion dinars, pointing out that foreign banks do not deal for investment but for the provision of banking services so that the central censor the work of these foreign banks.
It is noteworthy that the number of Iraqi banks in which the posts of foreign banks and Arab in their capital is six banks are different rates of posts where from 50% to 85% and the participation of Gulf banks with some Iraqi banks and a British bank with a bank of Iraq.
experts say Financial impact of a partnership of foreign banks and Arab on the recovery of the banking sector in Iraq because the new law allowed the participation of foreign capital with Iraqi capital, as well as the introduction of Technical and Technological Advice and the possibility of opening credits, direct any bank at any point in the world.
It is worth mentioning that the foreign banks operating in Iraq do not work independently, but under the umbrella of the banks, local community and that the investments of the regional countries in Iraq with a dye commercial and lacking in international standards.
has issued central bank instructions setting out the terms of these posts in terms of capital ratios participant in the bank and other conditions of contractual terms as a right banking management.
were many Arab and foreign banks made after the issuance of the Banking Act No. 94 of 2004 for licenses the establishment of private banks in Iraq, whether by 100%, or in partnership with local Iraqi banks, or to open branches to operate in Iraq, but security conditions have prevented it, except some few posts that have been made with a number of national banks.
[You must be registered and logged in to see this link.]
