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As security improves, Iraq banks seek a rebound.


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Economy News Baghdad:

The US Treasury announced on Friday that it is paying great attention to the development of the private banking sector in Iraq, indicating that it is optimistic about the opening of relations between Iraqi banks and US banks.

"The Iraqi banking delegation visiting the United States of America held a meeting with the US Treasury in Washington in the presence of Marshall Blanczelya Secretary of the Treasury for the financing of terrorism and financial crimes," the Association of Iraqi Private Banks said in a press statement.

"The Treasury attaches great importance to the Iraqi private banking sector and aspires to have a bigger role in the near future," the statement quoted Blanczalya as saying.

He added that he was "optimistic about the opening of relations between Iraqi banks and US banks and that the treasury did not draw red lines on these transactions."

On the other hand, said the Executive Director of the Association of Iraqi private banks, Ali Tariq, during the meeting, "Iraqi banks have greater confidence in the current stage of openness to the world as a result of the recent implementation of the directives of the Central Bank of Iraq on anti-money laundering and compliance and risk management."

He added that "the position of Iraq in general improvement continues, especially after the end of the war on terrorism and the legislation of the law against money laundering and financing of terrorism."

 

A delegation of Iraqi banks is visiting Washington to hold a series of meetings that will develop aspects of dealing between Iraqi and US banks.

 

 

Number of views 11   Addition date 20/10/2017

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US Treasury: We pay attention to the development of the private banking sector in Iraq

 

 Since 2017-10-20 at 13:04 (Baghdad time)

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Baghdad Mawazine News

The US Treasury announced on Friday that it attaches great importance to the development of the private banking sector in Iraq, indicating that it is optimistic about the opening of relations between Iraqi banks and US banks.

"The Iraqi banking delegation visiting the United States of America held a meeting with the US Treasury in Washington in the presence of Marshall Blanczelya, Secretary of the Treasury for the financing of terrorism and financial crimes," the Association of Iraqi Private Banks said in a press release.

"The Treasury attaches great importance to the Iraqi private banking sector and aspires to have a bigger role in the near future," the statement quoted Blanczalya as saying.

He added that he was "optimistic about the opening of relations between Iraqi banks and US banks and that the Treasury did not draw red lines on these transactions."

On the other hand, said the Executive Director of the Association of Iraqi private banks, Ali Tariq, during the meeting, "Iraqi banks have greater confidence in the current stage of openness to the world as a result of the recent implementation of the directives of the Central Bank of Iraq on anti-money laundering and compliance and risk management."

He added that "the position of Iraq in general improvement continues, especially after the end of the war on terrorism and the legislation of the law against money laundering and financing of terrorism."

A delegation of Iraqi banks to visit Washington to hold a series of meetings that will develop aspects of dealing between Iraqi and US banks.

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BAGHDAD / Al-Ghad Press: 
US Treasury, on Friday, interest in the development of the private banking sector in Iraq, while expressed optimism about the opening of relations between Iraqi banks and US banks. 
"The Iraqi banking delegation visiting the United States of America held a meeting with the US Treasury in Washington in the presence of Marshall Blanczelya Secretary of the Treasury for the financing of terrorism and financial crimes," the Association of Iraqi Private Banks said in a statement.

"The Treasury attaches great importance to Iraq's private banking sector and aspires to have a bigger role in the near future," Blanczelya was quoted as saying. 
He added that he is optimistic about "the opening of relations between Iraqi banks and US banks," pointing out that "the Treasury did not draw red lines on these transactions." 
For his part, said the Executive Director of the Association of Iraqi private banks, Ali Tariq, during the meeting, "The Iraqi banks have greater confidence in the current stage of openness to the world as a result of the recent implementation of the directives of the Central Bank of Iraq on combating money laundering and compliance and risk management," according to the statement . 
Tariq stressed that "Iraq's position in general is improving, especially after the end of the war on terrorism and the legislation of the law against money laundering and financing of terrorism."
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An Iraqi banking delegation discusses opportunities for cooperation in America

OCTOBER 19, 2017 5:32 PM
An Iraqi banking delegation discusses opportunities for cooperation in America
An Iraqi banking delegation discusses opportunities for cooperation in America
 

Baghdad / Baghdadiya News .. The delegation of an Iraqi banker with a number of banks and financial institutions operating in the United States of America opportunities for cooperation between the parties.

The Association of Iraqi Private Banks said in a statement that "a delegation of 17 private banks, Rafidain and industrial banks and the Executive Director of the Association of Private Banks Ali Tariq and a number of advisers of the Association held a meeting at the Center for Strategic Studies in Washington, DC with a US delegation including the US Treasury and banks, American Finance and a number of employees at the US Embassy and during the meeting discussed the economy of Iraq and the challenges facing it.

She added that "the meeting discussed the development in the Iraqi banking sector, especially in the past five years and strengthen cooperation with Arab and foreign banks in addition to plans for the reconstruction of liberated areas and development in the oil sector."

"The global media has reflected a negative image of Iraq over the past years, which has greatly affected the entry of foreign companies to work in Iraq," said the representative of the Center for Strategic Studies, Dan Randy, who chaired the session. "The Iraqi market contains great positives and a great opportunity for investors to work. in it".

On the other hand, the Executive Director of the Association of Private Banks, Ali Tariq, explained to the American delegation the development of the Iraqi banking sector and the challenges facing the current period.

"Despite the general conditions of the country, the work of banks is constantly evolving and we seek to reduce the use of cash in life transactions through projects operated by the Association of Iraqi private banks in cooperation with the Central Bank, such as the project of financial inclusion and the settlement of salaries."

He added that "private banks are working hard to be a balanced share with government banks through deposits and through the issuance of decisions to stimulate government departments to deal with private banks," noting that "Iraqi banks implement the law on combating money laundering and terrorism and instructions on compliance and risk management" .

"The US banks now have greater confidence in the Iraqi banks, especially after the positive steps taken by the Central Bank of Iraq to combat money laundering and punish violators," said Bank of Dubai bank chief Dennis Flanery.

He added that "US banks are considering the mechanism of working with Iraqi banks and projects that provide them with a streamlined work."

The Association of Iraqi Private Banks decided to continue to hold periodic meetings with the US Treasury and foreign banks, specifically the US with the establishment of an annual forum between Iraqi and US banks.

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The US Treasury announced on Friday that it is paying great attention to the development of the private banking sector in Iraq, indicating that it is optimistic about the opening of relations between Iraqi banks and US banks.
“The Iraqi banking delegation visiting the United States of America held a meeting with the US Treasury in Washington in the presence of Marshall Blanczelya Secretary of Treasury for the financing of terrorism and financial crimes,” the Association of Iraqi Private Banks said in a press statement.
“Treasury attaches great importance to the Iraqi private banking sector and aspires to have a bigger role in the near future,” the statement quoted Blanczelya as saying.
He added that he was “optimistic about the opening of relations between Iraqi banks and US banks and that the treasury did not draw red lines on these transactions.”
On the other hand, said the Executive Director of the Association of Iraqi private banks, Ali Tariq, during the meeting, “Iraqi banks have greater confidence in the current stage of openness to the world as a result of recent implementation of the directives of the Central Bank of Iraq on combating money laundering and compliance and risk management.
He added that “the position of Iraq in general improvement continues, especially after the end of the war on terrorism and the legislation of the law against money laundering and financing of terrorism.”
A delegation of Iraqi banks is visiting Washington to hold a series of meetings that will develop aspects of dealing between Iraqi and US banks.

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US Treasury: We pay attention to the development of the private banking sector in Iraq

 

October 20, 2017

The US Treasury announced on Friday that it is paying great attention to the development of the private banking sector in Iraq, indicating that it is optimistic about the opening of relations between Iraqi banks and US banks.

“The Iraqi banking delegation visiting the United States of America held a meeting with the US Treasury in Washington in the presence of Marshall Blanczelya Secretary of Treasury for the financing of terrorism and financial crimes,” the Association of Iraqi Private Banks said in a press statement.

Treasury attaches great importance to the Iraqi private banking sector and aspires to have a bigger role in the near future,” the statement quoted Blanczelya as saying.

He added that he was “optimistic about the opening of relations between Iraqi banks and US banks and that the treasury did not draw red lines on these transactions.”

On the other hand, said the Executive Director of the Association of Iraqi private banks, Ali Tariq, during the meeting, “Iraqi banks have greater confidence in the current stage of openness to the world as a result of recent implementation of the directives of the Central Bank of Iraq on combating money laundering and compliance and risk management.

He added that “the position of Iraq in general improvement continues, especially after the end of the war on terrorism and the legislation of the law against money laundering and financing of terrorism.”

A delegation of Iraqi banks is visiting Washington to hold a series of meetings that will develop aspects of dealing between Iraqi and US banks.

http://en.economiciraq.com/201.....r-in-iraq/

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An Iraqi banking delegation discusses in the United States opportunities for cooperation between the two parties

To contain the local market on a large investment area 
Baghdad / Sabah 

An Iraqi banking delegation discussed with a number of banks and financial institutions operating in the United States of America opportunities for cooperation between the parties. The Association of Iraqi Private Banks said in a press statement that "a delegation of 17 private banks, Rafidain Bank, industrial and executive director of the Association of Private Banks Ali Tariq and a number of advisers of the Association held a meeting at the Center for Strategic Studies in Washington with a US delegation including the US Treasury and US banks and OPEC And American financial institutions and a number of employees at the US Embassy and were held during the meeting to discuss Iraq's economy and the challenges facing it.

She added that "the meeting discussed the development in the Iraqi banking sector, especially in the past five years and strengthen cooperation with Arab and foreign banks in addition to plans for the reconstruction of liberated areas and development in the oil sector." 

"The global media has reflected a negative image of Iraq over the past years, which has greatly affected the entry of foreign companies to work in Iraq," said the representative of the Center for Strategic Studies, Dan Randi, who chaired the session. "The Iraqi market contains great advantages and a great opportunity for investors to work. in it". 

On the other hand, the Executive Director of the Association of Private Banks, Ali Tariq, explained to the American delegation the development of the Iraqi banking sector and the challenges facing it during the current period.

"Despite the general conditions of the country, the work of banks is constantly evolving and we seek to reduce the use of cash in life transactions through projects operated by the Association of Iraqi private banks in cooperation with the Central Bank such as the project of financial inclusion and the settlement of salaries." 

He added that "private banks are working hard to be a balanced share with government banks through deposits and through the issuance of decisions to stimulate government departments to deal with private banks," noting that "Iraqi banks implement the law on combating money laundering and terrorism and instructions on compliance and risk management" . 

"The US banks now have greater confidence in the Iraqi banks, especially after the positive steps taken by the Central Bank of Iraq to combat money laundering and punish violators," said Bank of Dubai bank official Denis Flannery.

He added that "US banks are considering the mechanism of working with Iraqi banks and projects that provide them with a streamlined work." 

The Association of Iraqi Private Banks decided to continue holding periodic meetings with the US Treasury and foreign banks, specifically the US, with the establishment of an annual forum between Iraqi and American banks.

http://www.alsabaah.iq/Article.....?ID=146330

 

 

 

A banking delegation in Washington is considering developing deals with global banks amid optimism from the US Treasury

At the time of the US Treasury in its meetings with the Iraqi banking sector optimism about the opening of relations between Iraqi and US banks, and Iraqi bankers believe that the position of the banking sector improved in general, especially after the end of the war on terrorism and the legislation of the law against money laundering and financing of terrorism, The American side did not show until today how to help the Iraqi banking sector or develop it to keep up with the modernity in banking transactions, and also stresses the Iraqi banks to re-evaluate their work to raise the creditworthiness, Since the banking sector since 2003 has been carrying out major tasks to finance foreign trade and foreign investment, most of which do not have cooperation with foreign correspondent banks.

An Iraqi banking delegation comprising 17 private banks and two government banks, the Rafidain Bank and the Industrial Bank, is currently visiting the US Treasury, American banks, the OPEC Foundation, American financial institutions and a number of employees of the US Embassy. , And discuss opportunities for cooperation between the two parties in order to develop aspects of dealing between Iraqi and US banks. 

And where the representative of the Center for Strategic Studies, the American Dan Randy, who conducted the meetings, the global media reflected a negative image of Iraq over the past years, which significantly affected the entry of foreign companies to work in Iraq, "noting at the time that the Iraqi market contains a large positive and a great opportunity for investors To work in. "

, Says the official of the Middle East in the bank Citibank Denis Flanery: "The US banks now have greater reassurance to Iraqi banks, especially after the steps of the Central Bank of Iraq, the positive fight against money laundering and punish violators," adding: As the US banks studying the mechanism of work with Iraqi banks and projects " 

The US treasury announced Friday that the Treasurer of the Treasury for Terrorist and Financial Crimes Marshall Blanczelya said after the meeting with the Iraqi delegation in Washington that the US Treasury Toll And we are optimistic about the opening of relations between Iraqi banks and US banks, and aspire to have this sector the largest role in the near future, so the treasury did not put red lines on these transactions.

"The meeting discussed the development in the Iraqi banking sector, especially in the past five years, and the strengthening of cooperation with Arab and foreign banks in addition to plans for the reconstruction of liberated areas and development in the oil sector, The Executive Director of the Association of Private Banks, Ali Tariq said in the statement: The US delegation praised the development witnessed by the Iraqi banking sector, despite the challenges facing the current period, adding: "Despite the general conditions of the country, but the work of banks is constantly evolving as we seek to Reducing the use of cash in life transactions through projects operated by the Association of Iraqi private banks in cooperation with the Central Bank of Iraq, through the project of financial inclusion and the settlement of salaries.

"The private banks are working hard to be balanced with government banks through deposits and through the issuance of decisions to stimulate government departments to deal with private banks," he said, adding that "Iraqi banks implement the law on combating money laundering and terrorism and instructions on compliance and risk management " 

According to officials in the Iraqi banking sector private, it is expected to continue the regular meetings between the Iraqi banks and the US Treasury on one hand and between them and foreign banks, specifically the US, through the establishment of an annual forum between Iraqi and US banks.

However, despite the frequent meetings between officials from the US and Iraqi sides in the banking sector, the latter is still suffering from a clear failure in banking transactions with the distance from mechanization, where this system still depends on the old mechanisms, which generates slow in the implementation of banking with the citizen, Kalrashid and Rafidain.

The expert on economic affairs, Ahmed Barihi, said in an interview with "LeMedat" that all the above mentioned by the officials in the American financial institutions is only a "creation", as they did not show until today how to help the Iraqi banking sector to keep pace with modernity The banking transactions, or how to develop it and in any areas, adding: On the other hand, there should have been specific demands for the Iraqi bankers in this delegation, because we did not find any clarification either from the Iraqi banking delegation or from the US financial institutions meeting with him, 

This is a "waste of time" as he put it "He went on to say: It has been over Iraq 14 years after 2003 and the banking sector, which undertakes large tasks in financing foreign trade and foreign investment, but the US side did not help us to develop banks in this direction, so that Iraqi banks did not receive any assistance from US banks, The latter should be willing to cooperate with Iraqi banks and US banks will be correspondent banks for Iraqi banks, a point that has not yet been implemented. Berihi continued: 

Although it was earlier issued by the Ministry of Finance a decision under which all the indebtedness of the Rafidain Bank, we today need to work to rid him of the issue of fear of indebtedness, because there is a problem in the assessment of Iraqi banks as foreign banks shy away from dealing with some of them, To re-evaluate the work of Iraqi banks in order to raise the creditworthiness by the specialized bodies so that we have under this joint work with the correspondent banks, which is a mediator between the Iraqi Bank, as equipped for Iraqi traders abroad, and here must open the Iraqi bank account in that correspondent bank to deal With him, Which is not verified in most of the Iraqi banks, including the government so far.

http://almadapaper.net/ar/news.....8%A7%D8%AA

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3 hours ago, DinarThug said:

 

Jabbar said that "the meeting held in New York is the first of its kind in the world," noting that "the governor of the Central Bank of Iraq is the first bank governor to attend such meetings."

 

 

Never before...... UNSC (the international peacekeeper) had any meeting with any Central Bank Governor, ever.

So what actually are they cooking?

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40 minutes ago, zul said:

 

Never before...... UNSC (the international peacekeeper) had any meeting with any Central Bank Governor, ever.

So what actually are they cooking?

Zul, I believe the UN and CBI governor are discussing Kuwait war reparations files, to get Iraq out of the remaining sanctions.!

 

 

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12 minutes ago, Laid Back said:

Zul, I believe the UN and CBI governor are discussing Kuwait war reparations files, to get Iraq out of the remaining sanctions.!

 

 

 

I hope so.....:twothumbs:

Their next meeting on this file will be on Nov.21, 2017

 

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  • yota691 changed the title to An Iraqi banking delegation discusses in the United States opportunities for cooperation between the two parties

An Iraqi banking delegation discusses in the United States opportunities for cooperation between the two parties

   
 

 
25-4084.jpg


21/10/2017 12:00 am 

To contain the local market on a large investment area 
Baghdad / Sabah 
An Iraqi banking delegation discussed with a number of banks and financial institutions operating in the United States of America opportunities for cooperation between the parties. The Association of Iraqi Private Banks said in a press statement that "a delegation of 17 private banks, Rafidain Bank, industrial and executive director of the Association of Private Banks Ali Tariq and a number of advisers of the Association held a meeting at the Center for Strategic Studies in Washington with a US delegation including the US Treasury and US banks and OPEC And American financial institutions and a number of employees at the US Embassy and were held during the meeting to discuss Iraq's economy and the challenges facing it.
She added that "the meeting discussed the development in the Iraqi banking sector, especially in the past five years and strengthen cooperation with Arab and foreign banks in addition to plans for the reconstruction of liberated areas and development in the oil sector." 
"The global media has reflected a negative image of Iraq over the past years, which has greatly affected the entry of foreign companies to work in Iraq," said the representative of the Center for Strategic Studies, Dan Randy, who conducted the session. "The Iraqi market contains great advantages and a great opportunity for investors to work. in it". 
On the other hand, the Executive Director of the Association of Private Banks, Ali Tariq, explained to the American delegation the development of the Iraqi banking sector and the challenges facing it during the current period.
"Despite the general conditions of the country, the work of banks is constantly evolving and we seek to reduce the use of cash in life transactions through projects operated by the Association of Iraqi private banks in cooperation with the Central Bank such as the project of financial inclusion and the settlement of salaries." 
He added that "private banks are working hard to be a balanced share with government banks through deposits and through the issuance of decisions to stimulate government departments to deal with private banks," noting that "Iraqi banks implement the law on combating money laundering and terrorism and instructions on compliance and risk management" . 
"The US banks now have greater confidence in the Iraqi banks, especially after the positive steps taken by the Central Bank of Iraq to fight money laundering and punish violators," said Bank of Dubai bank official Denis Flannery.
He added that "US banks are considering the mechanism of working with Iraqi banks and projects that provide them with a streamlined work." 
The Association of Iraqi Private Banks decided to continue holding periodic meetings with the US Treasury and foreign banks, specifically the US, with the establishment of an annual forum between Iraqi and American banks.
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http://www.washingtontimes.com/news/2017/oct/23/iraq-banks-seek-rebound-as-security-improves/.

 

As security improves, Iraq banks seek a rebound.

Iraqi Prime Minister Haider al-Abadi talks during his meeting with U.S. Secretary of State Rex Tillerson, Monday, Oct. 23, 2017, in Baghdad, Iraq. Tillerson made an unannounced trip to Iraq Monday, just hours after returning from a similar surprise visit to Afghanistan, meeting the top political leaders in each of the embattled countries. (AP Photo/Alex Brandon, Pool)

Iraqi Prime Minister Haider al-Abadi talks during his meeting with U.S. Secretary of State Rex Tillerson, Monday, Oct. 23, 2017, in Baghdad, Iraq. Tillerson made an unannounced trip to Iraq Monday, just hours after returning from a similar surprise visit ... more >
 
 Print
By Dan Boylan - The Washington Times - Monday, October 23, 2017

Iraq’s leading bankers say the country’s oil-rich but war-ravaged economy has stabilized enough to allow a return to the world’s capital markets for the first time in a decade with a successful new bond sale.

Iraqi Private Banks League Executive Director Ali Tariq said in an interview that the main challenges are to get the word out internationally on the national economy’s rebound, but also to convince average Iraqis to have more faith in their own economy — especially its growing private bank sector.

“Iraqi private banks have successfully navigated the post-conflict environment,” Mr. Tariq said on a Washington visit for the IMF annual meeting as well as to make investor presentations. “But we have so much more to achieve, especially getting Iraqis to pull their cash out from under their beds and put it into the banks.”

 

While the clash over the Kurdish region’s independence referendum has ruffled feathers in Baghdad, Mr. Tariq said regional investors view the crisis as much more manageable than the deadly struggle with Islamic State, which has waned dramatically this year.

Inflation is also stable, holding at 1 percent this year despite the stimulus provided by increasing oil exports. With the world’s fifth-largest oil reserves and oil exports that constitute 34 percent of the GDP, Iraq is the Middle East’s fifth-largest economy, with the fourth-highest per capita GDP at $17,354.

As a sign of brightening investor opinion, Fitch Ratings recently upgraded Iraq’s economic outlook from negative to stable, thus laying the groundwork for August’s bond sale. Managed by Citigroup Inc., Deutsche Bank AG and JPMorgan Chase & Co., the sale saw international investors seeking emerging-country debt quickly snap up $1 billion in standalone bonds.

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  • yota691 changed the title to As security improves, Iraq banks seek a rebound.

As security improves, Iraq banks seek a rebound


 
 

 

 
Iraqi Prime Minister Haider al-Abadi talks during his meeting with U.S. Secretary of State Rex Tillerson, Monday, Oct. 23, 2017, in Baghdad, Iraq. Tillerson made an unannounced trip to Iraq Monday, just hours after returning from a similar surprise visit to Afghanistan, meeting the top political leaders in each of the embattled countries. (AP Photo/Alex Brandon, Pool)
Iraqi Prime Minister Haider al-Abadi talks during his meeting with U.S. Secretary of State Rex Tillerson, Monday, Oct. 23, 2017, in Baghdad, Iraq. Tillerson made an unannounced trip to Iraq Monday, just hours after returning from a similar surprise visit ... more >
  • Iraq’s leading bankers say the country’s oil-rich but war-ravaged economy has stabilized enough to allow a return to the world’s capital markets for the first time in a decade with a successful new bond sale.

Iraqi Private Banks League Executive Director Ali Tariq said in an interview that the main challenges are to get the word out internationally on the national economy’s rebound, but also to convince average Iraqis to have more faith in their own economy — especially its growing private bank sector.

“Iraqi private banks have successfully navigated the post-conflict environment,” Mr. Tariq said on a Washington visit for the IMF annual meeting as well as to make investor presentations. “But we have so much more to achieve, especially getting Iraqis to pull their cash out from under their beds and put it into the banks.”

 

While the clash over the Kurdish region’s independence referendum has ruffled feathers in Baghdad, Mr. Tariq said regional investors view the crisis as much more manageable than the deadly struggle with Islamic State, which has waned dramatically this year.

Inflation is also stable, holding at 1 percent this year despite the stimulus provided by increasing oil exports. With the world’s fifth-largest oil reserves and oil exports that constitute 34 percent of the GDP, Iraq is the Middle East’s fifth-largest economy, with the fourth-highest per capita GDP at $17,354.

As a sign of brightening investor opinion, Fitch Ratings recently upgraded Iraq’s economic outlook from negative to stable, thus laying the groundwork for August’s bond sale. Managed by Citigroup Inc., Deutsche Bank AG and JPMorgan Chase & Co., the sale saw international investors seeking emerging-country debt quickly snap up $1 billion in standalone bonds.

 

http://www.washingtontimes.com/news/2017/oct/23/iraq-banks-seek-rebound-as-security-improves/

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As security improves, Iraq banks seek a rebound

Iraqi Prime Minister Haider al-Abadi talks during his meeting with U.S. Secretary of State Rex Tillerson, Monday, Oct. 23, 2017, in Baghdad, Iraq. Tillerson made an unannounced trip to Iraq Monday, just hours after returning from a similar surprise visit to Afghanistan, meeting the top political leaders in each of the embattled countries. (AP Photo/Alex Brandon, Pool)
Iraqi Prime Minister Haider al-Abadi talks during his meeting with U.S. Secretary of State Rex Tillerson, Monday, Oct. 23, 2017, in Baghdad, Iraq. Tillerson made an unannounced trip to Iraq Monday, just hours after returning from a similar surprise visit ... more >
 

 

 
Print
By Dan Boylan - The Washington Times - Monday, October 23, 2017

Iraq’s leading bankers say the country’s oil-rich but war-ravaged economy has stabilized enough to allow a return to the world’s capital markets for the first time in a decade with a successful new bond sale.

Iraqi Private Banks League Executive Director Ali Tariq said in an interview that the main challenges are to get the word out internationally on the national economy’s rebound, but also to convince average Iraqis to have more faith in their own economy — especially its growing private bank sector.

“Iraqi private banks have successfully navigated the post-conflict environment,” Mr. Tariq said on a Washington visit for the IMF annual meeting as well as to make investor presentations. “But we have so much more to achieve, especially getting Iraqis to pull their cash out from under their beds and put it into the banks.”

 

While the clash over the Kurdish region’s independence referendum has ruffled feathers in Baghdad, Mr. Tariq said regional investors view the crisis as much more manageable than the deadly struggle with Islamic State, which has waned dramatically this year.

Inflation is also stable, holding at 1 percent this year despite the stimulus provided by increasing oil exports. With the world’s fifth-largest oil reserves and oil exports that constitute 34 percent of the GDP, Iraq is the Middle East’s fifth-largest economy, with the fourth-highest per capita GDP at $17,354.

As a sign of brightening investor opinion, Fitch Ratings recently upgraded Iraq’s economic outlook from negative to stable, thus laying the groundwork for August’s bond sale. Managed by Citigroup Inc., Deutsche Bank AG and JPMorgan Chase & Co., the sale saw international investors seeking emerging-country debt quickly snap up $1 billion in standalone bonds.

 

Last summer IMF officials agreed to continue Iraq’s bailout program and promised to release an additional $800 million once Baghdad completed a further review of public financial management procedures.

“They had a very positive view of the Iraqi economy,” Mr. Tariq said, adding that the picture has also improved for Iraqi’s private banks.

Last year the number of private banks across Iraq jumped to 72 from 54 in 2012, with the Iraqi Private Banks League finding its membership ranks swelling as well.

Still, the two main state-owned institutions, Rasheed Bank and Rafidain Bank, which the Central Bank of Iraq supervises, manage much of the $51 billion in total deposits — a figure that has jumped 154 percent from 2012, when deposits were just $20 billion.

Recent years have witnessed major modernizations, Mr. Tariq said, with more than 60 Iraqi bankers recently trained by the Association of Certified Anti-Money Laundering Specialists on combating money laundering, terrorism financing, compliance and risk management.

As security improves, Iraq banks seek a rebound

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3 minutes ago, SocalDinar said:

Still, the two main state-owned institutions, Rasheed Bank and Rafidain Bank, which the Central Bank of Iraq supervises, manage much of the $51 billion in total deposits — a figure that has jumped 154 percent from 2012, when deposits were just $20 billion.

 

rebound away baby!!!!!

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