Comm. Economy: Should be Allowed Vigorous Global Banksl

[Shelley]

Member of the Committee on economy: should be allowed to open branches of a vigorous global banks to boost investment

JUNE 24TH, 2012

Baghdad (News) … Invited Member of the Committee on the economy and investment/National Alliance Deputy Ibrahim Al-Rikabi to allow global banks to open branches in the country to sober driving investment forward.

Rikabi said (to news agency news): the major investment companies need strong global banks to deal with modern banking tech being used in banking dealings to secure funds to open special provisions for lending to businesses in the country.

He added that one of the reasons for the failure of the banking sector made investors reluctant to come to Iraq to invest, to make the country’s weak investment movement, emphasizing the importance of providing calls for global banks known to open branches in the country.

He noted: the idea of global banks to open branches in Iraq would create a competitive atmosphere between Iraqi banks as well as advanced global experience will be transferred to the banking sector, which will earn the last development and promotion.

And Iraq’s banking system consists of forty-three banks as well as the Central Bank and distributed by ownership between banks (7) and (30) Bank of my family including Islamic banks (7) in addition to (6) foreign banks.

Although the investment law No. 13 of 2006 has excluded investment in the banking sector of its investment in the banking sector takes its legal framework based on Central Bank Law No. 56 of 2004 banking No.94 of 2004, the minimum to establish a bank in Iraq 100 billion Iraqi dinars (around 85 million dollars).

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