The central bank extends the period to raise money banks to foreign capital

[yota691]

IRAQI CENTRAL BANK TO PERMIT THE RETURN TO WORK IN IRAQVISITS : 5

•  2016/06/16
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Central Bank of Iraq agreed to the return of the Banks banking license work in Iraq, according to a statement of the Central. Central said in his statement, he agreed to open a branch of Bank Audi in Baghdad, to be the main branch, and agreed in principle to the banks plan to open branches in Najaf,

[yota691]

Iraq C.Bank approves Audi Bank re-operation

Audi's assets rose to $42.27 billion in the last 7 years- (Photo Credit: Company website)

Its assets rose to $42.27 billion in the last 7 years, up from $20.39 billion  by the end of 2008.

Audi operates in more than 8 countries, namely: Lebanon, Egypt, Turkey, Switzerland, Saudi Arabia, France, Jordan and Syria, according to the bank’s website.

The CBI agreed to open a new branch to be the headquarters for Audi Bank in Baghdad; it also gave a preliminary approval to the Lebanese bank to open branches in Najaf, Erbil, Basra and Saladin governorates.

Mubasher: The Central Bank of Iraq (CBI) approved the working permit for Audi Bank to resume banking operations in Iraq, according to a statement.

Bank Audi AUDI0.00%6.500.00

 16 June 2016 12:43 PM

 

 

 

 

 

[blueskyline]

Thanks Yota ..... Wow !

[sandfly]

THANKS

[BJinMontreal]

Thanks Yota ... 

Hmmm international banks operating in Iraq - what a concept

 

 

[geman]

Still moving forward...............  I like it.

[Boozer]

moving right along now we need a rate

[Wiljor]

Seems like a very productive Ramadan indeed 

[kjwayne]

More Brand Name banks coming in from outside of Iraq. Lets the people know that the crooks have been sent packing.

Please try our NEW banks, You'll like it !   PS, come on RV !

[skeetdog]

Thanks Yota....International bankin' has to be a 'good-thang'...Has there been any news on the status of Iraq's Articular 8 situation concerning their international qualification....  

[Laid Back]

Another step in the right direction.!

Every piece of the dinar puzzle is falling in place

Go CBI 

Go international banking 

Go dinar

Go international recognize currency 

Go increase exchange rate 

Go $1:1+

[Wiljor]

Iraq is positioning itself to go international, we can see the proof all around. Granted, we are not there yet but we sure are much closer and the international community is on board

[Big_J]

4 hours ago, Boozer said:

moving right along now we need a rate

GD DV.

[boosterbglee]

Kicking the can a lot faster now!   

[DWS112]

The central bank gives the bank the return of a license to open branches in Iraq - 18.6.2016

(Voice of Iraq)
Baghdad , a source at the Central Bank of Iraq, on Saturday, the granting of Directors of the Bank Bank Return to approve the opening Major branch in the capital , Baghdad, while noting granted preliminary approvals on opening four more branches. The source said in an interview ( long - Presse), " the central bank has agreed to open a branch of Bank Audi in the capital , Baghdad, to be the main branch." the source , who asked not to be named, said : " the central bank has agreed in principle to the bank 's plan to open branches in Najaf, Erbil and Basra and Salah religion. " works Audi Bank to provide banking services for more than eight countries, particularly Lebanon, Egypt, Turkey, Switzerland, Saudi Arabia, France, Jordan, and Syria. the increased the bank 's assets in the past seven years , according to his official from 20.39 billion dollars at the end of the year 2008 to 42.27 billion at the end of last year. A

 

[Boozer]

Posted yesterday  by Yota

[DWS112]

You are CORRECT Boozer. I must have been sleeping during my search for previous entries. Thxs

Edited June 18, 2016 by DWS112

[yota691]

Iraq raises foreign banks' capital to $ 50 million in two phases

 

 

BAGHDAD / Economy News ...   A source in the Iraqi Central Bank, the granting of Directors of the Bank approved the return of the bank to open a branch chief in the capital Baghdad, as he pointed to the granting preliminary approvals on opening four more branches, the bank decided to raise the foreign banks' capital to $ 50 million in two phases. The source said, the central bank agreed to open a branch of Bank Audi in the capital, Baghdad, to be a branch president. " The source, who asked not to be named, said: "The central bank has also agreed in principle to the bank's plan to open branches in Najaf, Erbil and Basra and Salahaddin." Bank Audi and works in the provision of banking services by more than eight countries, particularly Lebanon, Egypt, Turkey, Switzerland, Saudi Arabia, France, Jordan, and Syria. The bank's assets rose in the past seven years, according to his official from $ 20.39 billion at the end of 2008 to 42.27 billion at the end of last year. The source added that "the Iraqi Central Bank decided to raise the foreign banks' capital to $ 50 million in two phases," noting that "the first phase include a capital raising to $ 25 million during the period lasts until 31 December 2016". The source continued, "The second stage is to raise capital to $ 50 million during the year as well, that is, until 31 December 2017," noting that "the decision raised to $ 50 million instead of $ 70 million, came after meetings between the Governor of the Bank CBI Ali Mohsen Keywords and a delegation of Lebanese banks visited Iraq several times in the past three months. " The source indicated that "The capital increase will allow the banks to open 15 branches in the Iraqi market," explaining that "the minimum capital exact money to open a foreign bank in Iraq was $ 7 million, but the central bank found that the advancement of the banking sector requires the lifting of foreign banks' capital , in a position to work in the Iraqi market. " The Lebanese banks objected to the Iraqi Central Bank's decision to raise their capital to $ 70 million, because of the Iraqi banking market is not conducive to profitability because of the security, political and economic conditions and have applied to the central bank reversed his decision, but he refused to categorically continued delegations to negotiate to while reaching agreement to $ 50 million in two phases. The Central Bank of Iraq announced on Sunday (June 12, 2016), to take a number of corrective decisions to eight community banks, while gave it three months to implement them. It is noteworthy that the banking system in Iraq consists of 54 banks as well as the Central Bank and distributed according to property between the seven state-owned and 23 private businesses, including Islamic nine in addition to the 15 branches of foreign banks. R
Views 30   Date Added 20/06/2016 - 11:02   Last updated 20/06/2016 - 14:12   No. Content 4000

[Big_J]

[SnowGlobe7]

The bank has grass growing out front...Is this in Iraq?

[SgtFuryUSCZ]

3 minutes ago, SnowGlobe7 said:

The bank has grass growing out front...Is this in Iraq?

***///

Of course there's grass ...

whatta ya think they have in those pipes in the hoo-kah lounges...? Camel Dung..?!

.

[SnowGlobe7]

LOL..... ummmm yes?

 

 

 

 

 

 

 

 

 

 

 

[skeetdog]

....Would that be the same as smokin' their ''Shiite''...

[Theseus]

They Audi RV by now!

[yota691]

The central bank extends the period to raise money banks to foreign capital

 

 

Economy News / Baghdad announced the Director General of the Department of banking and credit of the Central Bank of Iraq Ihsan Shomran Yasiri, the extension of the period under which implements the decision to raise the foreign banks operating in Iraq's capital to $ 50 million, the first to raise capital to $ 25 million within a period of two phases It will continue until December 31 (December) of the current year. The second raise capital to $ 50 million during the period ending on 31 December of 2017. He said Shammari in a press statement I followed "Economy News," The CBI was «announced the decision to raise the capital of foreign banks operating in Iraq to 50 million USD instead of 70 million, after the meetings of the governor «Central» on the Keywords with a delegation representing the Lebanese banks earlier », pointing out that« the discussion touched on the possibility of facilitating the conditions to help the advancement of the duties of foreign banks and the Lebanese in particular, in the development contribution to the operations size banking in the Iraqi market and to increase its ability to compete with the Iraqi banks in attracting economic activity. » He added that «the capital increase will allow the banks concerned to double its presence in the area of Iraq, by opening new branches and expand its lending and funding base.» The minimum capital exact money to open a foreign bank in Iraq was $ 7 million. But the central bank felt that the advancement of the sector requires the lifting of foreign banks' capital in the form of position to work in the market, and intercepted a Lebanese banks on the decision to lift it to $ 70 million, because the Iraqi banking market is not conducive to profitability because of the security, political and economic conditions. And it has applied to the central bank falls for his decision, but he refused, until the conclusion of negotiations to agree on an amount of $ 50 million in two phases. He pointed banking expert Abdul Aziz Hassoun, that the Banking Act No. 94 of 2004, the Council pledged to ensure the foreign bank's management, which allows building on the CBI request for funds to cover the obligations they impose on the branch in Iraq to exercise its banking ». He explained that «includes one type of branches, which carry out work on its public administration and be fully responsible for financial commitments». But it pointed out that the law «does not mention private capital branch at the time of the Iraqi Central Bank foreign banks committed to allocate the amount of seven million dollars as head of operating money for the branch.» He announced that the Association of private banks in Iraq «discussed the decision», and warned that «capital request of section greatly weaken the strength of the commitment of its public administration responsibility to cover all the branch's obligations, but the Iraqi Central Bank to raise capital to $ 75 million, and reduced again to 50 million ». He said that it «will increase the vulnerability of public administrations commitments for branches of foreign banks and deviates from what is clearly aimed at the articles of the law, and perhaps the legal loopholes created by the weakness in the performance of obligations that exceed the limits set by the law for banks licensed in Iraq.» Despite the diversity of Arab and foreign banks, officials in the sector saw, most of them do not have much capital, so work is limited on speculation in the currency auction process, to achieve quick profits will reflect negatively on the reality of the local market. They declared that the files opened and owned by foreign and private banks, proved the existence of smuggling money out of the country, through daily deal with the central bank auction. According to experts, the deposits in the operating banks in Iraq, whether governmental or civil amounting to 70 trillion dinars (about US $ 60 billion), while the total of Iraqi private banks' capital increased from $ 30 million in 2004 to one billion and 600 million end of 2014, except as branches owned by Arab and foreign banks operating in Iraq. The number of private banks from 17 in 2004 also increased to 31 the end of 2014, while the number of its branches in Baghdad and the provinces has increased to more than 800, to compete in the number and level of services bank branches «Iraq» and «rational» government. AJ
Views 5   Date Added 07/17/2016 - 13:49   Last updated 07/17/2016 - 14:16   No. Content 4347