Al-Rasheed Bank of Iraq outside international sanctions after 30 years .. What does this step mean?

[yota691]

 

The name of an Iraqi government bank was removed from the international sanctions list

 2022-05-11 06:56

 

Shafaq News/ Al-Rasheed Bank announced on Wednesday the removal of its name from the list of international sanctions of the Charter of the United Nations, which came in accordance with the document issued on April 18, 2022.

In a statement received by Shafak News Agency, the media office said that this decision came due to the efforts made by the Iraqi government, the Ministry of Foreign Affairs, the Permanent Representative of the Republic of Iraq to the United Nations and Al-Rasheed Bank.

The statement stressed that this decision has restored Al-Rasheed Bank to its rightful place in the banking field.

[yota691]

PRESS RELEASE

SC/14864

18 APRIL 2022

• SECURITY COUNCIL

 

Security Council 1518 Sanctions Committee Removes Three Entries from Its Sanctions List

On 18 April 2022, the Security Council Committee established pursuant to resolution 1518 (2003) removed the following entries from its Sanctions List of individuals and entities:

 

A. Individuals

 

IQi.075 Name: 1: ASIL 2: SAMI 3: MOHAMMAD 4: MADHI TABRAH
Name (original script): أصيل سامـي محمد ماضـي طبـره
Title: na Designation: na DOB: na POB: Iraq Good quality a.k.a.: Asil Tabra Low quality a.k.a.: na Nationality: Iraq Passport no: na National identification no: na Address: na Listed on: 2 Jun. 2004.

 

IQi.078 Name: 1: MAKI 2: MUSTAFA 3: HAMUDAT 4: na
Name (original script): مكــي مصطفــى حمـودة
Title: na Designation: na DOB: Approximately 1934 POB: na Good quality a.k.a.: a) Maki Hamudat b) Mackie Hmodat c) General Maki Al-Hamadat d) Macki Hamoudat Mustafa Low quality a.k.a.: na Nationality: Iraq Passport no: na National identification no: na Address: Mosul, Iraq Listed on: 2 Jun. 2004.

 

B. Entities and other groups

IQe.004 Name: RASHEED BANK
 A.k.a.: a) Al-Rashid Bank b) Al-Rasheed Bank F.k.a.: na Address: a) P.O. Box 7177, Haifa Street, Bagdad, Baghdad, Iraq b) Al Masarif Street, Baghdad, Iraq Listed on: 21 Nov. 2003 Other information: Activity: General purpose bank.

 

Press releases concerning changes to the Committee’s Sanctions List may be found in the “Press Releases” section on the Committee’s website at the following URL:  www.un.org/securitycouncil/sanctions/1518/press-releases.

 

The updated version of the Committee’s Sanctions List, available in HTML, PDF and XML format, may be found at the following

 

URL:  www.un.org/securitycouncil/sanctions/1518/materials.

 

The United Nations Security Council Consolidated List is also updated following all changes made to the Committee’s Sanctions List and is accessible at the following URL:  www.un.org/securitycouncil/content/un-sc-consolidated-list.

[yota691]

About the bank

 

 

  
Al-Rasheed Bank is the second largest government bank in Iraq. It was established in 1988 under Law No. (52) and became a public company under the Public Companies Law No. (22) of 1997 and is subject to the supervision of the Central Bank of Iraq and the Financial Control Bureau.
Its internal regulations No. (7) of 1998 set its objectives in supporting the national economy in the field of commercial banking and investment of funds and providing funding to various sectors according to development plans and planning decisions.
We have 151 branches spread throughout Iraq.

Our message .......
To contribute to the development of the Iraqi economy by providing integrated banking services of high quality according to the leading international standards.
Our Vision .............
To be the leading integrated financial group in Iraq and a place of trust and respect for both our customers and our competitors.

[yota691]

A government bank announces the removal of its name from the international sanctions list of the United Nations Charter

 11/05/2022

 

 25

 

Baghdad / Al-Mawrid News

 

Today, Wednesday, Al-Rasheed Bank announced the removal of its name from the list of international sanctions of the Charter of the United Nations, which came in accordance with the document issued on April 18, 2022 .

The bank's media office said in a statement, "This decision came as a result of the efforts made by the Iraqi government, the Ministry of Foreign Affairs, the permanent representation of the Republic of Iraq to the United Nations and Al-Rasheed Bank ."

He stressed that "this decision has restored Al-Rasheed Bank to its rightful place  in the banking field ."

 

[yota691]

Al-Rasheed Bank announces the removal of its name from the list of international sanctions of the Charter of the United Nations

 

Expenditures Economy News - Baghdad Al-Rasheed Bank announced, on Wednesday, the removal of its name from the list of international sanctions of the United Nations Charter, which came according to the document issued on April 18, 2022.   The bank's media office said in a statement, "This decision came due to the efforts made by the Iraqi government, the Ministry of Foreign Affairs, the Permanent Representative of the Republic of Iraq to the United Nations and Al-Rasheed Bank."   He stressed, "This decision has restored Al-Rasheed Bank to its rightful place in the banking field."

Views 39   Date Added 05/11/2022

[Dinarrock]

Definitely all positive news thanks Yota!!

[yota691]

2 minutes ago, Dinarrock said:

Definitely all positive news

You got that right Dinarrock..GM DV..wondering what other sanctions are still in place...

 

 

[Fairways&Greens]

Encouraging

[WheresmyRV?]

Huge news! Thanks Yota! 

[horsesoldier]

Not realizing Rasheed bank was on this list.

What else do we not know...well that's a rhetorical question huh.

Seems like everytime I think they're ready to grab the ball 🏈 make for the BIG Touchdown: they grab the ball and head in the opposite direction.

 

Reckon I'm a might grumpy after 19 years of this Rodeo that reads like a Neverending story.

[Stelardoc]

As long as there aren't sanctions cuz of corrupt politicians. We are good!!

Things are rolling 

That door opened a little more

Very positive!

[Theseus]

10 hours ago, horsesoldier said:

Not realizing Rasheed bank was on this list.

What else do we not know...well that's a rhetorical question huh.

Seems like everytime I think they're ready to grab the ball 🏈 make for the BIG Touchdown: they grab the ball and head in the opposite direction.

 

Reckon I'm a might grumpy after 19 years of this Rodeo that reads like a Neverending story.

All you need on sanctions (Some may have already been expired or revoked) as is related to US. Although Iraqi General License (No. 1 / 13315) lists the entities like Rasheed Bank and Iraqi Airways.

 

GUIDANCE ON OFAC LICENSING POLICY

Certain activities related to Iraq may be allowed if they are licensed by OFAC. Below OFAC has issued guidance and statements on specific licensing policies as they relate to the Iraq-Related Sanctions.

• Licenses for Legal Fees and Costs- Guidance on the Release of Limited Amounts of Blocked Funds for Payment of Legal Fees and Costs Incurred in Challenging the Blocking of U.S. Persons in Administrative or Civil Proceedings
• Entities Owned By Blocked Persons- Guidance On Entities Owned By Persons Whose Property And Interests In Property Are Blocked

GENERAL LICENSES

OFAC issues general licenses in order to authorize activities that would otherwise be prohibited with regard to Iraq. General licenses allow all U.S. persons to engage in the activity described in the general license without needing to apply for a specific license.

• Iraqi General License - Section 575.533 Certain new transactions now authorized. (March 26, 2004)
• Iraqi General License (No. 6) - Section 575.534 Transfers of certain blocked claims by U.S. financial institutions.(September 30, 2003)
• Iraqi General License (No. 1 / 13315) - on or after August 29, 2003, all transactions with state bodies, corporations, or agencies of the former Iraqi regime that are otherwise prohibited by section 1 of Executive Order 13315, are permitted. (August 30, 2003)

LEGAL FRAMEWORK FOR IRAQ-RELATED SANCTIONS

The Iraq-Related Sanctions represent the implementation of multiple legal authorities. Some of these authorities are in the form of executive orders issued by the President. Other authorities are public laws (statutes) passed by The Congress. These authorities are further codified by OFAC in its regulations which are published in the Code of Federal Regulations(CFR). Modifications to these regulations are posted in the Federal Register. OFAC may also implement United Nations Security Council Resolutions (UNSCRs)with regard to the Iraq-Related Sanctions

Executive Orders

• 13668Ending Immunities Granted to the Development Fund for Iraq and Certain Other Iraqi Property and Interests in Property Pursuant to Executive Order 13303, as Amended(May 27, 2014)
• 13438Blocking Property of Certain Persons Who Threaten Stabilization Efforts in Iraq (July 17, 2007)
• 13364Modifying the Protection Granted to the Development Fund for Iraq (November 29, 2004)
• 13350Termination of Emergency Declared in Executive Order 12722 With Respect to Iraq and Modification of Executive Order 13290, Executive Order 13303, and Executive Order 13315 (Effective Date - July 30, 2004)
• 13315Blocking Property of the Former Iraqi Regime, Its Senior Officials and Their Family Members, and Taking Certain Other Actions (Effective Date - August 29, 2003)
• 13303Protecting the Development Fund for Iraq and Certain Other Property in Which Iraq Has an Interest (May 22, 2003)
• 13290Confiscating and Vesting Certain Iraqi Property (March 20, 2003)

Statutes

• Antiterrorism and Effective Death Penalty Act of 1996 (AEDPA), 8 U.S.C.§ 1189, 18 U.S.C.§ 2339B 
• International Emergency Economic Powers Act (IEEPA), 50 U.S.C.§§ 1701-1706
• National Emergencies Act (NEA), 50 U.S.C.§§ 1601-1651
• Section 5 of the United Nations Participation Act of 1945 (UNPA), 22 U.S.C.§ 287c

Code of Federal Regulations

• 31 CFR Part 575 - Removal of the Iraqi Sanctions Regulations (September 13, 2010)
• 31 CFR Part 576 - Iraq Stabilization and Insurgency Sanctions Regulations

Federal Register Notices

• 82 FR 61450-17 - Amended Iraq Stabilization and Insurgency Sanctions Regulations
• 75 FR 55463-10- Iraq Stabilization and Insurgency Sanctions Regulations - New regulations to implement Executive Orders 13303, 13350, 13364, and 13438
• 75 FR 55462-10- Iraqi Sanctions Regulations - Removal of the Iraqi Sanctions Regulations from the Code of Federal Regulations
• 70 FR 54258-05- Iraqi Sanctions Regulations - Amendment to unblock debt in which the Government of Iraq has an interest
• 70 FR 15761-05 - Administrative Collection of Civil Penalties
• 68 FR 65844-03- Authorization for U.S. Financial Institutions To Transfer Certain Claims Against the Government of Iraq
• 68 FR 61362-03- Removal of Certain Provisions of the Iraqi Sanctions Regulations; Interpretive Guidance
• 68 FR 38188-03 - Authorization of Certain New Transactions
• 68 FR 11741-03- Authorization of Certain Humanitarian Activities by Nongovernmental Organizations in Iraq and Iran

United Nations Security Council Resolutions

• 1546- Reaffirming the independence, sovereignty, unity, and territorial integrity of Iraq; Reaffirming also the right of the Iraqi people freely to determine their own political future and control their own natural resources. (June 8, 2004)
• 1483- Reaffirming the sovereignty and territorial integrity of Iraq; Reaffirming also the importance of the disarmament of Iraqi weapons of mass destruction and of eventual confirmation of the disarmament of Iraq. (May 22, 2003)
• 1293-Welcoming the report of the Secretary-General of 10 March 2000 (S/2000/208), in particular his recommendation on additions to the current allocation for oil spare parts and equipment pursuant to paragraph 28 of resolution 1284 (1999). (March 31, 2000)
• 1284- Stressing the importance of a comprehensive approach to the full implementation of all relevant Security Council resolutions regarding Iraq and the need for Iraqi compliance with these resolutions. (December 17, 1999)
• 1175 Welcoming the letter of the Secretary-General of 15 April 1998 (S/1998/330) annexing the summary of the report of the group of experts established pursuant to paragraph 12 of resolution 1153 (1998) and noting the assessment that under existing circumstances Iraq is unable to export petroleum or petroleum products sufficient to produce the total sum of 5.256 billion United States dollars referred to in resolution 1153 (1998). (June 19, 1998)
• 1158- Concerned about the resulting humanitarian consequences for the Iraqi people of the shortfall in the revenue from the sale of petroleum and petroleum products during the first 90-day period of implementation of resolution 1143 (1997), due to the delayed resumption in the sale of petroleum by Iraq and a serious price drop since the adoption of resolution 1143 (1997). (March 25, 1998)
• 1153-Convinced of the need as a temporary measure to continue to provide for the humanitarian needs of the Iraqi people until the fulfilment by Iraq of the relevant resolutions, including notably resolution 687 (1991) of 3 April 1991. (February 20, 1998)
• 1143-Convinced of the need as a temporary measure to continue to provide for the humanitarian needs of the Iraqi people until the fulfilment by Iraq of the relevant resolutions. (December 4, 1997)
• 1129-Reaffirming that the implementation period of resolution 1111 (1997) began at 00.01, Eastern Daylight Time, on 8 June 1997, and that the export of petroleum and petroleum products by Iraq pursuant to resolution 1111 (1997) did not require the approval by the Secretary-General of the distribution plan mentioned in paragraph 8 (a) (ii) of resolution 986 (1995). (September 12, 1997)
• 1111- Decides that the provisions of resolution 986 (1995), except those contained in paragraphs 4, 11 and 12, shall remain in force for another period of 180 days beginning at 00.01 hours, Eastern Daylight Time, on 8 June 1997. (June 4, 1997)
• 1051-Recognizing that the export/import monitoring mechanism is an integral part of ongoing monitoring and verification by the Special Commission and the IAEA. (March 27, 1996)
• 986-Concerned by the serious nutritional and health situation of the Iraqi population, and by the risk of a further deterioration in this situation. (April 14, 1995)
• 778-Condemning Iraq's continued failure to comply with its obligations under relevant resolutions. (October 2, 1992)
• 706- Concerned by the serious nutritional and health situation of the Iraqi civilian population as described in this report, and by the risk of a further deterioration of this situation. (August 15, 1991)
• 687- Welcoming the restoration to Kuwait of its sovereignty, independence and territorial integrity and the return of its legitimate Government. (April 8, 1991)
• 670-Condemning further the treatment by Iraqi forces of Kuwaiti nationals, including measures to force them to leave their own country and mistreatment of persons and property in Kuwait in violation of international law. (September 25, 1990)
• 661-Determined to bring the invasion and occupation of Kuwait by Iraq to an end and to restore the sovereignty, independence and territorial integrity of Kuwait. (August 6, 1990)

Edited May 12, 2022 by Theseus

[yota691]

What does Al-Rasheed Bank's exit from the "box" of international sanctions mean?

2022.05.30 - 09:53

l

Baghdad - people  

The removal of the Iraqi state-owned Al-Rasheed Bank from the international sanctions list of the United Nations Charter, which came according to the document issued on April 18, is a source of strength for the bank in maximizing its international business and trade exchange, after years of stagnation.  

  

 

  

Al-Rasheed Bank is the second largest government bank in Iraq (after Rafidain Bank). It was established in 1988 under Law No. (52) and became a public company under Public Companies Law No. (22) of 1997, and is subject to the oversight of the Central Bank of Iraq and the Financial Supervision Bureau.  

  

Its internal system No. (7) of 1998 set its objectives in supporting the national economy in the field of commercial banking, investing money and providing financing to various sectors in accordance with development plans and planning decisions, as it has 151 branches spread throughout Iraq.  

  

The economic sanctions imposed on Iraq during the nineties of the last century created major problems at all levels, the most important of which were the banks' lack of infrastructure, large debts on banks, and dead assets that lost their real value, some of which extend to the Iran-Iraq war.  

  

Reasons for ban  

On the reason for the UN sanctions against Al-Rasheed Bank, its former general manager Abdul Hadi Sadiq said that the Security Council, in accordance with the resolutions it issued in 1990, has imposed seizures on the balances of Iraqi financial institutions, including Al-Rasheed Bank, since the Iraqi army entered Kuwait in August 1990.  

 

Sadiq said that the balances of Al-Rasheed Bank when imposing the seizure decision were relatively few, since the bank started its actual work at the beginning of 1989.  

  

He pointed out that government banks - including Al-Rasheed - did not have the opportunity before the Iraqi army entered Kuwait in order to maneuver their financial balances, because the decision to enter at the time was of a high degree of secrecy.  

  

The spokesman points out that lifting the sanctions would prevent Al-Rasheed Bank from being exposed to any risks after ascertaining that any lawsuits from the beneficiaries of the open credits by the bank have become obsolete.  

  

rational procedures  

In turn, Al-Rasheed Bank's media officer, Amal Al-Shuwaili, said that deleting the bank's name from the list of international sanctions of the United Nations Charter is an advanced step that will move banking dealings to levels that have long moved away from them and from the ranks of advanced banks in terms of recent transactions that Arab and international banks have followed.  

 

Al-Shuwaili added that the decision to cancel the sanctions came as a result of the continuous efforts made by the Iraqi government represented by the Ministry of Finance, the Ministry of Foreign Affairs, the Permanent Representative of the Republic of Iraq to the United Nations and the Rashid Bank administration.  

  

She pointed out that the international sanctions resolution considered all funds and assets to be owned by the former Iraqi government, and on this basis the name of Al-Rasheed Bank was placed on the international sanctions list.  

  

direct reflections  

For his part, the financial advisor to the Iraqi government, Dr. Mazhar Muhammad Salih, believes that the decision to lift the ban allows the large government commercial bank to practice international banking through several tools.  

 

Saleh defined these tools, by opening documentary credits to finance foreign trade to the private sector by restoring its banking relations with the chain of banking senders in the world.  

  

This means - according to Saleh - that the bank will have the confidence of the global banking system and international financial markets - specifically by collecting supportive credit lines - to finance foreign trade for its customers from the Iraqi private sector at the lowest costs, due to the removal of one of the most important banking risks, which are political risks.  

  

In addition, the decision will allow the bank to open its branches outside the country, especially in important countries that represent international banking centers and related financial transactions, according to the government advisor.  

  

banking bureaucracy  

  

In turn, the international banking expert, Aqeel Al-Ansari, revealed the Al-Rasheed Bank's lack of the most important real infrastructure, such as automated teller machines, banking products and the application of financial inclusion instructions adopted by the Iraqi banking sector.  

 

Al-Ansari said that the bureaucracy in the work of Al-Rasheed Bank is the reason for its distance from the banking competition, because there is no need for it, since government deposits and loans are its main work, while the salaries of its employees are paid by the Ministry of Finance (which owns government banks).  

  

He pointed out that the UN sanctions did not prevent the bank from working in the local markets and developing its banking products and working cadres, in addition to that they did not prevent strategic planning or participation in the development of the banking sector.  

  

Al-Ansari concluded that it is necessary to restructure Al-Rasheed Bank, and establish a new bank that will be a real nucleus of banking work seeking to develop the Iraqi economy, so that it is based on scientific foundations and modern technology with a clear vision after organizing the ownership of the bank to be in the manner of shares and put in the Iraqi market for securities like the rest of the world’s banks.  

  

"The island"  

[yota691]

Al-Rasheed Bank of Iraq outside international sanctions after 30 years .. What does this step mean?

Al-Rasheed Bank aims to support the national economy in the field of commercial banking, investing money and financing various sectors (Al-Jazeera Net)

Ali Karim go

29/5/2022|Last update: 5/29/202207:19 PM (Mecca)

 

Baghdad - Al-Rasheed Bank, owned by the Iraqi state, announced the removal of its name from the list of international sanctions of the United Nations Charter, which came in accordance with the document issued on April 18, as the sanctions committee in the UN Security Council issued a resolution ending the sanctions imposed since 1990.

Al-Rasheed Bank is the second largest government bank in Iraq (after Rafidain Bank). It was established in 1988 under Law No. (52) and became a public company under Public Companies Law No. (22) of 1997, and is subject to the oversight of the Central Bank of Iraq and the Financial Supervision Bureau.

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Its internal system No. (7) of 1998 set its objectives in supporting the national economy in the field of commercial banking, investing money and providing financing to various sectors in accordance with development plans and planning decisions, as it has 151 branches spread throughout Iraq.

The economic sanctions imposed on Iraq during the nineties of the last century created major problems at all levels, the most important of which were the banks' lack of infrastructure, large debts on banks, and dead assets that lost their real value, some of which extend to the Iran-Iraq war.

Al-Rasheed Bank of Iraq was established in 1988 (networking sites)

Reasons for ban

On the reason for the UN sanctions against Al-Rasheed Bank, its former general manager Abdul Hadi Sadiq said that the Security Council, in accordance with the resolutions it issued in 1990, has imposed seizures on the balances of Iraqi financial institutions, including Al-Rasheed Bank, since the Iraqi army entered Kuwait in August 1990.

Sadiq told Al-Jazeera Net that the balances of Al-Rasheed Bank when imposing the seizure decision were relatively few, since the bank began its actual work at the beginning of 1989.

He pointed out that government banks - including Al-Rasheed - did not have the opportunity before the Iraqi army entered Kuwait in order to maneuver their financial balances, because the decision to enter at the time was of a high degree of secrecy.

The spokesman points out that lifting the sanctions would prevent Al-Rasheed Bank from being exposed to any risks after ascertaining that any lawsuits from the beneficiaries of the open credits by the bank have become obsolete.

Al-Shuwaili: The decision to cancel the sanctions came as a result of the continuous efforts of the Iraqi government and the management of the bank (Al-Jazeera Net)

rational procedures

In turn, Al-Rasheed Bank's media officer, Amal Al-Shuwaili, said that deleting the bank's name from the list of international sanctions of the United Nations Charter is an advanced step that will move banking dealings to levels that have long moved away from them and from the ranks of advanced banks in terms of recent transactions that Arab and international banks have followed.

Al-Shuwaili added to Al-Jazeera Net that the decision to cancel the sanctions came as a result of the continuous efforts made by the Iraqi government represented by the Ministry of Finance, the Ministry of Foreign Affairs, the Permanent Representative of the Republic of Iraq to the United Nations and the Rashid Bank administration.

She pointed out that the international sanctions resolution considered all funds and assets to be owned by the former Iraqi government, and on this basis the name of Al-Rasheed Bank was placed on the international sanctions list.

Saleh considered the decision a new gateway for Al-Rasheed Bank to practice international banking and restore its foreign relations (Al-Jazeera Net)

direct reflections

For his part, the financial advisor to the Iraqi government, Dr. Mazhar Muhammad Salih, believes that the decision to lift the ban allows the large government commercial bank to practice international banking through several tools.

Saleh identified these tools in his speech to Al-Jazeera Net, by opening documentary credits to finance foreign trade for the private sector by restoring its banking relations with the chain of banking senders in the world.

This means - according to Saleh - that the bank will have the confidence of the global banking system and international financial markets - specifically by collecting supportive credit lines - to finance foreign trade for its customers from the Iraqi private sector at the lowest costs, due to the removal of one of the most important banking risks, which are political risks.

In addition, the decision will allow the bank to open its branches outside the country, especially in important countries that represent international banking centers and related financial transactions, according to the government advisor.

Al-Ansari considered that bureaucracy is the reason for Al-Rasheed Bank's move away from competition and demanded its restructuring (Al-Jazeera Net)

banking bureaucracy

In turn, the international banking expert, Aqeel Al-Ansari, revealed the Al-Rasheed Bank's lack of the most important real infrastructure, such as automated teller machines, banking products and the application of financial inclusion instructions adopted by the Iraqi banking sector.

Al-Ansari told Al-Jazeera Net that the bureaucracy of Al-Rasheed Bank's work is the reason for its distance from banking competition, because there is no need for it because government deposits and loans are its main work, while the salaries of its employees are paid by the Ministry of Finance (which owns government banks).

He pointed out that the UN sanctions did not prevent the bank from working in the local markets and developing its banking products and working cadres, in addition to that they did not prevent strategic planning or participation in the development of the banking sector.

Al-Ansari concluded that it is necessary to restructure Al-Rasheed Bank, and establish a new bank that will be a real nucleus of banking work seeking to develop the Iraqi economy, so that it is based on scientific foundations and modern technology with a clear vision after organizing the ownership of the bank to be in the manner of shares and put in the Iraqi market for securities like the rest of the world’s banks.

Source : Al Jazeera

[screwball]

i

10 hours ago, yota691 said:

In turn, the international banking expert, Aqeel Al-Ansari, revealed the Al-Rasheed Bank's lack of the most important real infrastructure, such as automated teller machines, banking products and the application of financial inclusion instructions adopted by the Iraqi banking sector.

al warka had the most atm machines, if still under guardianship and CBI control then this wont be an issue

[screwball]

10 hours ago, yota691 said:

because there is no need for it because government deposits and loans are its main work, while the salaries of its employees are paid by the Ministry of Finance (which owns government banks).

sounds like just n intermediatry bank.........gap will be filled by small banks

[screwball]

11 hours ago, yota691 said:

In addition, the decision will allow the bank to open its branches outside the country, especially in important countries that represent international banking centers and related financial transactions, according to the government advisor.  

this says international

[screwball]

11 hours ago, yota691 said:

direct reflections  

For his part, the financial advisor to the Iraqi government, Dr. Mazhar Muhammad Salih, believes that the decision to lift the ban allows the large government commercial bank to practice international banking through several tools.  

 

Saleh defined these tools, by opening documentary credits to finance foreign trade to the private sector by restoring its banking relations with the chain of banking senders in the world.  

this sounds like it was definitely needed for iraq to go international.....now we just need to see a rate change