Member of the Committee on economy: encourage international banks to enter Iraq necessary to support and development of local banking sector
Date: 2012-08-22 10: 25: 07 Wednesday

Baghdad (News) ... Invited Member of the Committee on the economy and investment/National Alliance Deputy/ sheyaa, allowing investment banks to international development in support of the investment process and create a competitive atmosphere between them and local banks.
Said sheyaa (News Agency news) on Wednesday: that global banks high capitalization discreet and considerable expertise will create a competitive atmosphere among local banks in terms of providing the best service at the lowest cost, when you have the opportunity to enter the Iraqi environment, as well as support the Iraqi banking sector and its development through the transfer of global experience.

He added: we must encourage global banks to enter the Iraqi environment and open branches in Baghdad and the provinces, as they would serve the national economy in terms of support for the banking sector and investment in the country's development process, particularly since the current Central Bank law allows open global banks in Iraq and deal as treatment of local banks by the Central Bank through the granting of hard currency in foreign money orders and providing the facilities.

The banking system in Iraq 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 provisions, however, investment in the banking sector takes its legal framework based on the legal Central Bank number (56) of 2004 and bank number (94) for 2004, the minimum to establish a bank in Iraq (100) billion Iraqi dinars (around 85 million dollars (./finished/8. Dr. o/