New Plan of CBI to increase the Number of Arab and Foreign Banks

On Thursday, the Governor of Iraqi Central Bank issued a statement that CBI has planned to increase the number foreign banks, Arab banks, and financial companies to operate in Iraq and it will continue until 2020. Governor added in his press interview that total numbers of foreign banks operating in Iraq were 11 during the last 2 years, now it has been reached at 18 foreign banks. He stressed that these kinds of measures will be take in coordination with the World Bank. Most of the foreign banks operating in Iraq have solid background and they have various branches in the world. He further mentioned that new rules will not be asked from those foreign banks for their branches operating in Iraq, since the foreign bank has just one capital for the branch. The similar policy will be implemented as we have applied to our banks operating in Iraq and our neighboring countries.

New Plan of CBI to increase the Number of Arab and Foreign BanksThese banks will fall under the policy of mutual benefits with the countries in the world, so we will deal with the framework for these branches according to the international law. He pointed out that there are a number of foreign and Arab banks operating in Iraq having an international rating and international standards. Our CBI assessment is a calendar in terms of obedience and fight against money laundering regarding buying and selling of the U.S dollars, due to it is limited in the selling U.S dollars window operation. He pointed out that new Islamic banks were established with 100 billion Iraqi dinars capital and these banks have completed their target of 250 billion Iraqi dinars and increased their capital before the end of their 3 year target. He indicated that there are currently 140 banking companies and financial institutions operating in Iraq, including 6 government banks, 16 Islamic banks, 24 private banks and 63 financial companies.

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