The governor of the Central Bank Ali Alaak, on Thursday, a plan to increase the number of Arab and foreign banks and financial companies operating in Iraq will continue until 2020.
Al-Alak said in an interview that the number of foreign banks, including Arab, has increased during the past two years, reaching 18 banks now, after the number did not exceed 11 banks, “stressing that” these steps were coordinated with the World Bank and most of these banks are solid and has branches in most Countries of the world “.
He added that “branches of foreign banks can not be asked for new rules, since the bank has one capital for the branch or origin, which applies to our banks in Iraq and neighboring countries, and falls under the policy of reciprocity with the countries of the world, so we deal with the branches framework International law “.
He pointed out that there are some Arab and foreign banks have an “international classification”, pointing out that “our assessment of banks is a calendar in terms of compliance and combating money laundering for the purpose of buying the dollar, which is limited in the window selling the dollar.”
And on the new Islamic banks that were established with a capital of 100 billion dinars, he pointed out that “part of these banks completed 250 billion dinars in the increase of capital before the end of three years, and began to scrutinize the same as all private banks, to ensure that the capital in the central bank As collateral for deposits of customers with them, and even the subject of classification, we granted foreign advanced ratings unlike local. ”
Currently, there are 140 banking and financial institutions, including 6 government, 24 private and 16 Islamic, in addition to 63 financial companies, transfer companies and financial investment companies, 60% of which are Arab and foreign.