Central Bank are required to “foreign” banks register the names of Iraqi
Central Bank of Iraq, Tuesday, on its requirement on foreign banks wishing to open branches in the country register the names of companies, Iraqi bank, noting that he preferred to deal with these banks because of their high level in the banking business.
Deputy Governor of Central Bank the appearance of Mohammed Saleh said that “the law of Iraqi banks No. 94 of 2004, allows the granting of licenses not only to domestic banks, but allows for the opening of branches of foreign banks,” adding that “the central bank granted 14 licenses to open branches of foreign banks in Iraq since 2005 to 2012, provided that the record these banks the names of companies, Iraqi bank, “noting that” foreign banks have their level of financial high and better use of tools banking well, and that the Iraqi public would prefer to deal profit and not pay interest, which will give these foreign banks discourse economically and clear. “
Iraq seeks to support the banking system through Dam failure of local banks to cover the financial guarantees required by the investment companies, which represent the problem of limiting the entry of companies specialized in the electricity sector, infrastructure and services.
In Iraq, there about seven state banks and 34 banks waged, mostly owned by foreign banks, and controls two banks two government on the banking system in Iraq are the Rafidain Bank and Rasheed Bank.