21 August, 2012 11:29:00
Deputy Governor of the Central Bank of the appearance of Mohammed that the bank decided to give licenses to foreign banks that wish to open branches in Iraq.
Mohammed said in a press statement that the law of Iraqi banks No. 94 of 2004 allows granting licenses not only to domestic banks but allow 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 Those foreign banks names of Iraqi banking companies. “
And that “foreign banks have high level of financial and improve the use of banking instruments well, noting that the Iraqi public prefers dealing profit and not pay interest, which would give these foreign banks dealing clear economic.