On this Monday, the Iraqi Central Bank (CBI) has taken some measures to revitalize the 19 foreign banks operating in Iraq. This action is supposed to rejuvenate the overall banking sector of the country. Also, it has to be noted that this will encourage the emerging foreign banks in Iraq in near future.
Bank Governor Abdel Basset Turki stated that the banking sector of the country requires more attention in order to increase the chances or hopes for foreign investments. The bank is keen to deal with the foreign companies or banking corporate. However, he also mentioned that CBI is not losing focus from the state-regulated banks and it is important that these state-regulated banking sector should do well in present scenario so that overall banking sector’s can be lifted up for clinching the trust of the common masses of the country.
After a meeting with the managers, he said that “The success of foreign banks in its mission in Iraq would be a significant achievement for Iraq in terms of attracting investment and capital input and create a financial transaction system and banking facilities are required for any investment environment.”
He further added, “The Central Bank supports the entry of foreign banks into Iraq and seeks to facilitate the work of the joint cooperation for the common good”.
The economists, bankers and experts encouraged the opening of branches of foreign banks in Iraq, they antagonized her health status as they will contribute to the economy and create competition with domestic banks, will also strengthen market confidence.
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