Alforat News

The Central Bank of Iraq has granted work visas to foreign banks with a capital of 50 million dollars

A statement by the Central Bank that “foreign banks that seek leave to work for one of its branches in Iraq must have a capital equivalent to 50 million dollars, regardless of the number of branches, including the main branch.”

He explained that “another condition for granting licenses is that the balance of any bank with another bank does not exceed 5% of its capital and in any case should not increase its assets with other banks of 20%, and if the increase of that percentage for more reasonable reasons it Need the approval of the Director General of the Banking Control Department.”

“To establish an entity of a foreign bank or to open a branch of a foreign bank in Iraq, it must obtain a license from the central bank. Only foreign banks that are subject to unified and comprehensive control by a supervisory authority in the country where the foreign bank is headquartered may be granted licenses.”

The statement pointed out that “within six months of submitting the application for incorporation of the bank to meet the conditions are notified by the bank to approve the establishment or rejection of the bank and if approved is published in the Official Gazette.” Source