Economy 2023-08-03 | 06:23
Alsumaria News - Economy
The Central Bank of Iraq asked today, Thursday, from local and foreign banks to increase their capital, or to "merge or be subject to acquisition or liquidation" in the event of their inability.
A document issued by the bank, seen by Alsumaria News, showed that,
“Based on the decision of the bank’s board of directors No. 27 of 2023 in its session numbered 1628 held on 7/18 2023,
it was decided to increase the banks’ capital to no less than 400 billion dinars during a maximum period of December 31.” 2024, in three installments, provided that each installment is not less than 50 billion dinars on December 31, 2023, June 30, 2024, and December 31, 2024.
The document added that the bank may make the increase in one payment within a maximum period of December 31, 2023, noting that
“the operating capital of foreign bank branches is increased by no less than 60% of the operating capital during a maximum period of December 31, 2023.”
And the Central Bank stressed in its document that,
“in the event of non-compliance with the instructions, it initiates the merger or is subject to acquisition or liquidation.”