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06.16.2011
Revealed Abdul Aziz Hassoun, Executive Director of the Association of Iraqi private banks for the achievement of most private banks in Iraq to the level of capital set by the central bank and $ 85 million in order to diversify the activities of the financial sector, as quoted by Reuters. The central bank was prepared in 2009 a program of three phases to increase banks' capital. The deadline for the first phase is the end of June, where banks have to be raised levels of capital to 100 billion Iraqi dinars ($ 85 million). By June 2012 the banks have to raise capital levels to 128 million dollars, while the level should be up to $ 213 million in the third phase, which ends in June 2013. Hassoun said that 22 banks have achieved the target level of $ 85 million so far, adding that three other banks in talks to merge to gain access to the required level.
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Revealed Abdul Aziz Hassoun, Executive Director of the Association of Iraqi private banks for the achievement of most private banks in Iraq to the level of capital set by the central bank and $ 85 million in order to diversify the activities of the financial sector, as quoted by Reuters. The central bank was prepared in 2009 a program of three phases to increase banks' capital. The deadline for the first phase is the end of June, where banks have to be raised levels of capital to 100 billion Iraqi dinars ($ 85 million). By June 2012 the banks have to raise capital levels to 128 million dollars, while the level should be up to $ 213 million in the third phase, which ends in June 2013. Hassoun said that 22 banks have achieved the target level of $ 85 million so far, adding that three other banks in talks to merge to gain access to the required level.
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