Central Bank of Iraq Put Regulatory Standards Minute for Private Banks to Avoid Crises
|October 11, 2014||Filled under Iraq News|
Iraq News –
Rafidain Bank announced that the current year has witnessed a significant development for the work of its branches and increase its assets in the warheads as well as the granting of credit to all sectors, as revealed on the status of the central bank minutes regulatory standards for private banks to avoid crises.
The general director of the bank on behalf of Kamal al-Hassani in a written statement received / JD / copy of it: that Rafidain Bank and other banks this year have seen a noticeable improvement in the performance of her consort with warheads increase their funds to meet the requirements and to engage in development projects. He pointed out that the central bank has started to make a distinctive steps through the development of regulatory standards minute for the advancement of the banking sector and determine the policies of private banks in order to avoid exposure to any crises.
It is noted that Rafidain Bank was established under Law No. (33) for the year 1941 and started operations in 1941 with a paid up capital of 50,000 Iraqi dinars.
Over the bank through several stages during his historic first was his presence as the first national bank commercial banking is practiced among many foreign banks.
And began the gradual expansion within Iraq then has gone through the integration of multiple began in 1964, including commercial banks, which had been working in Iraq, where they were in 1974 consolidated with the Rafidain Bank, which became the only commercial bank in Iraq.
In 1998, the bank has witnessed a new development is its transformation into a public company owned by the state is fully in accordance with the provisions of the Companies Law No. (22) for 97 years in order to contribute to the national economy in the area of commercial banking and investment funds and provide funding for various sectors in accordance with the development plans in the framework of economic and financial policies and cash for the state.
The number of branches of the bank are currently 147 branches in Iraq, in addition to (8) branches in a sawmill in some Arab cities, namely: Cairo, Beirut, Abu Dhabi, Bahrain.
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