CBI granted Banks to open branch in Baghdad


A source at the Iraqi Central Bank informed that the Directors of Central Bank has approved granting the returning bank to open its one branch in the Iraqi capital Baghdad. He also pointed out that other 4 more branches can be opened after the approval of Iraqi Parliament.

The source further added in a press interview that the Iraqi Central Bank has shown its satisfaction to open a branch of Bank Audi in the Iraqi capital Baghdad and it should be considered the main branch of the bank. The source didn’t disclose name but further indicated that Iraqi Central Bank has shown its satisfaction on the Planning of the bank for opening their more branches in Erbil, Basra, Salahuddin and Najaf. Point to be noted that Iraqi Central Bank has focused to promote Iraqi banking sector.

Audi Bank

Most of the financial experts believe that this step would motivate Iraqi people to participate in the development of Iraqi banking sector. Experts predicted that it would empower Iraqi dinar currency due to increase in the circulation of Iraqi local currency, but it depends on the interest of Iraqi people and increase of deposits in the banks. The Bank Audi will work under the banking services by the provision of at least 8 countries, especially Saudi Arabia, Syria, Lebanon, Turkey, Egypt, Jordan, France and Switzerland. It is important that the assets of Audi Bank increased significantly during the past 7 years. The official statement of the bank indicated that the Bank had 20.39 billion U.S dollars at the end of 2008 and at the end of the last year it was at 42.27 billion U.S dollars.

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