News On Iran & Its NeighboursIraqIraq unlikely to allow Iran banks due to sanctions

Iraq unlikely to allow Iran banks due to sanctions

-

Reuters: Two Iranian banks seeking to open branches in Iraq are unlikely to get government approval due to economic sanctions imposed on Tehran in a row over its nuclear programme, an Iraqi central bank official said on Sunday.

By Khalid al-Ansary

Bank ParsianBAGHDAD, Aug 1 (Reuters) – Two Iranian banks seeking to open branches in Iraq are unlikely to get government approval due to economic sanctions imposed on Tehran in a row over its nuclear programme, an Iraqi central bank official said on Sunday.

Last month, Iraq’s central bank said the OPEC member was in talks with six or seven foreign banks, among them Iranian and Lebanese lenders, which are interested in entering the country despite insurgent attacks.

Among the applicants are Iranian lenders Karafarin Bank and Bank Parsian, which want to set up shop in the Iraqi capital, Baghdad, said Waleed Eedi, acting director-general of banking supervision at the Iraqi central bank.

Shi’ite power Iran has strong political and economic ties with neighbouring Iraq with its Shi’ite majority.

But due to a new round of U.N. sanctions, the central bank had asked the foreign ministry and council of minsters for guidance.

“No approval has been made so far,” Eedi told Reuters. “We are awaiting a reply from them (foreign ministry) and I, personally, expect that their reply will be a no.”

The United Nations and the European Union have imposed new restrictions on Iran over its nuclear enrichment activities, which the West fears could lead it to make a bomb. The sanctions focus on the country’s banking and energy sectors.

Iraq is trying to attract foreign investment to develop its infrastructure and diversify the oil-dependent economy but many firms are waiting for security to improve. (Writing by Ulf Laessing; Editing by Michael Shields)

Latest news

Iran: people of Khoy still reeling from 5.9-magnitude earthquake

An earthquake with a magnitude of 5.9 struck northwest Iran on Saturday, killing at least three people and injuring...

Iran’s Unsolvable Air Pollution Problem

Air pollution will remain at dangerous levels and will increase for the next few days in most big cities,...

The World Must Acknowledge the Iranian People’s Right to Self-defense

Victor Hugo once said: “When dictatorship is a fact, revolution becomes a right.” Throughout history, this has been the...

Iran: 60% Of Population Is Poor

The livelihood baskets of the Iranian people are shrinking dramatically. This, in turn, has introduced new concerns to protect...

The implications of EU’s terrorist designation of the Revolutionary Guards (IRGC)

The European Parliament called on January 18 for the European Union to list Iran's Revolutionary Guards (IRGC) as a...

Iran’s Regime Is Hiding Human Rights Violations In Its Prisons

With more than four months into Iran’s latest round of nationwide uprisings, the brutality of the Iranian regime’s security...

Must read

High-ranking officials in the Iranian Regime involved in the 1988 massacre

London, 21 Aug -An Iranian-American political scientist has given...

Iranian overtures to Latin America spark US concern

VOA: Iranian moves to solidify ties with Venezuela, Bolivia...

You might also likeRELATED
Recommended to you