Abu Dhabi Islamic Bank controls its currency auction and transfers $ 58 million in four days outside Iraq


 

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Abu Dhabi Islamic Bank controls its currency auction and transfers $ 58 million in four days outside Iraq

 

09-05-2017 05:18 PMThe Euphrates –

Abu Dhabi Islamic Bank (ADIB) has taken control of the currency auction and over the past four days has raised $ 58.3 million, according to data released by the central bank.

Foreign banks have taken the biggest share of the currency sale window over the past few days. The Abu Dhabi Islamic Bank has spent $ 58.3 million out of Iraq over the past four days, according to data published by the Central Bank on its website on the results of the sale window.

A number of bankers have pointed to the need to develop more transparent criteria to determine the reasons for the acquisition of foreign banks to the largest shares. This reveals a privileged treatment unfairly, given to branches of foreign banks operating in Iraq in the currency auction market at the expense of national banks.

The branches of foreign banks get abnormal privileges as they enjoy advantages within the currency auction market, without the capital of their branches in Iraq, except the proportion of three and a half percent of the capital of Iraqi national banks, as the National Bank of the local binding capital of 250 billion dinars, More than two hundred million dollars, while the capital of branches of foreign banks is seven million dollars and does not do the lending and credit and does not provide facilities for Iraqi companies and local citizens, despite the fact that they enjoy abundant shares within the auction

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