All licensed banks / opening a banking office

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Further to the generalization of the Central Bank of Iraq No. 9/3/323 on 20/1/2010, the approval obtained to allow banks to open banking offices near directorates and institutions that do not have financial income as long as the prior approval of this bank obtained. Below is the banking offices activities and activities that may not carried out as follows:

1. Banking activities practiced by banking offices:

• Open current accounts, savings and deposits.
• Delivery of salaries to employees in the place that opened near it.
• Issuance of ordinary and ratified instruments.
• Buying and selling foreign currencies.

2. Banking activities that banking offices may not carried out:

• Granting cash and contracting credit, excluding government banks, due to the directive of the Ministry of Finance to transform its offices into branches in government directorates.
• Conduct external transfers.

» To see the controls that are required to open a banking office... click here.