Thursday, March 28, 2024

Baghdad

Central Bank warns citizens to avoid Basra International Bank for Investment

Basra International Bank for Investment.
CBI issues new warning to caution citizens against banking with the Basra International Bank for Investment.

On Wednesday the Central Bank of Iraq issued a warned citizens against dealing with Basra International Bank for Investment, noting that the bank has been ordered to cease all banking activities.

A Central Bank of Iraq representative said that “the citizens mustn’t accept any act issued by the Basra International Bank for Investment due to an order to cease and desist from all its banking business activities.”

A Central Bank of Iraq statement said that “the bank had previously put under receivership based on the decision No. 1485 of the Central Bank of Iraq in June 2012 in accordance with the Article No. 69 of the Banking Act of 2004.”

The Central Bank of Iraq had already imposed trusteeship, on June 6, on Economy Bank for Finance and Investment, the formation of committees of trusteeship will be composed of three people for a period of 18 months, subject to extension, it’s Mission preparing a report on the financial situation and the future prospects of the bank.

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