Al-Rashid Bank, owned by the Iraqi state, announced the removal of its name from the list of international sanctions in the UN Charter, which was included in a document issued on April 18, according to the UN sanctions committee. The Security Council issued a resolution ending the sanctions that have been in place since 1990.
Al-Rashid Bank is the second largest state-owned bank in Iraq (after Rafidain Bank). It was established in 1988 under Law No. 52 and became a public company under the Joint Stock Companies Law No. 22 of 1997 and is supervised by the Central Bank of Iraq and the Financial Supervisory Bureau.
Its internal system No. (7) of 1998 has set itself the goals of supporting the national economy in the field of commercial banking, investing money and providing financing to various sectors in accordance with development plans and planning decisions, since it has 151 branches scattered throughout Iraq. .
The economic sanctions imposed on Iraq in the 1990s created serious problems at all levels, the most important of which were the lack of infrastructure for banks, large debts to banks and dead assets that lost their real value, some of which extended to Iran. -War in Iraq.
On the reason for the UN sanctions against Al-Rashid Bank, its former general manager, Abdul Hadi Sadiq, stated that the Security Council, in accordance with resolutions it issued in 1990, seized the balance sheets of Iraqi financial institutions, including Al-Rashid. Rasheed Bank since the Iraqi army entered Kuwait in August 1990.
Sadiq told Al-Jazeera Net that Al-Rashid’s balances were relatively small at the time of the arrest, as the bank had actually started operating in early 1989.
He pointed out that state-owned banks, including Al-Rashid, did not have the opportunity before the Iraqi army entered Kuwait to maneuver their financial balances because the decision to enter at that time was highly secret.
The spokesman notes that the lifting of sanctions will prevent Al-Rashid Bank from being exposed to any risks after it is determined that any claims from the beneficiaries of loans opened by the bank are outdated.
Source: El Iktisad
