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Most Iraqi private banks achieve capital goal

The Iraqi central bank has said most of the country's 34 private banks have reached the central bank's ID150bn ($128.8m) capital requirement level for 2012, a measure to enhance their financial capability, Reuters has reported. The central bank laid out a three-stage programme in 2009 for banks to raise their capital, a move intended to boost the banks' ability to deal with any crisis they might face. "The capital increase of the private banks aims to strengthen the banks in order to have the ability to absorb the losses. The capital is actually a cushion to absorb the losses," said Mudher Kasim, deputy governor of the central bank.