Central Bank allowed to open letters of credit in the private banks

[yota691]

Central Bank allowed to open letters of credit in the private banks

Written by Administrator Sunday, December 23, 2012 04:46

Intervention banks in spiral Alvesadj administrative, financial and Amelliat money laundering, which increased talk about and raised doubts about Aljhalt behind them While, allowed CBE board encouraging Iraqi banks approved to open credits the central bank comes claims parliamentary demands to tighten control the central bank to perform the work of banks civil, to curb corruption and money laundering amid calls for the establishment of another civil banks encourage agricultural and industrial sectors and the need for civil support to achieve the aspirations of the citizens and contribute to the development of investments.

As Central Bank of Iraq to allow Iraqi banks open Alaatmadt documentary, while also decided to increase the share auction weekly and granted to the exchange companies and money transfer, also made a decision authorizing the Governor of the Bank to reduce the sale price of the dollar as the market demands., The bank said in a statement that "the Board of Directors decided to encourage Iraqi banks approved to open letters of credit and financing from the bank according to a mechanism designed for this purpose and continuity in the entry window selling foreign currency, "noting that" banks covered are Bank of Baghdad, credit and Mansour first stage include later all banks licensed. " The bank said it decided to "increase the share auction weekly and granted to the exchange companies and conversion by 100 thousand dollars for the money transfer companies who increased their capital and the requirements of the bank to 500 million dinars and increasing the share auction weekly by 150 thousand dollars for the money transfer companies who increased their before the desired date of Central Bank to 15 billion dinars, "asserting that he had decided" to increase the share auction to 125 thousand dollars for the money transfer companies who increased their capital requirements, the central bank to 10 billion dinars. "He bank that also decided to" authorize the Iraqi Central Bank Governor validity reduced dollar selling price of currently 1179 dinars to the dollar, "returned to" The purpose of this is to enhance the value of the Iraqi dinar and the requirements of the market. " Under instructions of the Economic Commission of the Council of Ministers to transfer all appropriations for ministries in excess of four million dollars to Bank of Iraq trade with the transfer of funds of less than four million dollars to private banks that are distributed by activity according to the classification banks from the central bank. As Article 28 of the Banking Act 94 for the year 2004 it is not permissible for any bank to exercise or participate as an agent or partner or owner, wholesale trade, singular or manufacturing processes or transport, agriculture or fisheries, mining or building or re-insurance, or any activity or other work is licensed.

For his part, student member of the Finance Committee deputy secretary Hadi Abbas, the central bank to tighten its control on the performance of the work of private banks, to curb corruption and money laundering. Abbas said that some private banks lost their audience as a result of non-compliance with regulations and decisions the central bank, stressing that the central responsibility because abandoning monitor the performance of work of private banks. Added: that the central bank's demands to tighten control over the work of private banks to re-establish control them and their commitment to the laws and re-confidence depositors to it, noting that the Warka Bank is one of the big banks and the audience because of his violation of the procedures and decisions of the Central Bank, which led him to bankruptcy.

In a related confirmed member of the Finance Committee, MP Hassan al-Bayati, the importance of the establishment of specialized banks to support sectors economic Kalsnaaah and agricultural development in the country. Bayati said that the banking system in Iraq has specialized banks Kalmsrv agricultural, industrial and real estate, but these banks do not take real role and is intended to support private sector participation in the development of the national economy, because of underdeveloped legislation in the country. He noted that the Banking Act current longer laws backward not kept pace with developments in the banking systems of recent global, calling amended formula helps to allocate banks or create new banks to support the private sector and the national economy through its different sectors of agricultural, industrial and real estate.

It is noteworthy that Iraq has seven banks owned by the state and 23 private banks and eight Islamic banks in particular, according to the site's central bank, while dominated by the banking sector banks Rafidain and Rasheed Aovernmaan, and subject currently restructuring in order to pay off the debts accumulated after years of war and sanctions http://www.alghad-iq.com/index.php?option=com_content&view=article&id=4188:2012-12-23-04-50-05&catid=62:%D9%85%D8%A7%D9%84-%D9%88%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1&Itemid=166

[yota691]

CBI Governor Indicates Steps to Reduce Inflation of dinar

December 23, 2012

Sinan al-Shabibi also said to Alsumaria News that the main purpose of the Central Bank is monetary policy to fight inflation of dinar and not commercial financing import, noting that the recent decision of the Central Bank to allow the Iraqi banks approved to open letters of credit and financing by the bank is a business decision and Shabibi also added that the aim of the bank is working to pull the dinar from the market and entered issues auction to reduce inflation and urged, the Bank’s management group’s new focus on monetary policy, not profitability.

It was the bank’s board decided on 11 December to encourage Iraqi banks approved to open letters of credit and financing by the Bank in accordance with the mechanism designed for this purpose and continuity in the entry window selling foreign currency, indicating The banks covered are Bank of Baghdad, credit and Mansur as a first stage and later include all licensed banks. Under the instructions of the Economic Commission of the council of Ministers to move all of the special allotments ministries that more than four million dollars to the commercial Bank of Iraq in the transfer of funds of less than four million dollars to private banks, which are distributes by activity according to the classification of banks by the Central Bank of Iraq.

Sinan al-Shabibi on 13th December said that the bank’s decision to approve the province validity reduce the sale price of the dollar was wrong.

The Prime Minister Nuri al-Maliki said on 5th November, 2012 that the warheads large fall in the issue of the Central Bank, indicating that he is not acting funds Iraqi, but had no information on the size or the position of the deposit, referred to the supreme Judicial Council verified in 19th October that the issuance of an arrest warrant for the central bank governor and a number of officials in corruption cases.(Source)AlMada http://www.edinarfinancial.net/news/?quer=&nm=&ny=&nn=803

[hammer911]

Well, this sounds good and exciting... IS IT?.... GO RV!!!~~~