CBI decides to rely on private banks with large capital

[BBalls]

CBI decides to rely on private banks with large capital.

28/06/2011 14:10

Baghdad, June 28 (Rn) - The Central Bank of Iraq today, Tuesday, he decided to rely on private banks, heads of big money in the process of circulation.

The appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the Iraqi Central Bank decided to rely on private banks with large capital, which has branches in the provinces in the process of circulation with the countries in the world and strengthen the role of global investment in addition to giving way to deal with the government institutions in Deposit the money. "

He added that "the number of private banks, 37 banks possesses 400 branches, compared with a few government banks of the 7 banks and has 400 branches in all governorates of Iraq."

He pointed out that "Banking in Iraq is weak and not the level of ambition of the Central Bank as per 45 000 citizens bank and supposed to be every 6 thousand citizens bank."

He called the Iraqi Central Bank earlier in the government institutions to deal with the financial private banks in the country.

The Iraqi government has confirmed that there is an economic necessity for the integration of private banks, among them the cash because their performance and financial have still not convincing.

And the central bank of Iraq in February that he would give the number of licenses to establish private banks, the banks confirmed that the increase will enhance the economic role of the country.

He denied the central bank in June 24 that the development of Iraqi private banks according to risk is confirmed by the Ministry of Finance regularly.

The total capital of Iraqi private banks Miliro $ 600 million currently, other than that owned by the branches of Arab and foreign banks operating in the country.

The Central Bank of Iraq said, Wednesday, the past that the high inflation rate 0.01 for the month of November compared with November last month will not affect the value of the Iraqi dinar.

The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and management of reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.

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[tjmunson]

Old article from November. Also been posted several times today. Lots of old articles being recirculated today.

As someone else noted, there are no dinars in sight because of the fact that the money supply has shrunk and that purchases are easier with the USD because of it's buying power. All the more reason the GOI wants to RV. They need to get Iraqi's to use Iraq's currency. Common sense when you think about it.

Peace