*********** Central Bank offers 5 proposals to support the economy and agrees to cover overseas banks dollar accounts

01/02/2015 16:52



Long-Presse / Baghdad



Central Bank of Iraq, announced on Sunday, taking five resolutions for "support" the development of the Iraqi economy, and confirmed his agreement to cover bank accounts abroad to "US dollar" to cover imports, and while stressing the importance of "accelerating" legislation Deposit Insurance Act, hailed the formation of a committee to reconsider the restructuring benefits.

The bank said in a statement released today, and received (range Press), a copy of which was "in line with the central bank's tasks and responsibilities in supporting the development and stimulate the Iraqi economy, the Bank took a number of decisions, including the approval of the appointment of a representative for the Council of the central bank's management of banks."

The bank said that among its "approval of the Central Bank to cover the bank accounts abroad in US dollars to cover imports of customers and for other purposes without the need to pass a window sell the currency at the Central Bank of Iraq."

The bank continued valuable statement, that "the bank takes control of such operations within the mechanism of a simplified and transparent with the development of the creation of capacities and capabilities plan to activate documentary credits instead of the current method and coordination with the banks in this regard."

Bank and stressed "the need to expedite the enactment of the Deposit Insurance Law, and to recommend to the government to accept the state's institutions of instruments issued by private banks as well as the receipt of taxes and fees in favor of the government."

The bank pointed out that "the formation of a committee to reconsider the structure of benefits, including expanding the provision of credit and liquidity."

The Iraqi Central Bank announced last week, to take the necessary measures to boost liquidity in the banking system, while decided to facilitate the procedures for the sale of foreign currency "to sustain the exchange rate,"

The Central Bank of Iraq, had announced (18/01/2015), that the financial reserves of Iraq and a half times the equivalent of twice the money supply, they returned it was "best rates" in the countries of the world, as he emphasized that Iraqi financial institutions are "unable" to cover the deficit financial, stressed the need to re-examine the structure of the budget and spending and diversify sources of income and achieve investment more broadly to address the decline in oil prices.

The study estimated that the local government banks' capital reached until October of 2012, the last end, a total of 754 billion dinars, compared with more than four billion dinars for private banks, and investment balances in banks operating in Iraq recorded up to 10/31/2012, a sum nearly six billion dinars (5.947), the share of government banks which amounted to 4.929 billion, compared to 1.018 billion for private banks.

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