Economic Affairs Ministerial Decisions to support the private banking sector

05/02/2015 10:09

BAGHDAD / Source News / .. Committee on Economic Affairs in the Council of Ministers has taken several new resolutions in support of the private banking sector included requiring all state departments to accept certified instruments issued by private banks.

A statement by the Office of the Deputy Prime Minister example, has typically Nuri Shaways, received by the agency / Source News / copy of it, on Thursday, said that "the Economic Affairs Committee held its third meeting under the chairmanship of the President of the Economic Committee example, has typically Nuri Shaways presence of ministers (finance, oil, Planning, Trade, Industry and Minerals and agriculture) and the Governor of the Central Bank of Iraq and President of the National Authority for Investment and Economic Adviser to the Prime Minister and the Deputy Secretary General of the Council of Ministers and head of the Legal Department of the Prime Minister's Office has taken a number of supporting the private banking sector decisions being the main gate to the development of the Iraqi private sector. "

"The decisions included, the Ministry of Finance to compel the state departments of all to accept certified instruments issued by private banks, and the Ministry of Finance in coordination with the Central Bank of Iraq and the Association of private banks in Iraq put controls and mechanisms are clear and specific to deposit employees and pensioners in the private banks and to guarantee the rights of depositors and the Central Bank of Iraq government study the possibility of lending to private banks to finance small and medium enterprises because of their importance to the revitalization of the Iraqi private sector banks, in addition to the Trade Bank of Iraq to open lines of credit to the private banks under the supervision of the Central Bank of Iraq. "

"The decision also included" an emphasis on the Ministry of Finance and the Central Bank of Iraq to apply to the Committee on Economic Affairs Resolution No. S.l / 495 on 18.11.2014 on the opening of letters of credit to the private banks up to 10 million dollars (ten million dollars) without passing Iraqi Bank of Commerce and the banks, Rafidain and Rasheed deposit part of their money to the private banks in exchange for soft benefits that are specific to invest those funds in investment projects of private banks in accordance with the feasibility studies and in accordance with specific safeguards mechanisms, and the CBI to submit a draft deposit guarantee the necessary speed .


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