Iraq: The Central take action to stimulate the economy

09/02/2015 14:22




BAGHDAD / Obelisk: CBI decided to support the liquidity of specialized commercial banks in Iraq by 5 trillion dinars ($ 4 billion), to enable them to provide housing loans and real estate for industrialists and farmers, support economic activity and job creation.

Well, decided to finance the state budget with a loan of $ 6 trillion dinars, through the operation of 50 percent of commercial banks' reserves deposited has, and the repurchase of treasury bonds from the secondary market, it will buy about 5 trillion dinars, of which the first stage. This action does not affect the private reserve b »Central» in excess of $ 70 billion.

As part of its responsibility to support the process of development and revitalization of the Iraqi economy, «Central» has taken other decisions, including the approval of the appointment of a representative of the private banks for the first time in the bank's board, with the approval of the coverage of bank accounts abroad in dollars, to secure finance the import of other targets operations, from without the need to pass a window currency selling it. Also assume control of these operations within a simplified and transparent mechanism, with a capacity create a plan to activate the documentary credits instead of the current method and coordination with the banks, with speed up the legislation guarantee bank deposits law. In addition, the government accepted the recommendation of the state institutions issued by private banks instruments, as well as the receipt of taxes and fees for their interest, as well as the formation of a committee to reconsider the benefits of restructuring to enhance the provision of credit and liquidity.

It commended the bank among the decisions of the Central Bank of Iraq, which is consistent with the ratification of the current year's budget, which debated widely around the doors and resources spent and how to address the financial challenges facing the economy. As I went to the voices of concern b »war economy» and arming the army to meet the security challenges, in addition to the establishment of large projects that support the state's resources.

The rise in the dollar's exchange rate against the Iraqi dinar in the domestic market, the attention of experts and concerned with the economy. As some of them attributed this to the recent decisions taken by the Central Bank of Iraq to support development, which led to the rush of banking offices to buy the dollar, which, as well as reducing the quantities sold by the bank and as recommended by the general budget.


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