Central submit proposals to support private banks

4/3/2015 0:00

BAGHDAD - Mustafa al-Hashemi
Said the Iraqi Central Bank Governor Dr. Ali Keywords: the auction constant currency did not stop, but what happened is a change in the method and mechanism used in it, noting at the same time that there is coordination between the central and private banks to launch loans for small and medium enterprises.

He said a number of media, including the "morning" that the currency, launched 10 years ago auction was one of extraordinary measures to maintain the stability of the exchange rate and resulted in the continuation of work by a lot of phenomena that have been the focus of criticism, pointing out that the new method determines the dollar sales of the need the actual number where we reached a real need for the actual market, adding that he will be the development of these mechanisms have been reviewed from time to time and depending on the circumstances.

According to the relationship, this step will reduce undoubtedly amounts sold annually in the currency window to lower rates to contribute to the development of the economy and curb unemployment through coordination with private banks to launch loans for small and medium enterprises.

He stressed that the new measures taken by the Central Bank, which will benefit them to sell the currency window is not on a daily basis as we did not stop the auction, but we changed the mechanism and method of implementation, explaining that the daily currency auction was operating the Bank's departments to follow up belongings auction currency.

He added: After studies and discussions with specialists and experts with realism and scientific reached a new technique that will reduce a lot of money smuggling operations and support of the private sector in the workplace, where they were covered foreign bank accounts in dollars for the conversion process after the submission of the required details, stressing that there is coordination with the Ministry of Finance to cover all imports in dollars to be paid directly at the entry of goods into the country from the border crossing points.

Indicating that the role of the central bank will be commercial invoices and accounts relating to scrutiny.

The Governor of the Central Bank announced proposals to support private banks in coordination with the Ministry of Finance in receiving government deposits and lending because the banking sector has a promising future.


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