Central Bank: We carried out the terms of the Stand-By Arrangement with the International Monetary Fund

11/09/2012 09:28
BAGHDAD / Bri Center for the Iraqi Media Network - said the Iraqi Central Bank that carried out the conditions contained in the Convention on the Stand-By Arrangement with the International Monetary Fund under which Iraq obtained a loan of 3.7 billion dollars to support the economic development of its activities.



The deputy governor of the Bank the appearance of Mohammed's (Center Brief for the Iraqi Media Network) that "the Central Bank signed a Stand-By Arrangement with the International Monetary Fund in February 2010, which included providing latest financial loan worth $ 3.7 billion to support economic development activities and private investment budget in Iraq ".



He added the deputy governor of the Bank that "the signing of the agreement and the time came for fear of being affected by Iraq's financial resources on the back of lower oil prices in the global markets," pointing out that "Iraq withdraw $ 1.2 billion of the loan value."



He continued that "the Convention ended last July and technically extended to next February."



The MP for the "International Monetary Fund had conditions in the Convention, namely financial management reform in Iraq and to work on the monument units ATMs in all banks, and there is a fixed price and a unified exchange, and strengthened activities of banking supervision, and check accounts Central Bank of auditor external twice a year. "



And that "the terms of the Fund also is tightening internal controls on bank and other banks," he said, stressing that "the Central Bank carried out the majority of those conditions."


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