#####Suhail looking with a delegation from the World Bank to restructure the Iraqi banks

Sunday, March 24, 2013 15:22




BAGHDAD / Baghdadiya News / .. Search First Deputy Chairman of the House of Representatives Qusay al-Suhail, Sunday, with a delegation from the World Bank to restructure the Iraqi banks and the Central Bank of Iraq.

The statement quoted the Information Office of Hsail received / Baghdadiya News / copy of it, that "the First Deputy Speaker of Parliament Qusay al-Suhail received a delegation from the World Bank headed by Sahar Nasr, chief economics finance in the Middle East and North Africa and the Special Representative of the World Bank mission in Iraq as well as A number of experts at the World Bank During the meeting, a presentation on the work done by regarding the restructuring of the Iraqi banks and the Central Bank of Iraq in addition to projects carried out by the World Bank during the past period. "

He said the "private sector development and private banks can him that contributes significantly to the development process and the development of economic reality because we must establish rules work properly and repair the banking sector," stressing at the same time "the importance of restructuring these banks and put sophisticated systems fit with the size of the development which reached him the world's advanced countries in this field. "

The statement continued, "For his part, the delegation expressed his keenness to give advice to the Iraqi banks and the Central Bank in order to improve performance and to have their work professionally, especially in the regulatory field." Finished / 21


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World Bank restructure Iraqi government banks


BAGHDAD / obelisk: World Bank announced, Sunday, the agreement with the Iraqi government to restructure the Rafidain and Rasheed government.



The representative of the World Bank in Iraq Maria Helen during a news conference in Baghdad attended by "obelisk", "The World Bank's plan new restructuring Iraqi banks will depend on the Astosmarakaddrat human and the introduction of new developments banking and technology to work Rafidain and Rasheed government which lies upon themselves a lot of financial responsibilities Iraqi. "



"The plan is concentrated as well as to get rid of the accumulated debts of the banks at home and abroad," pointing out that "these banks big should be the competitors of the banks of major global and this is possible by investing in financial and real estate and human resources enjoyed by these banks."



The International Monetary Fund (IMF) has criticized the 22 of March current fiscal policy in Iraq in their report, published in Washington about the progress of the Iraqi financial administration.


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World Bank restructure the Rafidain and Rasheed in order to raise the value of the Iraqi dinar


BAGHDAD / obelisk: counting and Planning Minister Ali Shukri, Sunday, announced the World Bank to start implementing his plans to restructure the government banks Rafidain and Rasheed "It's an important step was waiting for Iraq to raise the value of the dinar."



Said Shukri for "obelisk", "The announcement of the World Bank to begin implementation of its plans to restructure the Rafidain Bank and Rasheed Bank government is an important step had been waiting Iraq," noting that "financial welcomed move the World Bank in this direction because this restructuring will ensure the country make the most of these institutions big human Bakdarathma and expertise accumulated by the cadres and joint coordination to guide these estimators. "



He added that "the Ministry of Finance confirmed that the plans will be the guarantor of restoring Iraqi dinar of his value economic between foreign currencies and this will be part of this plan," explaining that "the banking sector is suffering in general laziness around to institutions consumer is active in the financial sector the most traffic The boom in the economy in general. "



He pointed out that "the World Bank said the Iraqi side that lifted the value of the Iraqi dinar should be a priority as well as he needs to political stability in the country before everything."



Noteworthy that the second Gulf War led to a decline in the value of the Iraqi dinar in an unprecedented way to reach the Iraqi dinar to 0.144 U.S. dollars, which led to cripple the banking sector until the year


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Obelisk instructions of the Central Bank publishes new on buying and selling foreign currency


iraqi central banka BAGHDAD / obelisk: issued CBI, Sunday, new regulations for the sale and purchase of foreign currency, in order to what he considered to stabilize the Iraqi dinar exchange rate against foreign currency to meet the needs of the private sector, including the import of goods and services and to encourage banks to expand their scope, stressing that contrary to the instructions New will be forwarded to the Commission determine the imposition of fines and penalties, confirming validity of these instructions from the 15 April 2013.



According to the instructions issued by the bank that "quota weekly for the banks to sell cash dollar be four million dollars is subject to increase and decrease, while the share of money transfer companies $ 150 thousand for companies that their capital 45 billion dinars, and 100 thousand dollars for companies with less capital for that."



She FAQ that "in the case of billing documents fundamentalist goods spectrograph to enter Iraq in advance, the Bank provides a full Akiem those goods from foreign currency after being examined."



And on companies to mediate for buying and selling currencies showed FAQ that "quota weekly 50 thousand dollars to companies with a capital of 500 million dollars, and 25 thousand dollars for companies less than that," adding that "the sale and purchase of the foreign currency to money transfer companies and companies broker for buying and selling foreign currency through authorized banks in Iraq. "



The instructions indicated that "cash sales be in accordance with the detail contained the Book of the General Directorate to monitor the banking and credit No. 03.09.93, dated 02.17.2013 and the decision of the Board of Directors of this Bank number 09/03/29 dated 05/02/2013, and attached to these Altalmyat, which is considered an integral part of them.



She drew instructions to be "selling the dollar be for the purposes of the documentary credit, which aims to encourage banks licensed in Iraq to work depending documentary According payment terms after ascertaining the availability of the necessary documentation and acceptance of letter of credit, in addition to the hawala system where accept orders dollar hawala and money transfer companies, by banks, for the purposes of the importation of goods and merchandise that does not exceed the upper ceiling of the amount of hawala (500) thousand dollars, and certain mechanisms. "



With regard to the mechanism of application confirmed the instructions, "orders offered daily and implemented on the same day of the week that followed, in the case of exclusion of any of the applications will be announced bank official letter and the announcement of the reasons for exclusion," indicating that "the right of the bank to object to it under a book directed to the Department of sale and purchase of foreign currency. "



She said "the bank buys foreign currencies offered by the banks and the purchase price stated on the day of submission of the sale," adding that "the procurement process is subject to audit and control and field inspection by the Directorate-General to monitor the banking and credit and money laundering office."



According to that "taken into account Anmd credit rating and franchising preferential banks and the bank commitment to deliver the exchange rate to the beneficiary latter including no more than 10 dinars over the sale price, and the commitment of the bank diverse customers and not restrict Bmstviden certain or limited class."



She stressed that "window must buy and sell foreign currencies excluding any request did not meet the necessary conditions."


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CBI Announcements ..Guidelines for Dealing in the Iraqi Dinar and U.S. Dollar

B. The General Director of Investments will audit the personal swift accounts of the letters of credit for imports.

C. When evaluating credit and granting preferential concessions to the bank, the following will be taken into account:
First: the bank's commitment to deliver the rate to the beneficiary with no more than 10 dinars over the bank's rate.
Second: The presence of a diversity of clients, not restricted to a certain class or sector.

D. The foreign currency exchange must deny any applications which do not meet these necessary conditions.

Seventh: Failure to comply with instructions
Any one who fails to comply with these instructions will be referred to the Commission to determine fines and penalties to be imposed on this bank. Those sanctions will not be imposed without civil or criminal proceedings to hold the offender accountable, as under the provisions of any other law.

Eighth: Operating Instructions

These instructions will be carried out starting 4/15/2013, and will be published on the official website of the Central Bank of Iraq. Also, the cancellation of instructions numbered (29, 26, 51) on (10/6, 11/14 and 12/5/2010) and (18,19,17,12,59,20) on (1/24, 2/4, 12/4/6/26 and 7/12/2012) respectively, as well as all previous instructions and related publications.

Abdel Basset Turki Sayeed

Management Supervisor
and Chairman of the Board

World Bank provides financial grant to the Rafidain and Rasheed
24-03-2013 03:50 PM


Baghdad (news) .. World Bank has provided to the bank Rafidain and Rasheed grant aims to develop the administrative structure of the two banks and financial Bgit reach to the banking system keep pace with the latest developments in the banking world through a program developed in collaboration with the World Bank and the Ministry of Finance.

The Minister of Planning and Minister of Finance Acting Ali Shukri during a joint press conference with the World Bank delegation, which was attended reporter Agency (news) on Sunday that the World Bank during this period working to implement the program in Iraq aimed at developing structural Iraqi banks / noting that this program is in the form of a grant from the World Bank includes two axes in the restructuring of the Iraqi banks.

He added: that the first axis emphasizes the need to interest in the development of human capacity because management banks must have to keep pace with the latest developments in the world, adding that the second aspect, which focused upon the World Bank in this program is a problem out of the accumulated debt and lethal old debts that do not solve it .
Finished / 3.. /


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