********* Central Bank: We support the private sector and continue to provide foreign exchange requirements

Author: AHF, ASJ, BS
Editor: AHF, BS
18/12/2014 19:53



Long-Presse / Baghdad

The Central Bank of Iraq, Thursday, his interest in maintaining the fiscal and monetary policy of the country, and among it is locked with the support of the private sector serve the public interest, stressed continuity cover all external conversion kits has no intention to stop it.

The bank said in a statement received (range Press) copy of it, "the central bank is interested in maintaining the fiscal and monetary policy of the country and draw plans that allow banks and corporate banking and financial conversion advancement of the Iraqi sector of the economy."

The statement added that "the Governor of the Central Bank and the Agency on the Keywords discussed during a meeting on Thursday, with a number of companies and remittance banks departments ways and work requirements in the next phase and means of cooperation for the advancement of banking and financial sector and supporting the state at the current stage.

The statement noted that "the relationship assured the audience that the central bank's ongoing coverage of all foreign exchange requirements for the purposes of import and various legitimate transactions," adding that "the Central Bank of the development of new facilities for foreign remittances in addition to cash sales."

He stressed: "It no intention at the bank restrictions to be placed on the activity of foreign remittances despite the conditions experienced by the country, as well as the faith of the Central Bank of the importance of the private sector and its role in the reconstruction of Iraq."

The study estimated that the local government banks' capital reached until October of 2012, the last end, a total of 754 billion dinars, compared with more than four billion dinars for private banks, and investment balances in banks operating in Iraq recorded up to 10/31/2012, a sum nearly six billion dinars (5.947), the share of government banks which amounted to 4.929 billion, compared to 1.018 billion for private banks.

Iraqi banking system consists of forty-three banks as well as the Central Bank and distributed according to property between (7) state banks and 30 regional banks, including Islamic seven in addition to six foreign banks.

The International Monetary Fund said in a report issued in (21 March 2013) after the end of the consultations held in Amman, Jordan, between a delegation from the Fund and an Iraqi delegation headed by Minister of Planning Ali Shukri) that the improvement in the financial sector, but stressed that it still needs to be greater efforts by the central bank in the revision of monetary policy and strengthen banking supervision and to accelerate the restructuring of the banking system tools.

He called on the International Monetary Fund and the Central Bank of Iraq to take measures towards the gradual liberalization of foreign exchange offer through auctions held by the Bank in order to ensure non-recurrence of turmoil experienced by the financial market in the past year.

Fund stressed that the establishment of a national banking system requires abandoning the current model which controls state-owned banks that are weak preferential treatment that distinguish them from private banks calling on Iraq to do to strengthen public financial institutions to ensure efficiency and transparency in the use of oil revenues.

It is noteworthy that the private sector has seen a significant deterioration after 2003 due to the lifting of government support for and allocated for the industrial sector of it, which led to most of the laboratories and factories stopped working because of their inability to compete with imported subsidized goods in the countries where they come from, which are not subject to import operations large fees, as well as local problems caused by energy crises and fuel and lawlessness, and aging equipment.


http://www.almadapress.com/ar/news/41292/البنك-المركزي-ندعم-القطاع-الخاص-ومس

Thursday 18 December 2014
| 18:36




Central Bank of the development of new facilities for foreign remittances in addition to cash sales


Governor of the Central Bank of Iraq, said the agency on the Keywords, on Thursday, it is not possible to ignore the support of the private sector of the Iraqi economy, denied that the Bank intends to stop foreign exchange operations or cash sales dollar operations.

According Keywords in a statement seen by "Ply News" that "the central bank is interested in supporting the private sector means legitimate, as well as to preserve their fiscal and monetary policy of the country, and draw plans aimed believes banks and banking companies and financial transfer the advancement of the economy of Iraq."

Keywords and pointed out that we listened to the arguments and ideas of a number of departments of banks and money transfer, and do our part to ensure we deal means that guarantee means of cooperation for the next stage, to promote the banking and financial sector and supporting the state.

Keywords and stated that "the Central Bank continuous coverage of all foreign exchange requirements for the purposes of import, and the various transactions (legitimate), noting that" the Central Bank of the development of new facilities for foreign remittances in addition to cash sales. "

Keywords and denied that "be at the Central Bank intends to place restrictions on the activity of foreign remittances despite the conditions experienced by the country, as well as the bank believes in the importance of the private sector and its role in the reconstruction of Iraq."


http://www.alqurtasnews.com/news/69025/العلاق-لايمكن-تجاهل-دعم-القطاع-الخاص-ولن