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Economic Commission Decisions to support the bank
February 5, 2015 13:02
(Independent) .. Committee on Economic Affairs in the Council of Ministers said it has taken a number of supporting the private banking sector decisions being the main gate to the development of the Iraqi private sector
According to a statement from the Commission that it had decided at its third meeting that the Ministry of Finance to compel government departments to accept all certified instruments issued by private banks, and 2. The Ministry of Finance in coordination with the Central Bank of Iraq and the Association of private banks in Iraq to put controls and mechanisms are clear and specific to deposit the salaries of employees and retirees in private banks and to guarantee the rights of depositors.
As decided by the Iraqi Central Bank and government to study the possibility of banks lending to private banks to finance small and medium enterprises because of their importance to the revitalization of the Iraqi private sector, with the Trade Bank of Iraq to open lines of credit to the private banks under the supervision of the Central Bank of Iraq.
Emphasis was placed on activating the role of the financial court as stipulated by the Banking Act and in accordance with the Law of the Central Bank of Iraq and not to resort to other courts.
The Commission also decided that the Central Bank of Iraq to study the possibility to benefit from the legal reserve for private banks to grant investment loans from the reserve and Bahrafh, while confirming the Ministry of Finance and the Central Bank of Iraq to apply to the Committee on Economic Affairs Resolution No. S.l / 495 in the opening credits on 11/18/2014 Documentary at private banks up to 10 million dollars (ten million dollars) without passing the Iraqi Trade Bank.
She drew the fact that all of the Rafidain and Rasheed deposit part of their money to the private banks in exchange for soft benefits that private investment of these funds in investment projects of private banks according to feasibility studies, according to specific mechanisms and guarantees.
Also included making the CBI to submit a draft deposit guarantee the necessary speed, and the Ministry of Finance and the Central Bank of Iraq and the Iraqi Trade Bank launched amounts of credit according to the contexts globally applicable and not suspended or delayed when the support you received the items.
The Committee for the private banks urged to create partnerships with international banks for the purpose of strengthening the developmental role of the country and create investment opportunities and operation of labor., And intensify efforts on educating citizens to deposit their money in banks instead of keeping them indoors and strengthen trust between citizens and banks.
Economic Commission also stressed the support of the independence of the central bank and avoid compromised for its Bank of efforts in order to achieve its objectives and carry out its tasks, and support for the new guidelines issued for the achievement of the control and transparency of the best on the currency sale and adoption of banking operations in the processes to achieve this.
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February 5, 2015 13:02
(Independent) .. Committee on Economic Affairs in the Council of Ministers said it has taken a number of supporting the private banking sector decisions being the main gate to the development of the Iraqi private sector
According to a statement from the Commission that it had decided at its third meeting that the Ministry of Finance to compel government departments to accept all certified instruments issued by private banks, and 2. The Ministry of Finance in coordination with the Central Bank of Iraq and the Association of private banks in Iraq to put controls and mechanisms are clear and specific to deposit the salaries of employees and retirees in private banks and to guarantee the rights of depositors.
As decided by the Iraqi Central Bank and government to study the possibility of banks lending to private banks to finance small and medium enterprises because of their importance to the revitalization of the Iraqi private sector, with the Trade Bank of Iraq to open lines of credit to the private banks under the supervision of the Central Bank of Iraq.
Emphasis was placed on activating the role of the financial court as stipulated by the Banking Act and in accordance with the Law of the Central Bank of Iraq and not to resort to other courts.
The Commission also decided that the Central Bank of Iraq to study the possibility to benefit from the legal reserve for private banks to grant investment loans from the reserve and Bahrafh, while confirming the Ministry of Finance and the Central Bank of Iraq to apply to the Committee on Economic Affairs Resolution No. S.l / 495 in the opening credits on 11/18/2014 Documentary at private banks up to 10 million dollars (ten million dollars) without passing the Iraqi Trade Bank.
She drew the fact that all of the Rafidain and Rasheed deposit part of their money to the private banks in exchange for soft benefits that private investment of these funds in investment projects of private banks according to feasibility studies, according to specific mechanisms and guarantees.
Also included making the CBI to submit a draft deposit guarantee the necessary speed, and the Ministry of Finance and the Central Bank of Iraq and the Iraqi Trade Bank launched amounts of credit according to the contexts globally applicable and not suspended or delayed when the support you received the items.
The Committee for the private banks urged to create partnerships with international banks for the purpose of strengthening the developmental role of the country and create investment opportunities and operation of labor., And intensify efforts on educating citizens to deposit their money in banks instead of keeping them indoors and strengthen trust between citizens and banks.
Economic Commission also stressed the support of the independence of the central bank and avoid compromised for its Bank of efforts in order to achieve its objectives and carry out its tasks, and support for the new guidelines issued for the achievement of the control and transparency of the best on the currency sale and adoption of banking operations in the processes to achieve this.
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