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Cabinet decides to provide liquidity to banks eligibility "discreet"
3/20/15
Long-Presse / Baghdad
Decided Committee of the Council of Ministers of Economic Affairs, on Thursday, the Central Bank of Iraq and the Trade Bank to provide liquidity eligibility for banks "discreet" in exchange for acceptable collateral at the sides, and while denied the Trade Bank of Iraq to lend the Kurdistan Regional Government and the central bank in the region, the government and the Council called on the House of Representatives not to allow the "promotion of rumors" affecting the Trade Bank of Iraq.
The Office of the Deputy Prime Minister Ruz Nuri Shaways, in a statement received (range Press), a copy of which, "The Committee on Economic Affairs met Bgelsthe eighth headed by Deputy Prime Minister Ruz Nuri Shaways and the membership of the Minister of Finance and Minister of Oil and Minister of Planning and Minister of Trade and Minister of Industry and Minerals and the deputy governor of the Bank Central and Chairman of the Finance Committee in the House of Representatives. "
The Deputy Prime Minister's Office, "The Committee discussed the support of private banks because of their role in the re-development of the country in order to give it a wider area in the process of economic transformation and the trend toward a market economy and contribute to the process of increasing GDP ratio, through the support of private sector activity "noting that" the Committee appreciated the role of the Central Bank of Iraq and the Iraqi Trade Bank in support of those banks and the fact that economic conditions faced by the country at the present time require to provide more support for these banks. "
The Vice Prime Minister's Office in his statement, that "the Committee decided that the Central Bank and Bank of Iraq to trade to provide liquidity eligibility for banks discreet that suffer from a lack of liquidity as a result of the faltering customers to repay debt owed to those banks in return for those banks to submit acceptable bank guarantees to the sides ".
He said the Deputy Prime Minister's Office, "The Committee also discussed the banking policy of the Trade Bank of Iraq, particularly the issue of lending to the Kurdistan Regional Government and the Central Bank of Iraq in the region, as the Commission found as banking operations professional and there is no loan granted by the bank to the two mentioned."
The Deputy Prime Minister's Office, that "the Commission emphasized that the bank in light of the large financial potential, it is financing its activities continue all to enjoy its high confidence being funded by the president of the trade the government sector," noting that "the Committee invited the State House of Representatives to take responsibility not to allowing the promotion of rumors affect his reputation and financial standing among global banks. "
He noted the Office of the Prime Minister, that "the Commission called for the bank to send the accounts and financial statements audited to the relevant authorities in accordance with the principles of disclosure and transparency, the Deputy Prime Minister's office."
The Iraqi Central Bank revealed on Thursday, for a number of lagging private banks in their work during the last term, and in attributing the cause of the delay to the non-payment of dues contractors and clients as a result of "lack of liquidity", vowed to dealers funds with lagging private banks through " legal reserve ".
The Iraq Stock Exchange has confirmed that the Iraqi Central Bank to impose their guardianship on some private banks, led to "shake the confidence" of the citizens, and low cash liquidity and price traded.
It is noteworthy that the central bank has put in (the fourth of June 2014), Bank of the economy to invest, under guardianship, attributing this to the passion for the advancement of the bank and protect Zbaúnh.kma above the Central Bank and the Warka Bank was placed under guardianship, 2012, to find work, before to decide filed in, (the sixth of February 2014).
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