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Academy calls for a toast for the adoption of a credit card in trade
On: Tue 03/01/2012 7:19
□ Baghdad / follow-up term economic
asked the central bank of new mechanisms about foreign trade, means of financing by the government and the private sector, at the time called elite academy for the adoption of a credit card in the process of trade. The deputy governor of Central Bank of Iraq the appearance of Mohammed Saleh, said that foreign trade financing to the government and the private sector Special
Were going on according to the annual trade preset named later (b Plan of Foreign Trade) in order to finance trade imports government and private according to a number of mechanisms.
Saleh added according to the "news agency Uzmatk" The mechanism is to take over the government withdrawal from the reserve for the purposes of trade finance government and are settlement through the amendment limits the general budget and the corresponding limitations over the balance sheet of the Central Bank.
He added that the program or plan import gives the private sector import licenses on according to estimates committees need or clear the demand for imported goods, the final or production requirements and other supplies capitalism. referring to the The third mechanism relies on the commercial parties for opening adoption by local commercial banks and in particular the Rafidain Bank, after he has bought a trader of foreign currency, whether Bmdkharch representing capital or by borrowing, a trade credit granted by the Bank to its client Trader in mechanism is the fourth in both cases II and III, where commuting Central Bank foreign currency to meet with the Iraqi dinar obtained from the Commercial Bank. In this case, as if the government had a direct sale of foreign currency to the dealer imported via the bank broker-Fateh is made to cover imports.
He explained that under the control hard-line on the exchange and foreign exchange, the central bank is not authorized to sell foreign currency outside the scope of the program of trade finance and leisure travel normal, but the approval is conditional such as maintenance expenses of the study and treatment of Alttabb and outside Iraq and benefits airlines and some of the companies operating in Iraq, generating a profit and the remittances of foreign workers. With the periods that intensified the war in particular held the eighties was to resort to external borrowing and spreading the so-called push forward because of the low foreign reserves consumed by the war has covered the conventions aside the simple needs of the private sector import, before it is authorized to exercise the policy of import without external version that led to chaos in the sources of funding and generating exchange market is a black wide-financed these operations import but Pklv inflationary distorted the structure of prices.
mention the concept of trade finance apply himself to the science that describes the management of money, banking and credit, investments and assets for the purposes of international trade, and the parties involved in trade finance are the exporters and importers The financiers and insurers, and suppliers of other services.
in the meantime demanded Okademio the federal government to back a credit card for citizens and merchants, for being one of the best ways to trade adopted in developed countries, which will reduce the volume of local currency or foreign manually, and the active movement of domestic terms of trade, as will provide safety and speed of trading and stability of the volume of currency in the banks.
said Abdul Salam gesture happy teaching at the University of Baghdad, told the Kurdish news agency (Rn) that "the credit card will make money in local banks in excess of need a lot of people because of the benefits which will leave the card in the process of trade , forcing the banks to run. "
He Said that "the benefits of the credit card it enhances the movement of trade, and provide the time and effort both for the merchants or citizens, shoppers, where they are instead of wasting their time mechanism to withdraw currency from banks and large quantities card will be ready to meet the request and the assistance in the shortcut the time and effort, noting that it "will provide a high degree of safety and prevents the occurrence of holders of amounts of money in the traps thieves or omissions or damage, and thus it will reduce the risk of potential."
and that "the credit card if applied in Iraq should not be limited when a certain number of dealers out, as happened at the beginning of the start of its project in Europe and America, so that forced the sale and purchase card holders credit in shops dedicated to deal with without the other. "He said," Almtda in this case would be "Muammala" despite his nose at those dealing with it, and can not buy from a variety of points of sale. "
He Said, "The credit card when the availability of safety and speed of trading and stability of the volume of currency in banks in excess of the need for people simultaneously will push banks then to think about the operation of investment, where there will be movement continuous investment for small or large in an unprecedented way. "
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