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Private banks welcomes the Government's decision regarding the lifting of restrictions by the
On: Tuesday 21/2/2012 7:30
□ Baghdad / follow-term economic
denied the Trade Bank of Iraq and the presence of any complications in the procedures of issuing documentary credits in the bank, while the banking circles welcomed the decision of the government's recent lifting of the restrictions it and allow it to open letters of credit in the amount of $ 4 million.
It was one of the local news agencies have published a story in the words of the Inspector General at the Ministry of Industry, indicates that there are complexities in the procedures of issuing documentary credits in the Trade Bank of Iraq.
said in a statement issued by the bank, quoted by the agency, Kurdistan News (Rn), quoting Chairman of the Board Hamdiya Mahmoud dry as saying that "the Trade Bank of Iraq had issued in 2011, more of 610 credit in favor of the Ministries of State and $ 13 billion, and the share of the Ministry of Industry and configurations 180 depending, there was a Trade Bank of Iraq on 44 dependent and the value of more than 300 571 208 dollars U.S., and distributed 136 depending on the private banks and the value of more than 000 337 $ 98 U.S. to implement the instructions of the Economic Commission of the Council of Ministers to transfer all the credits with the lower value of 4 000 000 U.S. dollars to private banks operating in Iraq as these banks are not subject to the control of the Trade Bank of Iraq . "
The statement that "the dry-directed sections in charge of credits and management of relations with the Ministry of Industry and configurations to follow up the matter with the ministries, and Inspector General, and referred to a report on it."
on the other hand, between Mohammed Shakir Mahmoud official follow-up affairs ministries in the Trade Bank of Iraq that "Issues that correspond to the work of ministries and their formation is a matter of converting the dinar to the dollar, and the issue of the lack of allocation in some cases, or there are some errors in filling the form issued accreditation by the student version of dependence, these issues sometimes lead to delays in issuing some of the credits.
and Mahmoud "keenness Trade Bank of Iraq to follow up with all the ministries," noting that "the Trade Bank of Iraq had begun, and since for quite some time to organize training courses for all government departments including the Ministry of Industry and configurations on the mechanism of issuing letters of credit and the issuance of letters of guarantee."
He pointed out that "these courses organized inside and outside Iraq, in cooperation with the correspondent banks of the Bank of Iraq's trade, and the expense of the Trade Bank of Iraq, where he was the last of these sessions on Wednesday, February 8, 2012. "
It is worth mentioning that the Trade Bank of Iraq is an Iraqi bank to a government was established in July of 2003 with a capital of 100 million U.S. $ and then was raised capital from profits accumulated in 2008 to half a trillion dinars, and in the intention to raise capital trillion Iraqi dinars.
For his part, director of the Association of Iraqi private banks Abdul Aziz Hassoun recent decisions of the government to ease its blockade of the Iraqi private banks (b positive step), and announced that the Central Bank recently approved the work of five international banks in Iraq and the integration of local banks, especially with international banks, combined with requests for GCC banks willing to open branches are waiting for approval of the Central Bank.
and working in Iraq now six banks, Arab and foreign countries are both "Arab Banking Corporation (Bahrain), the Agricultural Bank of Turkey (aprons), Bank Melli Iran, Lebanon's Byblos Bank, Intercontinental, Bank of Beirut and the Arab countries."
also made the financial institution of the Iraqi seven state banks, five of them specialized and cares for the industrial, commercial and housing, while The number of private banks for more than 30 banks, seven of them Islamic, all of which are subject to the law of Iraqi banks headquarters in 2003. "
The Iraqi government decided yesterday to approve the facilitating procedures for opening letters of credit of appropriations of less than (4) million dollars to support private sector bank and contribute to stimulate investment .
and confirmed Goldfinch The banking arena Iraqi contribute to the five foreign banks, mostly post with Iraqi banks, and recently opened ten branches of banks, Arab and other foreign, also made numerous requests of the Central Bank of Iraq across the GCC banks from Bahrain, UAE, Kuwait, and foreign countries to open branches and the establishment of banks foreign, which are of different nationalities Gulf and Turkish, Lebanese, European.
described Goldfinch government's decision last as a step the government a positive long-awaited support for private banks, which managed to develop itself quickly, but our fear is that the government we came back always to make decisions, but it is Atnvz on the ground, or obstructions which would defeat the implementation of these laws or decisions.
and the goldfinch that private banks are still experiencing restrictions imposed by the government which issued several decisions confused the work of the first such to prevent government institutions from dealing with the banking system, private, and issued a decision last confined dealings Government State Bank of Iraq's trade government, and gave him also the right of the opening credits for foreign companies operating in Iraq, all this reflected negatively on the banks eligibility.
said Director of the Association experience has shown provides private banks to the government in terms of staff trained abroad and modern systems and the spread of its branches and the size of its capital and to achieve good profits and the size of treated clients with the breadth and openness to the States branches are supported, but the ongoing government harassment against them.
and on the threats of the central bank for the banks need to raise capital to 125 billion dinars / 100 million, and otherwise will be liquidated or merged? Abdul Aziz al-Hassoun that all banks have fulfilled this requirement, but managed five banks to raise capital for more than the figure mentioned much.
For its part, confirmed member of the Economic Commission parliamentary Nora Albjara that government decisions affecting the work of private banks, it occasionally deposits resulted in shaking the confidence of customers by the withdrawal of and deposits them, and reduced the functions of the last to make it a mediator between the central bank sold dollars Bmzadeh and traders.
showed Albjara We stand unable to explain the reasons for the continuing problem of the inability of no government banks and private to provide letters of guarantee for companies investing in foreign, due to lack of capital , and was more worthy of the government and the investment law before considering the creation of a suitable platform for this step is the most important development of the banking sector.
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