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The implications of the crisis the central bank positive on the banking sector to correct orientations
12/06/2012 12:00 am
Representative of the private banks in the economic cabinet (morning):
Baghdad morning
said representative of the Association of Iraqi private banks in the Economic Commission of the Council of Ministers Nawzad dry that the private banking sector is very optimistic that the implications of the crisis the central bank will be more positive negative, even though it was a surprise at the beginning of the matter it is a valuable opportunity to put points on the characters and show confusion to the essence of the problem.
said in answering the question of (economic morning) on the impact of the crisis on the performance of banks can not imagine and serious irregularities rests with the private banking sector in this area, but there were reservations by some officials at the Department of the actions taken by the central explaining that private banks operate according to the Banking Act and the implementing procedures and regulations issued by the Bank CBI as the sector, which oversees the work of banks and direction for the implementation of monetary policy.
said the banking sector defines its work program in accordance with these procedures and instructions whether to participate in the auction currency day اوغيره of banking activities and these banks do submit the required documents to work and this is the essence of the issue, but that has occurred in recent times he changed the instructions to more than five times and each time the banks to respond to deal with these instructions were these instructions and changes behind the fluctuation of currency rates The truth instructions were not well thought out.
Dry praised style followed by the new central bank governor, said: He has long experience and certainly will try to stabilize the currency and including stimulate the banking sector to work especially since the new governor promised new Basaddartalimat will contribute in strengthening the banks in the market and came in response to media Althualat unfair and tried to destabilize the market, but the new management procedures restored confidence in the banking sector.
Dry pointed out that the World Bank has complained about the possibility of Iraq's continuing monetary policy open (Cash's Economy.com), but must deal traded securities and documents, manifest, import license and certificate of origin and thus will be able to learn how the entry of goods into Iraq and how to get money out of it and this in principle the words sound and where any burden but Iraq's current circumstances can not be with them doing this mechanism longer be achieved full stability.
and the challenges facing the banking sector in this regard Dry noted that private banks face the problem of non-recognition by the international banks (crisis of confidence) and thus can not be simple dealer of imported wares through the opening credits through Iraqi banks and that because of the survival of Iraq under Chapter VII of the UN sanctions because it shows the role of mediator in commercial transactions and as a result of lack of confidence by the international financial institutions does not deal directly with this activity.
explained that being far from commercial dealings is by source does not exist in Iraq will deliver his goods by another person (mediator) driver, employee or guard and the like and there other parties have the delegates to have an agency of this person they bring the goods through agencies for exporters and marketed here no problem or concerns because Almnafist source on behalf of the merchant and the problem here is when you want to pay the money out of the country to be converted for the account of the issuer and not the agent because he does not accept payment for brokers to legitimate fears of control over the money by the broker, this contradiction shows you the depth of the problem in the transfer of funds because most traders exporters are out of the country for many reasons, including situation Giralmstqrh and other all as ظرفه as well as the administrative procedures are other challenge Akharausband this work and here lies the essence of the issue.
and the solution to these problems Dry said that government agencies are invited to facilitate the procedures for the entry of goods and ease the burden and the deadly routine in obtaining tax clearance The biggest drawback to the development of the country because of the failure of the tax system, how you work with procedures for paying taxes accumulated ten years ago and many more times funny and sad at the same time, you have the factory turned off for the last twenty years requires you to six months To prove that this plant is turned off and eventually you taxed desired or Lapite clearance to take and you can imagine in time consuming and delays in the implementation of actions and projects.
and in this way find you to prove that the documents Almnafist belonging to the same person who receive the amounts you need to months and this is the essence of the problem and the required mechanisms simplify things to move unhindered.
then went to speak to spin money, pointing out that 70 percent more than the budget distributed salaries for staff and other government expenses and expenses, wages and obligations of the State and in this case, the government needs to the local currency and collected by the banks by selling the dollar, which it gets through the auction because the amounts traded currency to Atsd needs government spin through the buying and selling currency , and dry and denied the existence of money laundering in the mechanism mentioned.
expressed surprise saying that there is theft of public money here, especially in the banking sector activity because he buys the dollar through auction and against the local currency and wondering Where theft permission? And said how do we know where it comes from citizens with money and whether banks have familiar detective to find out the sources of money citizens dealing with the banks, and said I would like to assure those responsible that any amount included in the account of any person in the outside auditor several stages by competent authorities, pointing out that the banks there have the ability on the client accountable for paperwork for the large amounts wants deposit and proof of being a merchant and has business dealings and came to pay amounts Akiem exporting goods and other sayings and this non Mtofferhddina mechanisms here in Iraqi banks.
repeated mention that media frenzy that accompanied the central crisis was aimed at disrupting the market and trading in dollars and everyone knows that things are returning to normal and oscillators dollar prices it led, for example, to stop recovery of the real estate trade speculative money went to and this happens after every crisis in currency rates and this natural thing in light of supply and demand. Dry said he is fortunate that the new administration of the Central Bank has a seasoned experience and we believe.
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