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Posted: August 26, 2011 by THE CURRENCY NEWSHOUND - Just Hopin in Iraqi Dinar/Politics
Tags: bank, Central Bank of Iraq, Finance, Iraq, List of
Economic Commission revealed at the head of the Iraqi government that it would soon put the controls that are approved under which private banks to open credits for investment and development projects of up to U.S. $ 4 million after the roof was limited to two million dollars.
The Advisor to the Prime Minister for Economic Affairs Abdullah Hussein Al-Anbuge of Radio Free Iraq that the decision to raise the ceiling on bank credits designed to achieve two main goals. The first goal is the revitalization of the private banking sector and support “if we know that the rate of participation in the process of financing the development does not exceed 3% so far,” as he put it.
The second purpose is to activate the enterprise sector development and investment which is “in dire need of a banking sector capable of securing the financing of its projects.”
He also explained Anbuge in this context that the decision to raise the ceiling on bank credits to the $ 4 million would not include it only the banks that met the criteria for the Iraqi Central Bank in terms of “quality performance and high accuracy and speed in completing the tasks and the level of customer
confidence, capital, and other criteria. “
Association of Iraqi banks welcomed the imminent decision to raise the ceiling opening credits, but expressed in the words of its president Abdul Aziz Hassoun for believing that he “would not be feasible in practice towards the revitalization of the private banking sector.”
He said in an interview with Radio Free Iraq that continued into force of the previous resolutions of the Economic Commission under the chairmanship of the government “as a decision to ban government agencies from accepting payments of Finance through the instruments issued by private banks or the decision to prevent those services from accepting letters of guarantee issued by the Bank is a government” makes the decision to leave opening credits worth $ 4 million “is ineffective in the activation of the private banking system,” he said.
For his part, Prime Information Center Economic non-governmental Dargham Muhammad Ali envisaged that the end of the second version of the resolution and the revitalization of public investment projects and development will not materialize for reasons of “That the $ 4 million is not enough only to finance projects without the middle and will be funded with obtaining the benefits of high local private banks not to mention that Iraq has no need for this type and level of projects,” according to his opinion.
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Tags: bank, Central Bank of Iraq, Finance, Iraq, List of
Economic Commission revealed at the head of the Iraqi government that it would soon put the controls that are approved under which private banks to open credits for investment and development projects of up to U.S. $ 4 million after the roof was limited to two million dollars.
The Advisor to the Prime Minister for Economic Affairs Abdullah Hussein Al-Anbuge of Radio Free Iraq that the decision to raise the ceiling on bank credits designed to achieve two main goals. The first goal is the revitalization of the private banking sector and support “if we know that the rate of participation in the process of financing the development does not exceed 3% so far,” as he put it.
The second purpose is to activate the enterprise sector development and investment which is “in dire need of a banking sector capable of securing the financing of its projects.”
He also explained Anbuge in this context that the decision to raise the ceiling on bank credits to the $ 4 million would not include it only the banks that met the criteria for the Iraqi Central Bank in terms of “quality performance and high accuracy and speed in completing the tasks and the level of customer
confidence, capital, and other criteria. “
Association of Iraqi banks welcomed the imminent decision to raise the ceiling opening credits, but expressed in the words of its president Abdul Aziz Hassoun for believing that he “would not be feasible in practice towards the revitalization of the private banking sector.”
He said in an interview with Radio Free Iraq that continued into force of the previous resolutions of the Economic Commission under the chairmanship of the government “as a decision to ban government agencies from accepting payments of Finance through the instruments issued by private banks or the decision to prevent those services from accepting letters of guarantee issued by the Bank is a government” makes the decision to leave opening credits worth $ 4 million “is ineffective in the activation of the private banking system,” he said.
For his part, Prime Information Center Economic non-governmental Dargham Muhammad Ali envisaged that the end of the second version of the resolution and the revitalization of public investment projects and development will not materialize for reasons of “That the $ 4 million is not enough only to finance projects without the middle and will be funded with obtaining the benefits of high local private banks not to mention that Iraq has no need for this type and level of projects,” according to his opinion.
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