After the completion of exchange planning procedures launches Contractors dues amounting to 781 billion dinars

4/29/2017 0:00

Baghdad / Suha Shaykhli
louder voices contractors because of the delayed payment of financial dues and the resulting economic effects affected a wide range of workers in various sectors, and the delayed implementation of the payment of dues in disrupting the local labor market movement contributed, which calls for the need to accelerate the payment of their dues to re revitalization of the labor market.

In order to alleviate this suffering and the Ministry of Planning revealed recently announced the launch of 781 billion and 274 million dinars of dues contractors after their support by the Office of Financial Supervision, where he will receive the contractors accounted for 40 percent of the total dues within this amount of 300 billion and 457 million dinars.

The official spokesman for the Ministry of Planning Abdul – Zahra al – Hindawi "morning": that the ministry has completed all the procedures relating regardless of receivables and sent to the Ministry of Finance , which will be dispensed soon in cooperation with the Central Bank of Iraq,

indicating that these benefits are distributed among a number of ministries and departments not associated with the Ministry and the provinces in the framework of projects implemented within the investment program or regional development program and the petro – dollar program.

He Hindawi said these receivables that have been launched , representing 57 percent of the first meal being launched, amounting to Trliuna and 364 billion dinars, pointing out that the work is going on in full swing in order to complete all the receivables after being audited by the Audit Bureau.

He pointed out that the payment of these benefits came at the Council of Ministers Decision No. 161 of 2016 , where it was approved by the Ministry of Finance launch dues contractors exchange through the issuance of treasury bonds and 40 percent of them as a down payment (and commensurate with the percentage of completion proportional)

and until the end of Federal Office of financial supervision of the audit to be processed consolidated annual allocations at the end of the fiscal year and in coordination with the Ministry of planning , which the formation of a committee of experts to identify priority strategic projects according to the needs of the state

indicating its bonds are payable after the age of three Watt interest rate prescribed 5 percent to put the necessary allocations within the budget of the relevant year 2019 are entitled to bond holders deducted, mortgage or sold, to be paid to complete the strategic benefits provided by 100 percent completion of the project.

He Hindawi said the number of private worthily contractors transactions very large has passed several points of departments in the Ministry of Finance and the treatment that is audited takes its owner dues and that the central bank is the payment of dues by the treasury bonds, and can the contractor winning the bond disbursement, the Bank a government or even civil banks,

and this is the first installment of the receivables and will be followed by other payments and benefits allocated to contractors the amount of 5 trillion dinars have worked these measures due to the financial crisis.

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Iraqi Central Bank warned on Thursday of the existence of fake foreign securities, are traded between the weak people, denying Iraqi banks deal with these papers.

The central bank said in a statement, "Tomorrow ‘s Press" received a copy of it, that " the central bank in recent years, note the trading of foreign banknotes for some countries, some real trader, and some of them drawn from circulation."

He added that "some foreign counterfeit securities, by some weak souls of outlaws, for the purpose of fraud on the citizens through lure them to replace the Iraqi dinar much more than their real value."

He noted that "weak people are using pretexts and allegations that the replacement of money is a big gain for them and rare opportunities for investment , " adding that "these (outlaws), they do not have enough time to use the usual ways."

He explained that "some of these papers may be transferable in accordance with applicable instructions, but the banks operating in Iraq as well as the Central Bank of Iraq do not deal with it."

He called upon the Central Bank of Iraq to "public and approaching the security and regulatory specialized follow – up of these things and not to deal with those banknotes , " stressing " the need to focus on the Iraqi banknotes and those that deal with the Iraqi Central Bank and the banking system to avoid falling into the traps of law – breakers."

The Integrity Commission has revealed, earlier last year, from imposing fines estimated at 245 billion dinars by the Iraqi Central Bank to private banks violating the instructions of the currency auction, which confirmed two members of the Parliamentary Integrity Committee, that the funds that have been smuggled through the auction size sell the currency by private banks forged bills equivalent to Iraq ‘s budget for a year or two.

Baghdad embraces a global financial conference next month

4/27/2017 0:00

BAGHDAD / Hussein Tgb
dealing with companies wishing to cooperate with Iraq already that have honest approach to come to Baghdad and the presence in the field is achieved through the presence of international companies capabilities to banking technology conference held in the first quarter of next month in Baghdad, and most of them attending for the first time and expressed their willingness to open the work of offices in Baghdad to be close cooperation and hard to create the banking sector
developed banking sector , global products.

Systems Management Executive Director of the Association of Iraqi private banks Ali Tariq said: "Iraq is in dire need to reduce the gap between the Iraqi and international banks, and after the association adopted a training program periodically targeting workers in banks , public and private sectors , and managed to create efficiencies able to advanced systems management, pointing that banking technology conference complements these efforts.

He said in an interview with the "morning" that the conference organized by the Association under the auspices of the Central Bank of Iraq involving international companies from 7 countries have the best advanced technologies will showcase the latest cutting – edge systems in the world, where a Date these companies are willing to be present in the local field and to support the financial sector novelty witnessed by the world of advanced technology.

Best products Tariq pointed out that no economic evolution away from the financial sector offers the best products adopted by major international banks, adding that this is not so long ago, Iraq has competencies can be developed to better manage global financial systems, adding that the Association has collaborated with major training companies in the world and is continuing to organize courses for this.

display strategy in turn , Director of training at the Association of Ahmed Al Hashemi pointed out that during the conference will be presented to cover Tejah Central Bank of Iraq and the Iraqi banks in the construction of a banking system based on information technology, as well as Iraqi private banks and their experience in the adoption of information technology.

He noted that the international companies participating will provide presentations on the latest applications and global financial systems and innovative programs that are specific to the banking business, as well as the role of telecommunications companies in support of modern payment systems.

The work of a real economic member of the Baghdad forum Jassim Al Aradi said in an interview with the "morning" that the presence of the global effort advanced in Baghdad , carries with it a lot of benefit to the country,

where he realize that from attending to Baghdad and keep the course of things carries with it Noia honest to start real work that supports sector Iraqi money that awaits him and a promising future effort and a lot of work needs to be large banking capabilities such as those provided by international banks.

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