Parliamentary Economy: World Bank warned Iraq from the fall of the local currency

26/05/2016 20:19 pm

The Deputy Chairman of the Committee on Economy and Investment parliamentary Harith al-Harthy, Thursday, Iraq warning of the fall of the local currency by the World Bank.+

He said Al-Harthy’s / balances News /, "The World Bank has given loans to Iraq according to several conditions," noting that "the World Bank warned of the fall of the local currency."

He said the Deputy Chairman of the Parliamentary Economy, said that "according to World Bank studies, the local currency is threatened, but the bank gave some solutions to control it."

MP for the parliamentary Finance Committee Ahmed Sarhan, Tuesday, loans that Iraq obtained from the International Monetary Fund to bridge the shortfall, while noting that oil revenues sufficient to pay staff salaries.

Iraq had signed a contract with the International Monetary Fund to give Iraq a loan for the purpose of reconstruction of the affected areas and rejuvenating the country, " 8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A-%D8%AD%D8%B0%D8%B1-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D9%85%D9%86-%D8%B3%D9%82%D9%88%D8%B7-%D8%B9%D9%85%D9%84%D8%AA%D9%87-%D8%A7%D9%84%D9%85%D8%AD%D9%84%D9%8A%D8%A9/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A%D8%A9

Alnasiri must reconsider the structure of funding

5/26/2016 0:00

BAGHDAD – Shokran Fatlawi
confirmed expert in banking affairs need to develop a proactive plan to prevent the bankruptcy and the collapse of some banks that would sustain the banking wheel under the current circumstances by using tools for new applications monetary policy mechanisms.

He noted the economic consultant Baghdad forum Samir Abbas Alnasiri in his speech « Sabah », to the importance of amending banking legislation governing the banking work for the advancement of the services provided to the public beneficiaries.

alluded to the need to reconsider the instructions and implementing regulations and guidance on application of monetary policy as well as a proactive regulatory system for accurate monitoring of implementation in relation to the external switch is private auctions currency which is overseen by the central bank and the development of new mechanisms for external conversion and documentary credits,

as well as study the possibility of leaving the currency auction and find a substitute for it ,to control the dinar exchange rate against foreign currencies.

and Alnasiri suggested that the issuance of small and medium companies Act and Minor to help create jobs and reduce the high unemployment rates exceeded 28 percent and the issuance of the deposit Insurance Act, the credit guarantee and loans and the establishment of professional companies in order to contribute to the economic and social development plans and poverty reduction ratios.

He continued, in spite of the central bank initiative firing Strutijeth for the years 2016-2020, to achieve financial stability and development of the banking system according to the points of new mechanisms of action, but that does not prevent the central do set priorities through cooperation with the Ministry of Finance analysis of the current financial situation and is expected to banks for 2016

and determine the need actual liquidity to sustain cash trading in the Iraqi market and stimulate the economic cycle in all areas. move the economic cycle and sees Alnasiri to activate the financing of small and medium – sized private enterprises it is a social objective

and economically a special urgency to have the Iraqi Central Bank the role of supervisory and regulatory effectively the priority, as well as development initiatives and activating and expanding and doubling the allocations to 10 trillion dinars.

He pointed out that the structure of the current bank financing riddled with obstacles and failures, pointing to the importance of increasing the credit product and financing from banks and activate their contribution to the diversification of the various aspects of investment and reconstruction and advancing the process of development and move the economic cycle in the country.

adoption of censorship proactive also suggested activating the role of state banks and specialized banks and private banks to provide soft loans for the national private sector, as well as finding solutions to the problems of tax accumulated and the benefits resulting from the owners of the stalled projects for production solutions is accompanied by the development of short and medium –

term fiscal policy depends proactive control, audit and evaluation to be continuous coordination between fiscal and monetary policies and the development of operational mechanisms in this area.

secure legal requirements promised Alnasiri secure legal and technical requirements for twinning widespread among government banks and private banks on the one hand and between the international banks on the other hand, evolutionarily target of the payments system and modernize and regulate monetary and financial trading operations

which according to the latest modern electronic banking systems applied in the countries of the world accompanied by a review and evaluate and re – classification of banks according to the efficiency standards of performance and activity adoption based on the international standards in the process of review and evaluation accredited international neutral accounting institutions and under the supervision of the Central Bank.

He concluded Alnasiri his speech by referring to the importance of the Central Bank to prepare an analytical study to review the reality ofbanks in the light of the financial results for 2015 and to take critical decisions Bhikltha and merging small size and weak banking activity with large and discreet banks

with aview to the development of the private banking sector, such that the banking merger specific rules and means to address the problems and constraints of working for the sector banking and move him from the role of banking to the developmental role.

By John Lee.

Reuters quotes a central bank spokesman as saying that the Islamic Development Bank (IDB) has given its initial agreement to provide $3 billion in easy loans and grants to Iraq.

Iraq earlier this month agreed a $5.4 billion standby loan with the International Monetary Fund (IMF) in a deal that could unlock $15 billion more in international assistance over the next three years.

(Source: Reuters)

The Chairman of Iran-Iraq Chamber of Commerce, Yahya Ale Eshaq, has called for increased investment and trade with the southern provinces of Iraq, including Basrah.

Iraq’s Basra Province is a good market for export of Iranian commodities including oil, gas, food, building materials, technical and engineering services, he added.

The official referred to the resolution of banking problems as the result of nuclear deal and called holding the first Iran exhibition in Iraq a big step forward boost of two states’ trade ties.

Pointing to the historical-cultural ties between Iran and Iraq, the official urged facilitation of custom, visa, banking, transportation and other relevant issues for Iraqi and Iranian merchants and entrepreneurs.

(Source: Shana)

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