The Central Bank of Iraq announced on Thursday the settlement of all the assets of its branches in Erbil and Sulaymaniyah, indicating that credit balances arose when the two branches were linked to the Ministry of Finance in the region.The bank said in a statement that it was "in the process of settling a new batch of assets of open banks in the branches of the Central Bank / Erbil and Sulaymaniyah, which arose from their cash deposits, while the settlement of amounts originating in the sukuk.
"The bank added that "based on the efforts made by the Central Bank of Iraq and the Kurdistan Regional Government, has been in 2017 and 2018 pay large amounts in dinars and dollars to open banks accounts in the branch of the Central Bank / Erbil to settle its credit balances in the branch. The bank said it was "in the process of distributing new amounts to settle all the funds that were deposited in cash, while later settling the balances that arose over the deposit of the sukuk, although most banks had accepted these instruments contrary to the guidance of the territorial government and branches of the bank / Erbil and Sulaymaniyah.
""Credits arose when the two branches were linked to the Ministry of Finance in the region," the bank said.It is noteworthy that the Central Bank of Iraq had cut its relations with the sub-Erbil and Sulaymaniyah, during the past years because they were linked to the Ministry of Finance of the Kurdistan region
as well as the occurrence of some administrative and financial matters that did not live for the Central Bank, and the Central Bank has six branches (Baghdad, Basra, Mosul, Erbil and Sulaymaniyah And the Middle Euphrates).http://burathanews.com/arabic/economic/339577