Category: Banks

Banker: local banks are unable to finance investment projects due to lack of capital

Banker: local banks are unable to finance investment projects due to lack of capital

19-04-2013 12:31 AM

Iraq Banks, lack of capitalBaghdad (news) .. Said an expert on banking Mohsen Ali, the inability of local banks, two branches of government and private sector to perform the requirements of the investment process in the country due to lack of capital. said Ali (of the Agency news): The government banks Kalravedan and Rasheed not they can cover all the needs of the state grants loans and advances the financial result of non- fulfill the ministries and government departments to pay their debts to these banks. pointed to: that the private banking sector has more than (40) Bank, but mostly its capital is limited and is able to contribute to the investment process and economic development of a country, what makes an urgent need for the establishment of investment banks to contribute. He added: Iraqi investment environment need to sober international banks have the capital to bring high investment companies to enter and strongly to the Iraqi market to contribute to the development of the national economy. / End / 8 /

ikhnews.com

Between skeptical and confident of it: experts: the massive Central Bank reserves will not work without exploitation of wise and independent

Between skeptical and confident of it: experts: the massive Central Bank reserves will not work without exploitation of wise and independent

4/17/13

Baghdad (newsletter). There is no doubt that the national economy is surrounded by many potential challenges as declining oil sales or security tensions, but experts in finance and economy dissipated such fears two documents that the Central Bank has a large reserve of hard currency and gold being able to confront the mightiest economic shocks anticipated and curb inflation.

He said financial expert Samir Al-nasiri (News Agency): the Central Bank can maintain the stability of the national economy through its financial reserve, noting that the Central Bank’s reserves record over the past year 2012 top the Bank on Iraq and is 67 billion dollars, so there is no doubt the Central Bank’s capacity to deal with any economic fluctuations.

He said: despite our confidence in the Central Bank to control the stability of the market, but we pray that there is a rational exploitation of Central Bank reserve through autonomous monetary policy led by the Central Bank in accordance with the law.

Others questioned the possibility of the Central Bank of reserve units in maintaining the stability of the Iraqi economy, saying that you should count as economic reserve is oil and gas stocks.

Accordingly, the financial expert said Bassem Jamil Antoine (News Agency): the Central Bank of reserve funds went not equal oil exports for one year, indicating that the main possible reserve to protect the economy of Iraq is oil and gas stocks located in the ground.

The oil Ministry statistics indicate that oil reserves reached nearly 150 billion barrels of oil and 19 billion cubic meters of gas, up to February of this year, indicating that these precautions are big and bulky that protects the Iraqi economy and not the other.

According to statistics of the Central Bank of Iraq in August of last year, Iraq remains ranked 44 among the more than 115 State list gold holdings, ranked 52 among the more than 102 countries on a list of foreign currency account of the International Monetary Fund.

ikhnews.com

Central Bank announces sale 200 billion dinars Khawwalat of the Treasury

Central Bank announces sale 200 billion dinars Khawwalat of the Treasury

4/17/13

cbi

Iraqi Central Bank announced on Wednesday, the sale 200 billion dinars Khawwalat of the treasury, pointing out that the three banks win remittances.

The bank said in a statement received “Alsumaria News,” a copy of it, that “the Bank conducted a public auction at its meeting of 82 for the sale of remittances treasury during the 91-day and $ 200 billion dinars,” adding that “it was whole sale الاصدارية and at a discount amounted to 4.80%.” The bank added that “the participants in the auction included three banks,” he said, adding that “all of these banks won this الاصدارية through competitive bidding.”

It is noteworthy that the central bank as a financial agent of the Ministry of Finance Treasury Auctions remittances management on behalf of the Government of Iraq and the Ministry of Finance, which will, according to the determinants of the annual budget law to issue treasury transfers for the purposes of government funding.

The Central Bank as an independent institution under its law issued on the sixth of March of the year 2004, as an independent body which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and management of foreign reserves and the issuance of currency management, as well as to regulate the banking sector to promote the system Mali competitive and independent, and Bank conducts daily sessions for the sale and purchase of foreign currencies with the exception of public holidays.

alsumaria.tv

 

Central Bank announces sale 200 billion dinars Khawwalat of the Treasury

Central Bank announces sale 200 billion dinars Khawwalat of the Treasury

4/17/13

cbi

Iraqi Central Bank announced on Wednesday, the sale 200 billion dinars Khawwalat of the treasury, pointing out that the three banks win remittances.

The bank said in a statement received “Alsumaria News,” a copy of it, that “the Bank conducted a public auction at its meeting of 82 for the sale of remittances treasury during the 91-day and $ 200 billion dinars,” adding that “it was whole sale الاصدارية and at a discount amounted to 4.80%.” The bank added that “the participants in the auction included three banks,” he said, adding that “all of these banks won this الاصدارية through competitive bidding.”

It is noteworthy that the central bank as a financial agent of the Ministry of Finance Treasury Auctions remittances management on behalf of the Government of Iraq and the Ministry of Finance, which will, according to the determinants of the annual budget law to issue treasury transfers for the purposes of government funding.

The Central Bank as an independent institution under its law issued on the sixth of March of the year 2004, as an independent body which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and management of foreign reserves and the issuance of currency management, as well as to regulate the banking sector to promote the system Mali competitive and independent, and Bank conducts daily sessions for the sale and purchase of foreign currencies with the exception of public holidays.

alsumaria.tv

 

Dollar Rises Vs Yen as US Data Lift Sentiment

Dollar Rises Vs Yen as US Data Lift Sentiment

Wall Street Journal – 2 hours ago

The U.S. dollar climbed against the yen during Asian trade Wednesday, as risk appetite returned following strong economic data and a rebound in stocks that helped float Japanese stocks as well.

Forex chiefs hope for end of risk-on, risk-off trend – Financial Times
Yen Gains Without Momentum as US Hits Policy: Market Reversal – Businessweek

The Central Bank of Iraq delete zeros from the local currency

The Central Bank of Iraq delete zeros from the local currency

4/14/13

dinar

Delete the three zeros from the local currency The parliamentary Finance Committee, said the Central Bank in accordance with official correspondence begins this year with three zeros from the delete actions in the local currency, saying it will lead to the development of international economic and monetary transactions.

Member of the Finance Committee, said Abdel Hussein Al-yasiri for sourcing Centre for the Iraqi media network, “according to the official with the Central Bank of almkhtabat it is supposed to start this year made for deletion of three zeros from the local currency.

Al-yasseri, noted that “the local currency will reduce from four billion to one billion unit which will make there is flow in the transfer currency.

Yaseri, “Finance Committee supports changes to the local currency because of the economic importance to the country.” The Central Bank says that the deletion of zeros is part of a plan to develop monetary policy and currency management reform.

He was a member of the parliamentary Finance Committee Haitham Al-jubouri, said in a statement earlier that “the Exchange and delete her zeroes will be bigger and better features reduce the amount of inflation and revive the dinar as a result of the lack of demand for dollars, which comes with great positives for the economy of the country, to replace CPG economy revived but needs a suitable political and economic environment for the implementation of the project without meeting any obstacles leading to the deterioration of the currency.”

The CBI had said last August it planned to delete the zeros of the Iraqi dinar to facilitate financial transactions made through criticism most often.

Among the difficulties facing Iraq if he wanted to delete the zeros of the dinar is pulling about 30 trillion dinars circulating in the Iraqi market is then discarded and replaced with a new currency.

pukmedia.com

Classic banking service in Iraq; a stumbling block to foreign investors

Classic banking service in Iraq; a stumbling block to foreign investors

4/14/13

banking

See specialists in the matter of financial lack real competition between government and private banks, noting that the Banking Act current marred a lot of gaps that are reluctant to work banks.

and demanded need new legislation regulating banking business in the country and stir wheel investment.

said President of the Association of private banks Abdul Aziz Hassoun that “There are a lot of gaps in the Banking Act current being written in haste as well as it is a translation of the texts external which still need to amendments and clarifications to some of its articles.

added Goldfinch told (range) that “the current law does not allow banks to the possibility of expanding and providing services It reluctant most of its work, as well as it prevents from being the Iraqi banks the possibility of an executive to pursue debts.

pointed goldfinch to the banking system at the present time to make the Iraqi market is a trading market preoccupied with speculation are not intended to economic activities that take to development and development vision and strategic this itself a problem.

, said head of the Center Economic Media Dergham Mohammed Ali What guided investor in Iraq is the lack of banking service to meet his ambition, noting that the work of banks depends on how old that do not meet ambitious for the investor.

added that “competition in the Currently between government banks and private banks almost non-existent because there variation due to the size of capabilities granted in current law.

revealed Ali in a statement singled out (long) “There is a new draft of the Law on Banks completed government and awaiting approval in the House of Representatives, pointing out that it would give Banks Iraqi larger area, allowing them to operate freely and wide and the granting of credit.

pointed to that proposed law gives private banks space to operate its truly Banks government currently covers up to 90% of bank capital and the remainder of this ratio is just what covered private banks.

“We The stipulated in the Banking Act New he was dealing with investors in a modern way and also help and facilitate the process of integration and working with foreign banks greater freedom, allowing them to applicable law at the present time.

Iraq has suffered from a decline in per capita services banking to reach an average to one bank per 40 thousand people and this is a big difference from what exists in neighboring countries. estimated number of employees in the private banks and government three thousand employees, including people working in circles central bank.

According to the statistics published by the Ministry of Finance on its website recently there 25 banks waged and five state banks operating in the country. Among the most prominent of those banks five Mesopotamia, which has 190 branches in all the provinces and abroad, except Kurdistan region, in addition to the Rasheed Bank, which has 150 branches in the inside and outside Iraq, except Kurdistan region, along with banks real estate, agricultural and industrial.

rises claims of the Council of Representatives of Iraq between now and then amending the Iraqi banks for the lack of clarity some articles especially Article 28, which states “no bank from the private sector to exercise or participate as an agent or partner or owner, trade wholesale or singular or manufacturing processes or transfer, agriculture or fisheries, mining or building or re-insurance, or any activity or other work unauthorized. “

almadapaper.net