View Full Version : The Central Bank reveals a scandal for commercial banks 1-15-2018

01-15-2018, 08:56 AM
The Central Bank reveals a scandal for commercial banks

Date of release: 2018/1/15
(Baghdad: Al-Furat News) A report by the Central Bank of Iraq, that some commercial banks do not have any investment, "noting that" some letters of guarantee comes courtesy of relatives and friends. "
"The proportion of investments to total assets in commercial banks is 8 percent," the report said, adding that "some of these commercial banks do not have any investments."
He added that "the monetary assets of commercial banks during the year 2017 amounted to 6 trillion dinars of the total assets of 13 trillion dinars, or 46%, mostly concentrated in the assets of banks with the Central Bank, which indicates the focus of banking activities in the window selling foreign currency.
"The letter of guarantee, which forms the largest part of letters of guarantee, in many cases are letters of courtesy to relatives, friends and companies in which the members or members of the board of directors participate in a clear or hidden," noting that "When you lag in the implementation of projects resort to some marketing method And delay in the payment of letters of guarantee in violation of the provisions of Article 290 of the Trade Law No. 30 of 1984.
The Central Bank of Iraq issued on 19 March 2017 a circular for all private banks to abide by the standards to meet the sale of foreign currencies, noting that the task of international audit companies that have been contracted to assess the financial position and quality of assets of banks.

01-15-2018, 04:54 PM
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