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Hue Mi
12-25-2013, 11:45 PM
Acceptance of cash deposit in BIS the usefulness of Iraq achieved (http://www.alsabaah.iq/ArticleShow.aspx?ID=60739)

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26/12/13 12: 00 am

One of the indicators return to focus the world's attention

Baghdad-Mostafa Hashemi

Economist Dr. Mohammad Saleh appearance that the bis announced acceptance of deposits of Iraq would benefit the country through investment projects, financial investments and the Bank for International Settlements (BIS) is an abbreviation of Bank for International Settlements)) You may feel like the CBI Sunday, his willingness to accept deposits of Iraq for fiscal year 2014.

Saleh said in a statement to (morning) that this action would provide a service to the country's economy through the BIS financial investments were useful or useless, by currency, whether in euros or dollars or other currencies.

Investment reserves

He explained that this is under a formal contract signed with the Iraqi Government. The BIS annual plans for the investment of cash reserves held by central banks has, pointing out that it comprises 60 central banks including the Central Bank of Iraq.

And the benefit that the BIS is the World Bank of the central banks and the banking regulatory regime is universal to all banks in terms of commitment to Basel and applied that determine the efficiency of banking systems in the world.

He pointed out that, in accordance with the Charter of the United Nations, the World Bank's shares may be held by individuals and non-governmental entities.

BIS and DFI

This Bank is different from the Fund for the protection of Iraqi funds DFI, which was founded by the decision of the UN so that Government revenue from oil revenues into the Fund after 2003 and concern the budget while the currency reserves of the Central Bank comes after the Government converted into local currency (the dinar), adding that Iraqi funds frozen in the 1990s was in the Bank for international settlements and not subject to any legal prosecution being protected from prosecution.

Financial cooperation

The Economist noted that the BIS to strengthen financial cooperation and global funding as well as it is not accountable to any Government, based in Basel, Switzerland, adding that this action will bring better returns to Iraq with funds maintained in safe places so that BIS invests in a portion of the investment portfolio at the Central Bank, which is part of the cover (cash reserve) and a few risks and significant benefits.

A positive step

Saleh promised the move positive, especially after the lifting of international sanctions and exit Iraq from Chapter VII of the Charter of the United Nations that the country has returned to the spotlight of the world again and it became an investment environment with strong financial activity because of the wealth and the tremendous potential held by the natural and human resources.

The Economist said that the size of the funds frozen at the Bank for international settlements during the former regime of more than half a billion dollars, noting that it was protected from the global settlement of claims of Iraq's debt.

Development Bank

He called Saleh to exploit the BIS invitation for comprehensive development in the Government and private banks to comply with the Basel standards and adoption of governance and modern banking systems to improve the country's banking and seeking credit ratings.

Facilitate compensation

The Bank for international settlements BIS was established on 17 May 1930 by intergovernmental agreement by Germany, Belgium, France, Great Britain and Northern Ireland, Italy, Japan, the United States and Switzerland to facilitate the reparations imposed on Germany by the Treaty of Versailles after World War I, the Bank's Charter was drafted at a Conference of international bankers in the German city of Baden-Baden in November and adopted its Charter at the second Hague Conference on 20 January 1930.