Iraq is seeking to activate the work of private banks and get the economy moving

Monday 25-05-2015

Iraq oil MM AM / PM c

Twilight News / approved Committee of the Council of Ministers of Economic Affairs on a series of resolutions that aim to activate the work of private banks through its support by government banks to ensure a smooth and easy banking transactions for citizens and businesses and move the Iraqi economy Ptkhalis of some routine restrictions.

A statement by the Deputy Prime Minister example, has typically Nuri Shaways, responded to Twilight News, that the Committee on Economic Affairs held its fourteenth session on 19/05/2015, headed by Shaways Chairman of the Committee on Economic Affairs and the membership of the Ministers of Finance, oil, planning, commerce, agriculture and the Governor of the Central Bank of Iraq and the President National Commission for Investment Advisor to thePrime Minister for Economic Affairs and director of the Legal Department of the Office of the Prime Minister.

The statement said that the committee discussed many topics of economic affairs in question and has taken several decisions, including the approval of the granting of public sector companies the option to deposit their money and open their accounts in private banks, as well as the deposit and the distribution of its employees' salaries by those banks.
It announced the approval of the gradual implementation of the deposit of employees and retirees of the Chambers of central funding salaries in private banks, taking into account the need to provide the branches of these banks so as to ensure the provision of services to the beneficiaries of this system, and make sure the conditions of banks in coordination with the Central Bank.

It also agreed on the establishment of private banks issuing certified instruments and accepted by the government departments and public companies, with the bank's commitment to providing sufficient balances in their accounts with the Central Bank of Iraq and the lack of exposure, and otherwise the bears banks legal consequences, have been subjected itself to stop dealing with this mechanism.
The Committee also announced the approval of directing all state departments to accept letters of guarantee issued by private banks with a commitment to the regulations and instructions issued by the Central Bank of Iraq and associated with the approval of the Committee on Economic Affairs.

It also announced the approval of the establishment of each of the Rafidain and Rasheed deposit part of their money with private investment of the funds of private banks in investment projects according to feasibility studies with a sufficient safeguards guaranteed non-refundable and subject to the conditions set by the two banks after studying the financial situation of the private bank.

The statement noted the approval of the Trade Bank of Iraq to open credit lines with private banks and under the supervision of the Central Bank of Iraq, on condition taking adequate safeguards and adhere to the ceiling specified provisions of Article 30 of the Banking Act in force.

The statement called on the Ministry of Finance and the Central Bank has adopted the Committee on Economic AffairsResolution No. S.l / 495 on 11.18.2014 on the opening of letters of credit to the private banks up to $ 10 million (ten million dollars) without going through the Iraqi trade bank.

On the other hand, the Commission stated that according to its statement, the decision to insert the cultivated areas of strategic crops in the liberated areas, which were within the agricultural plan for 2013 in the agricultural plan for this year.

Also it announced the approval of the contract and the Ministry of Transport / General Company of Iraqi Airways with the International Air Transport Association.
The Committee agreed to choose the style of direct call to implement a project of the Central Bank of Iraq building.