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Thread: Bank of Commerce issued bonds b 3.5 billion dollars in four months

  1. #1
    Join Date
    Dec 2004

    Default Bank of Commerce issued bonds b 3.5 billion dollars in four months

    Bank of Commerce issued bonds b 3.5 billion dollars in four months

    Tuesday, 24 April 2012 16: 41

    Twilight news / Bank of Commerce announced, Tuesday, issuing bonds in the amount of $3.5 billion during the first quarter of this year, calling on those facing problems in bond issuance, revision of the Bank to take the actions required to resolve their files.

    The Agency said the Director-General and Chairman of the Board of Directors of the Bank dry, hamdiya Mahmoud statement "
    twilight news" a "on both faces any impediments in completion of a credit or any other transaction of public or private bank general management review, each attractive in order to prove his claim to the Bank take necessary actions and I".

    The Bank with the task of financing trade and investment in order to support the efforts of reconstruction of Iraq oil product and member of OPEC.

    Dry promised to "answer with full transparency on each case in our office as our clients always promised us".

    Dry, added that "the bank restructuring, which aimed at development and modernization has reached advanced stages, reflected positively on the nature of the work and results of the Bank".

    "This progress within current dismissed allegations by some of the staff of government departments, the existence of certain obstacles in completing their transactions in respect of issuing documentary credits".

    Dry explained that the Bank issued during the first quarter of the current year and dependent 333 exceeded $3.5 billion with an increase of 8% from the first quarter of last year.

    The value of bonds issued by the Bank of Commerce since its inception in 2003 until now about 50 billion dollars.

    Dry concluded saying that "such a level of 1.6 appropriations cannot be achieved under the constraints in the process of banking".

    The Iraqi bank of Commerce, was revealed in mid-February last, on his open 180 depending of the Ministry of industry in 2011, with delayed appropriations attributed to convert foreign currency to the dinar and error in completing the forms.

    Dry said in a statement earlier for "twilight news help Economic Commission emanating from the Council of Ministers provides for the conversion of all appropriations of value less than million dollars for private banks operating in Iraq", stating that "these banks are not under the control of the Iraqi bank of trade".

    Bank of Commerce, announced that has 14 branches throughout Iraq that total assets amounted to $15 billion in 2010, up 16 percent on the year 2011. He said profits increased in 2010 by 18 percent to $361 million.

    Ordered Iraqi Prime Minister Nuri al-Maliki at the end of last year, a judicial inquiry on the State-owned Commerce Bank on suspicion of committing "irregularities", a step considered Claude Hanks is a British Adviser to the Bank's Board of Directors "duped" and said that the Bank has resisted attempts by members of the Government for trying to pay for "improper banking transactions".
    "we aspire in the near future to the return of Iraqi dinar to what it was in the seventies and the beginning eighties against the dollar" - Dr. Shabibi

    I just did my job...You either get them out alive or you die trying. If you don’t die trying, you didn’t try hard enough." - Marine Sergeant Dakota Meyer, Medal of Honor recipient

  2. #2
    Join Date
    Dec 2007
    The State Of Confusion


    Good Morning Fellow Dinarians ,

    OK .. Question ..

    Is This Commercial Bank Of Iraq
    That They Are Referring To ?

    Anybody ? ..Oh Yeah .. GOOOOOOOOOOOOOOO RV !!!!

    Bless Your New Day !
    Gary .. aka Invest4later

  3. #3
    Join Date
    Aug 2004


    Sounds like they are referring to TBI scandal last year.
    "There are plenty of reasons NOT to buy the Iraqi dinar this year, and plenty of great reasons to buy renminbi instead. So I say stick to the currencies that have value, and leave the dinar for the speculators who don’t know any better." Sean Hyman
    Editor, Currency Cross Trader

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