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Iraqi civil banks: central bank does not provide only a third of the needs of the dollar and the mar

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rocky
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Iraqi civil banks: central bank does not provide only a third of the needs of the dollar and the mar

Post by rocky on Sun Apr 07, 2013 7:10 pm

Iraqi civil banks: central bank does not provide only a third of the needs of the dollar and the market yield to political and media pressure




4/7/2013 | (Voice of Iraq) -

Term Press / Baghdad accused the Public Authority for the North Bank for Finance and Investment, on Sunday, the CBI not to meet the needs of the Iraqi market of hard currency over the past five months and refer that the responsibility of private banks, while confirming that Iraq needs to pump nearly $ 300 million in Market day to fill its need of currency while criticizing the central bank remarks promised they attack him and "stems from ignorance and lack of knowledge of monetary policy." said Chairman North Bank and Investment and Finance Nawzad David Dry in an interview to the (long-Presse), "The CBI did not meet the needs of the Iraqi market of hard currency for more than five months, "noting that" more than optimal needs met by local banks what happens upheaval significant between merchants and banks. " and dry that "a large part of politicians and central bank officials contend that Iraq's needs hard currency ranging from 85 to 90 million dollars per day but in fact the market needs to more than 250 and up to 300 million dollars a day. " and stressed Dry "This speech did not come without documents or evidence," explaining that "most citizens replace the Iraqi dinar currency dollar and this one signs of market need to the dollar. " said Chairman Bank of the North, which is one of the largest banks Iraqi Special "shorten the central bank to provide hard currency and not the government's commitment policy free market happen confusion in the market," However, "But we source deserved in terms of providing money for our resources high deposits and financial strength large in this area." The Department of North Bank announced at a conference Snoop held on Saturday that its profits in 2012 amounted to 68.813 billion Iraqi dinars, the highest during the recent years among the general Iraqi private banks, which have increased in number to 35 banks, and stressed that its deposits amounted to 1.604 trillion Iraqi dinars. promised dry that "measures the central bank was probably coming after a wave of political pressure and media," asserting that "private banks do not need financial support from the government but need moral support and maintain its integrity banking and open the doors to them to deal with foreign banks are better. " It was Congress, politicians and economists have accused the Iraqi Central Bank over the past months to burn "an average of four billion dollars a month in an auction of hard currency for the benefit of ten banks, mostly with capital Gulf, buy a day most of the claims of the Central Bank of hard currency and profitable obscene up to 6% so that they control the Iraqi economy. " , said a member of the inspection department at the Directorate General to monitor the banking and credit at the central bank Ali Mahmoud said in an interview to ( long-Presse) that "the opinion of the North Bank policy of the Central Bank as a launching an attack on the bank," noting that "the reasons for this campaign is a lack of understanding of monetary policy and what is known about monetary policy." said Mahmoud said that "in recent years after the year 2003 was given to private banks complete freedom after the lifting of the benefits and the emancipation of commissions and these things are positive things for these banks. " He Mahmoud "However, some shareholders bankers ignorant just looking for profit without the knowledge of the rest of the things," and accused them of being "thinking profit pure without thinking risks to banks, "noting that" the role of the central bank is to reduce these risks and follow-up of monetary policy and مسيرها forward or retreat. " and Iraq's cabinet decided on (16 October 2012), the prime BSA Abdul Basit Turki tasks central bank governor agency instead for former Fed governor Sinan Shabibi on charges of issues financial and administrative corruption in the bank, especially in operations Auction dollars, but nothing occurs to the work of the Bank and currency auction whereas the Iraqi dinar exchange rate big drop against the dollar since jumped from 1170 dinars to the dollar in the fall of 2012 to 1270 dinars to the dollar in April 2013. The Fund said in a report issued in (21/03/2013) Following the end of consultations in Amman between a delegation of the Fund and the Iraqi delegation headed by VMware Planning Ali Shukri, and seen (long-Presse) it "an improvement in the financial sector", but stressed that it is still "need to greater efforts by the central bank to revise the monetary policy tools and strengthen banking supervision, and accelerating the restructuring of the banking system." and called on the International Monetary Fund Central Bank of Iraq to "progressive measures towards liberalizing view of foreign exchange through auctions held by the Bank so as not to repeat disorders suffered by the financial market in the last year. " UNFPA emphasized that "the establishment of a banking system nationalist requires abandoning the current model, which is controlled where weak banks state-owned is treated preferential distinguish them from private banks, "he said, calling on Iraq to do to strengthen its public financial institutions to ensure efficiency and transparency in the use of oil revenues."

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GATC banks: Central Bank does not provide only one third of the needs of the market of dollar yieldi

Post by Hkp1 on Sun Apr 07, 2013 7:50 pm

GATC
banks: Central Bank does not provide only one third of the needs of the
market of dollar yielding to political pressure and media



Author: MJM
Editor: NK
13/04/07 12: 13


Range/Baghdad

KIA
blamed the North Bank for finance and investment, on Sunday, the
Central Bank of Iraq to meet the needs of the Iraqi market of foreign
currency over the past five months and the private banks, stressed that
Iraq needed to pump nearly $ 300 million on the market daily needs while
currency currency Central Bank criticized the remarks as offensive and
promised "stemming from ignorance and lack of knowledge of monetary
policy".

He is Chairman of the North Bank for investment and
finance nozad David speaking to dry (range), the CBI has not met the
needs of the Iraqi market of hard currency in more than five months ",
stating that" most of the needs met by representatives of local banks is
a great confusion between merchants and banks. "

Dry and that "a
large section of politicians and Central Bank officials contend that
Iraq needs hard currency, ranging from 85 to 90 million dollars, but
really the market today need more than 250 and up to 300 million dollars
a day.

Dry said that "this did not come without documents or
evidence," he said, adding that "most citizens replace Iraqi dinar in
the currency of the dollar and this is one of the indications of market
requirements to the dollar."

The head of the Board of Directors
of the North Bank, which is one of the largest private Iraqi banks to
"shorten the Central Bank to provide foreign currency and the
Government's commitment to the free market policy confusion occurs in
the market," he said, "but we deserved in terms of source of funds we
have high resources deposits and large financial power in this area."

The
North Bank was announced at the Snoop held Saturday its profits in the
year 2012 was 68.813 billion Iraqi dinars, the highest in recent years
between the Commons private Iraq banks increased to 35, and emphasized
that the bank assets amounted to 1 604 trillion Iraqi dinars.

Dry
promised that "perhaps the Central Bank action came after a wave of
political and media pressures, the NCB has no need for financial support
from the Government but need moral support and maintain the banking
structure and open doors for them to deal with foreign banks."

And
deputies, politicians and economists have accused the Central Bank of
Iraq over the past months to burn "on average four billion dollars a
month in hard currency auction for ten banks mostly Gulf capital, buy a
day most posed by Central Bank currency and obscene profit up to 6% to
control Iraqi economy."

He said a member of the inspection
section in the Directorate for surveillance of banking and credit at the
Central Bank, Mahmoud told the (range) that "the North Bank Central
Bank policy is tantamount to an attack on the Bank", stating that "the
causes of this campaign is the lack of understanding of monetary policy
and what is known about monetary policy."

Mahmoud said that "in
recent years after 2003 was given to private banks full freedom after
the lifting benefits and frees up the commissions and these things are
positive."

Mahmoud said, "but some shareholders bankers ignorance
only looking for profit without knowing other things", and accused them
of being "think pure profit without thinking about the risks banks",
stating that "the role of the Central Bank is to reduce these risks and
follow-up to monetary policy and its way forward or retreat."

The
Iraqi Cabinet decided on (16 October 2012), head of the Office of
financial supervision Abdel Basset Turki as the Governor of the Central
Bank agency rather than the previous Bank Governor Sinan Al-Shabibi on
the background of the charges of financial and administrative corruption
in World Bank especially in the auction, but that nothing has changed
on the work of the Bank and auction currency while the dinar has
witnessed a big drop against the greenback as it jumped out of 1170
dinars per dollar in fall 2012 to 1,270 dinars to the dollar In April
2013.

The Fund said in a report released in (21/3/2013) following
consultations held in Oman between a delegation from the Fund and an
Iraqi delegation led by ware planning to El shukrijumah, informed
(range) "an improvement in the financial sector", but stressed that it
still needs greater efforts by the Central Bank on monetary policy tools
revision and strengthening of banking supervision, and to accelerate
the restructuring of the banking system. "

The IMF called on the
Central Bank to "gradual liberalization measures introduced foreign
exchange through auctions held by the Bank so that repeated disturbances
suffered by last year's financial market."

The Fund stressed
that "the establishment of a national banking system requires abandoning
the current form, which is dominated by the weak State-owned banks that
enjoy preferential treatment to distinguish it from private banks",
calling on Iraq to strengthen its public finances to ensure efficiency
and transparency in the use of oil revenues. "

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