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Invitations to establish an Iraqi bank to pledge gold for cash money

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rocky
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Invitations to establish an Iraqi bank to pledge gold for cash money

Post by rocky on Mon 28 Aug 2017, 3:07 am


Invitations to establish an Iraqi bank to pledge gold for cash money


 Baghdad / Range

Despite the modernity and developments witnessed by the global banking system around us, whether the speed of work and completion of banking or through the confidence and safety provided by this system to all its customers, the citizen in Iraq is still not confident in government and private banks alike, especially with regard to the process of saving, which loses the economy According to specialists, many of the strengths and opportunities of production that contribute to sustaining and building a strong economy the size of the wealth owned by Iraq.


The Central Bank, which had earlier adopted a strategy for financial inclusion described by some as effective, aimed at containing the funds extorted outside the banking system, which according to the Central estimates of 77% of the monetary value, returned to confirm that the lack of awareness of banking and the status of troubled banks to secure the needs of depositors as well as financial conditions that Passes through the country are those who are paying the citizen to keep his money in his home instead of being deposited in a bank.
At the same time, an official source at the Central Bank confirms that the latter is seeking to establish a company to secure deposits of the public and is in the final stages of completion after the issuance of deposit guarantee system No. 3 2016. The company provides a cover to guarantee the deposits of citizens at banks. All banks will pay monthly insurance to the insurance company. The Central Bank has requested the Iraqi Chamber of Commerce to register the name of this company in accordance with the established procedures. The name of the company was obtained by the Iraqi Chamber of Commerce under the name of the Iraqi Deposit Insurance Company at a time when the Central Bank announced the approval of the government to establish e This company is on June 7, 2016.
The financial adviser says the appearance of Mohammed Saleh in an interview (of the extent) that talk about the manifestations of the stalemate still takes various dimensions in Iraq between the compactness in kind (gold or gold occupied Almkshlat) jewelry and precious valuables that are no longer remembered in Iraqi banks, and the compactness of the Iraqi dinar, On the proportion of nearly 77% of the currency exported outside the Central Bank of Iraq as well as foreign currency hardening, all of which have deprived the national economy one of the most important factors of its power to convert savings that support the cycles of income and production to leakage in the income cycle or weaken production opportunities and sustainability Economic activity, adding: Here is the demand for money or forms of wealth like money for hedging purposes only.
Accordingly, the history of Iraqi banking during the last century witnessed the phenomena of exchanging gold in paper currency by placing gold as a hostage in the formers or moneylenders for an interest rate. The demand for money here helps through the guarantee of gold by extracting official money from the cycle of cash leaks to the spending cycle and moving Economic activity, but with the illegal market instruments. Thus, the demand for cash for the purposes of transactions, but for courses of income is not necessarily complete and does not lead to the real economic balance. The modern economic history of Iraq, especially in the sixties of the last century, A government bank called the Mortgages Bank was established as a legal and legal alternative to the phenomenon of murabis and all illegal market transactions in the provision of gold-guaranteed cash loans that the Mortgage Bank would use to provide cash loans for the retention of the gold held by the borrower until the maturity of the loan or repayment of interest charged by the mortgage bank Plug
Saleh pointed out that, despite this, banks remained in a semi-banking relationship with customers in providing some services, as bank funds or personal bank vaults remained available to citizens and available for use within each bank, especially the government, especially Rafidain and Rashid banks. The citizen has to keep his golden assets, valuable assets and important documents in those protected places for a fee and 100% safety for a monthly or annual fee. This trend has receded, not long ago, and contributed to bringing the citizen closer to the atmosphere of the bank or the banking environment. Arifa legal institution of their properties .obgaab this service faithful cut one of the bonds of the link between the citizen and the bank as an entity maintains a wealth of society and spread a climate of direct links between individuals and banks.
The Central Bank of Iraq should proceed with the study of the granting of a license to an Iraqi bank for mortgages (for the mortgage of gold occupied for monetary money), which enhances bank credit and turns the quasi-fortified wealth into a guarantor force in generating demand for money for purposes of transactions and supporting economic activity. This is one of the institutional channels in the judiciary. On the phenomenon of compactness like money and others, as well as to maximize the atmosphere of confidence between banks and citizens to receive their gold and other precious valuables in the vaults at the banks for a fee easy, stressing at the same time the importance of starting the activity of the Deposit Insurance Company The public is looking to the bank soon to check on the bank deposit of the risks of banks' exposure and failures, while reducing the demand for liquid cash as catalysts, which is an unstable function (highly concerned) and highly linked to explain the impact of uncertainty in the request of individuals to cash in its liquid form (compactness) Quasi-money, and prevent
He said that the delay in the service and not to keep pace with some banks to modernity and routine in the private banking system, which was supposed to skip, and these things have their role and impact in addition to the lack of awareness among individuals of the importance of a private banking sector and this view means the need to expand the scope of financial coverage, For all citizens, whether in the government sector or the private sector.


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rocky
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Calls for the establishment of an Iraqi bank to pledge gold to meet cash

Post by rocky on Mon 28 Aug 2017, 7:28 am

Calls for the establishment of an Iraqi bank to pledge gold to meet cash

28/08/2017 (00:01 pm)



Baghdad / term

Despite modernity and developments in the global banking system around us both work quickly banking transactions and delivery or through trust and security provided by this system for all its customers that, is still a citizen in Iraq is confident the government and private banks alike especially with regard to the process of saving, which will lose the economy according to the national specialists a lot of power and production opportunities that contribute to sustain and build a solid economy , the size of wealth owned by Iraq factors.

The central bank , which followed earlier strategy as the financial inclusion of some described Balvaalh as designed to contain money compacta outside the banking system, which amounts according to the Central estimates 77% of the cash value returned to confirm that the lack of awareness of the bank and put troubled banks in securing the needs of depositors, as well as financial conditions by the country they are now paying the citizen to keep their money at home instead of being deposited in a bank. "

At the time of confirming an official source in the central bank 's recent quest to establish a company to secure public deposits and is in the final stages of completion after the deposit guarantee No. 3 of 2016 a system where the company cover offers to guarantee deposits of citizens in banks where he will pay all banks insurance monthly to the escrow company is proportional and deposits with each bank, indicating the central to the request of the Iraqi Chamber of Commerce registered the name of this company according to the contexts used, have been obtained booked the name of the company by the Iraqi Chamber of Commerce under the Iraqi Company to guarantee deposits, at a time when the Central had announced the government 's approval of the establishment e These company on the seventh of June 2016

, says financial adviser appearance of Mohammed Saleh in an interview (to the extent) that talk about aspects of compactness still takes the dimensions of various in Iraq Between compactness in kind (such as gold or gold occupied Almkhclat) jewelery and precious treasures that are no longer mentioned in the banks Iraqi, and the compactness of the Iraqi dinar , which represents the ratio of approximately 77% of the exported currency outside the Central Bank of Iraq as well as compactness foreign currency, all of which are factors of the national economy had rendered a most important strength factors to transfer savings that are supportive of cycles of income and production to distressed leaks in the cycle Income or weaken production opportunities and sustain economic activity, adding: Here is the demand for money or forms of wealth like money for hedging purposes only.

He continues , Saleh said: Accordingly, it has the banking history of Iraq has witnessed during the last century phenomena swap gold paper currency by gold put hostage when goldsmiths or moneylenders to meet with usurious interest, as it helps the demand for money here through a guarantee of gold to bring the official cash compacta of cash leakages cycle to the spending cycle and trigger economic activity, but market instruments illegal, and thus the demand for cash for the purpose of transactions, but the sessions are incomplete income necessarily does not lead to real economic balance, also saw the talk of Iraq, especially in the sixties of the economic History Last century attempted to establish a government bank called Bank mortgages, as an alternative to a legal official of the phenomenon of usurers and the general illegal market in the provision of guaranteed gold The mortgage bank cash loan transactions do in providing cash loans to meet retention gold , which is in possession of the borrower until the date of maturity of the loan or payment in return for interest mortgages charged by the Bank to meet the operating costs and part of the risk of volatility of the value of the guarantee itself Almkhclat or gold pieces busy, adding: but unfortunately is to cancel the bank in the early seventies of the last century for reasons really was not aware of .

Refers Saleh to: he and though banks remained on the quasi - banking mutual relationship with customers in the provision of some services, as has been banking funds or personal banks fortified cabinets are available to citizens and is available to use within each, especially government ones, especially Rafidain Bank and Rasheed). And can bank citizen to retain the gold Bmkhclath and its assets and precious documents important in those Alqasat fortified for pay and increased safety 100% for a fee monthly or annual lump sum, while this phenomenon receded positive not long ago , and they contribute to bringing citizens into the atmosphere of the bank or banking environment and Arifa legal institution of their properties .obgaab this service faithful cut one of the bonds of the link between the citizen and the bank as an entity maintains a wealth of society and spread a climate of direct links between individuals and banks.

Calls: the Iraqi Central Bank to proceed with studying the granting of the license of the Bank of Iraqi mortgages (pledge of gold busy meeting cash) , which boosts bank credit and converts the semiconductor storehouse of wealth to a guarantor in the generation of power demand for money for the purposes of transactions and support economic activity, this is the promise of one of the institutional channels to eliminate the phenomenon of hoarding money Bochaabah gold and others, as well as maximizing the atmosphere of trust between banks and Alohliyn to receive the gold Mkhclathm and other precious valuables in the coffers of the banks vulnerable to meet soft wages, stressing at the same time the importance of actively deposit guarantee company to start Which is looking forward to it public soon to check on banking and Diath risk exposure of banks and failures, with being a lowering of the state of demand for liquid cash Kmoktnzac which is a function is unstable (severe anxiety) and high correlation in the interpretation of the effect of uncertainty in the demand of individuals on cash liquid form (compactness) or quasi - money, and to prevent the cycle of income and her husband deprive the cycle of economic activity to fuel an effective article money.

It continues: The reluctance of the service and not to keep up with some of the banks of modernity and red tape in the private banking system, which was supposed to Ntaktah these things have their role and impact in addition to the lack of awareness among individuals of the importance of a private banking sector and this approach means the need to expand the scope of financial inclusion, which means the delivery of banking service for all citizens, whether in the public sector or the private sector.


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