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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Central Bank oppose the establishment of a joint charge of foreign trade transfers

    Rocky
    Rocky
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    Central Bank oppose the establishment of a joint charge of foreign trade transfers Empty Central Bank oppose the establishment of a joint charge of foreign trade transfers

    Post by Rocky Sun 04 Dec 2016, 1:56 am

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    Central Bank oppose the establishment of a joint charge of foreign trade transfers


     Baghdad / peace Zidane 

    Called for a number of specialists in thebanking regard to the establishment of a joint bank between the public and private sectors to finance the foreign trade of the private sector and the abolition of the currency auction, while the rejection by the Board of the Central Bank, Majid picture, the establishment of this bank because the problem in foreign remittances as a result of a lack of confidence among domestic and foreign banks . 


    A financial advisor to the Prime Minister, the appearance of Mohammed Saleh , "long", said that "Iraq gets a hard currency , a dollar through the sale of oil and must be the establishment of a joint bank between thepublic and private sectors in order to trade finance for the private sector, similar to the Iraqi Trade Bank ,which is financing governmental trade , "stressing that" the new bank will sell the dollar to traders through thedocumentary credit and thus can reduce the randomness of imports. " 
    He added that "this process will serve the country a lot and through the separation between monetary policy and the financing of foreign trade , " adding that " the Central Bank Sitferg to the cause of maintaining inflation and the value of the currency and prices." 
    On the other hand, an economic expert, Thuraya Khazraji supported the idea of creating a joint bank between the public and private sectors to finance foreign trade. She Khazraji "long", " The establishment of a bank for financing foreign trade a very important step and serve the country and will be responsible for imports and theissue of hard foreign currency conversion , " asserting that "foreign currency smuggling stay that way very dangerous issue , especially that the goods entered not equal to the amount of money He came out of thecountry. " 
     She added that "the new bank management must be the domination of the government sector and 51% private sector , 49% until the government sector able to control the decisions in favor of the central bank , " pointing out that " the new bank will provide a reserve of foreign currency to the strengthening of the dinar and prohibits the entry of goods lousy. " 
    She explained that "some Iraqi banks are considered banks parasitic and aim to make a profit through money laundering and currency auction and not serve the country", calling on the state to "reconsider these banks to serve the country 's economy." 
    The MP for the Economic Committee in the House of Representatives, Burhan al - Mamouri, said at a press conference in the parliament building, said that " the central bank was not able to achieve the goals that created through which the auction of foreign currency, of providing liquidity to finance government expenditures in Iraqi dinars, despite the move 12 years on its development , "noting that" the auction sold since it opened nearly 312 billion dollars , " 
    said a member of the Committee," available to the Commission figures show that eighty percent of foreign currency transferred to outside Iraq, "returned that" it means that the majority of shareholders or as they call them Bzbain central bank of banks and companies are seeking hard currency at a price less than theprevailing market and out of the country in exchange for commercial papers and documents , most of which are not true. " 
    But the central bank rejects the establishment of a joint bank between the private and public sectors because it will increase the complexity of the banking sector. A member of the Board of the Central Bank, Majid picture, "long", " The Trade Bank of Iraq is the process of issuing the adoption of documents for trade finance as well as civil and government banks , " stressing that " the fundamental problem in the banking sector, particularly in foreign trade is the lack of trust between Iraqi banks and foreign banks. " 
    He explained that " the Central Bank of Iraq is currently based on the restoration of confidence between domestic and foreign banks through regulation and problem - solving and scrutiny of financial transactions inaddition to the development of the banking staff capacity to adopt documentary remittances , " adding that " the Central Bank during 2016 used approximately $ 7 billion in letters of credit. " 
    He pointed out that "increasing the number of problem banks will be held and we must give freedom to banks to operate independently and be responsible for the advancement of the country 's economy."
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