Iraq decides to involve private banks in the trading of government securities
Baghdad, September 28 (Rn) – The Iraqi Ministry of Financeof the Federal, Wednesday, it had decided to post the private banks with large capital in the trading of government.
The agent said the ministry Fadel prophet of the KurdistanNews Agency (Rn) that “the Ministry of Finance decided traps banks with large capital, which has a sophisticated banking transactions in government securities trading and deal with it like dealing with government banks.”
He added that “The ministry formed a committee tochoose a financial Alrchinah banks which operate according to the methods ofmodern banking in order to expand the banking in the country and boost thebank.”
He pointed out that “the Ministry of Finance seeks toinvolve private banks in the development of banking in the country and expandits role in supporting the Iraqi economy.”
The Council of Ministers of new mechanisms to facilitate theopening letters of credit for less than $ 4 million through the revitalization of the role of private banks, which aims to stimulate trade in the country.
The Iraqi government is still limited in its financial transactions on the banks approved by the government by 85%.
The total capital of banks, Iraqi Special billion and 600 million dollars now, other than that owned by the branches of Arab and foreignbanks operating in the country