Central supports project developers and national bonds

Views 18 Date 07/11/2016 - 21:57

BAGHDAD / Economy News ...

Said Director General of the banking and credit of the Central Bank of Iraq Ihsan Yasiri that the problems experienced by the state such as poor liquidity, or the public treasury deficit led to the central bank eases and the relevant authorities of the ten entrepreneurs from contractors creditors after their borrowing money from banks.

Yassiri added that the financial distress, facing the country have made the government reluctant to pay their dues is what made them indebted to banks and thus coincided with a liquidity shortfall in paying customers dues.

He Yasiri the central bank to remedy this situation and decided in coordination with the Government, to issue bonds on behalf of creditors, the size of the Government's indebtedness to contractors, contractors and up to 7 trillion and 500 billion dinars, explaining that what happened is the issuance of up to 40 percent of the debt of sovereign bonds guaranteed by the government and duration of 3 years The interest rate of 5 percent.

He pointed out that the Ministry of Planning in turn will complete data and information base soon and paid to the central bank, which was commissioned to manage it, as the Ministry of Finance is the representative of the government, when a contractor asks amount of two billion dinars being executed contract for a government entity to come Mlbg two billion letter from the Ministry of Planning, the central bank bond will be issued 40 percent of the amount of any two billion will issue a bond up to 800 million dinars, a neighborhood support.

He Yasiri been allocated to three state banks (Rafidain and Rasheed, Iraqi Trade Bank) to deal with this meal and we asked these banks to deduct these bonds interest, pointing out that this decision is one of the most important decisions taken after the year 2003 by financial authorities and cash to solve a big problem for the creditors of the government.

«Marshall Iraq»

He Yasiri that the project «Marshall Iraq», which represents the central bank's initiative to support the liquidity of banks in lending to support the economy and to meet the needs of investors and enhance liquidity for lending, which included the first two initiatives customize trillion dinars enhance the liquidity of private banks to support small and micro-enterprises, and these trillions dinars go to banks where customers are granted a loan of an amount not exceeding 50 million dinars for the various needs it, and the central bank will examine these transactions and is filed calculates the bank 270 million dinars called enhance liquidity and some banks suggested we should give it an advance in advance were given advance.

Project support

He adds Yasiri The second measure is to support medium and large enterprises to allocate five trillion dinars. This amount includes the productive sectors Kalzerai and industrial and housing This money was distributed to support the liquidity of agricultural banks and industrial real estate and housing fund joint where they took Trliuna and 600 billion dinars.

The launch of the project and put specific periods not exceeding in the extreme cases for 45 days and must lend the bank his client, and the central bank took it upon himself to fight all forms of corruption in order to ensure not to harm these efforts and not to scatter the money being the people's money, as we have a study on the projects

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