CBI ends close to the preparation of the financial report for the Warka Bank

18/04/2012 11:46

Baghdad, April 18 (Rn) - Iraq's central bank said on Wednesday that the coming days will witness the completion of the financial report on a Warka Bank the largest private Iraqi banks, noting that the report's recommendations and will determine the possibility to help him by the government.

Central Bank of Iraq The Iraqi Central Bank has decided to early March last to develop and guardianship to the Warka Bank because of the deterioration of fiscal policy, the bank said that the imposition of guardianship and the Warka Bank came to save him.

The main tasks of the Central Bank in managing monetary policy in the country, and raise the value of Iraqi dinar and tackle inflation.

The deputy governor of Bank of the appearance of Mohammed, told the Kurdish news agency (Rn) that "the Special Committee audited the assets of the Warka Bank is currently working and there is an external auditor under the law is working to inventory the assets of the bank and soon will be the completion of the final report of the Commission".

The Deputy Governor explained that "the work of the Commission requires verification of bank assets and recommend the possibility of restoring the bank to help him financially through his activity in accordance with Article 66 of the Law of the Central Bank through a rescue plan."

And sought the Warka Bank, according to economic reports out of the financial crisis by entering Bembagesat with the British bank Standard Chartered to sell a share of the shares, but the talks reached a dead end.

The decision to place custody of the Warka Bank in the Central time enter the new mechanism requiring the withdrawal of foreign currency on the basis of the importance of development projects in the country, after news spread that the breadth of the phenomenon of smuggling hard currency, especially to Iran, facing international sanctions.

He says the Iraqi Central Bank Article 59 of its law allows him to put trust banks which is about the appointment of an interim administration for any bank they get financial problems.

According to Article 66 of the Bank Act to be appointed guardian after the central bank could seek through the Central Bank's decision at the request of the Minister of Finance to save the bank in case found that there is a possibility to save him.

From: Haider Ibrahim. Open: Abdullah Sabri