Central Bank: We carried out the terms of the Stand-By Arrangement with the International Monetary Fund

11/09/2012 09:28

BAGHDAD / Center Brief for the Iraqi Media Network - said the Iraqi Central Bank that carried the conditions set forth in the Convention on the standby credit with the International Monetary Fund under which Iraq obtained a loan of $ 3.7 billion to support the development his activities economic. said the deputy governor of the Bank the appearance of Mohammed's (Center Brief Network Iraqi media) that "the Central Bank signed a Stand-By Arrangement with the International Monetary Fund in February 2010, which included providing latest financial loan worth $ 3.7 billion to support economic development activities and private investment budget in Iraq." said the deputy gove
rnor of the Bank that "signing the agreement at the time The fear of being affected by Iraq's resources financial background of lower oil prices in the global markets, "pointing out that" Iraq withdraw $ 1.2 billion of the loan value. " He continued that "the Convention ended last July and extended technically to next February." and MP for "The International Monetary Fund had conditions in the Convention, namely financial management reform in Iraq and to work on the monument units ATMs in all banks, and there is a fixed price and a unified exchange, and strengthened activities of banking supervision, and check accounts the central bank of an external auditor twice year. " and that "the conditions of the Fund also is tightening internal controls on bank and other banks," he said, stressing that "the Central Bank carried out the majority of those conditions."