Central Bank announces the Government's adoption of instruments of private banks

WEDNESDAY, APRIL 18 / APRIL 2012 12:19

Twilight News / Central Bank of Iraq, Wednesday, for the adoption of instruments of government, private banks in its departments and institutions, pointing out that the amount of the instrument up to five million Iraqi dinars certified maximum.
Deputy Governor of Central Bank of Iraq the appearance of Mohammed Saleh in an interview with " Twilight News "The" Committee for Economic Affairs of the Council of Ministers decided to adopt the instruments of private banks in government departments and institutions that were not supported in the past. "Saleh pointed out that "the amount that will be adopted by the government to accept the instrument of the National Bank is the five million Iraqi dinars and a certified editor," expected that "the government repeal this restriction in the future, and adopt instruments of non-civil conditions."Promised the deputy governor of the Central Bank of the decision "to facilitate the work of private banks and activating their role in the economic sphere."The Chairman of the Board of Directors of Banks (Economics for Investment and Finance) Husam Obeid said in a statement in March last in a statement received "Twilight News" copy of the Ministry of Finance decision to stop dealing ministries and government departments with p private banks, to coincide with the failure of some banks in the banking business because of lack of staff, lack of expertise and not to keep up with modern technology, especially for junior staff.Iraq seeks to support the banking system by closing the deficit of local banks to cover the financial guarantees required by the investment companies, which represent the problem of limiting the entry of companies specialized in the electricity sector, infrastructure and services.In Iraq, there about seven state banks and 34 banks waged, mostly owned by foreign banks, two banks and two government controlled the banking system in Iraq are the Rafidain Bank and Rasheed Bank.