Saleh: "The 900 billion dinars achieved by the Iraqi Bank for Trade contribute to move the wheel of the economy



 Baghdad / Zahraa al-Jassim
A financial adviser to the Prime Minister that the amount of "900 billion dinars, which the Iraqi Bank for Trade as profits for the year 2017, will provide the budget with the proceeds of conversion, and contribute to move the wheel of the national economy funding for development projects, which reduces unemployment rates, while calling for an economist to enter the private sector The bank's work, and pointed out that the mission of this bank after leading the process of modernization in the banking sector, is to contribute to lending investment projects and construction projects and real estate and factories.

The Iraqi Trade Bank announced in a statement received (the extent) a copy of the revenues of about 900 billion Iraqi dinars, for his activities in the fiscal year ended December 31 last.
Financial Advisor to the slaves of the appearance of Mohammed Saleh said in a brief interview for "(range), that these profits will provide the state budget for the year 2018 with good conversion income, and will have an impact of raising the credit and investment capacity of the same bank, which contributes to move the wheel of the national economy funding and support development activity He added that these profits have enabled him to support important development projects, thus reducing unemployment rates in the country, on the other hand: On the other hand, the losses of the bank will be addressed through capital hedging, as the capital tool to address the losses so as not to be exposed Bank of financial hardship or what is called Thus, part of the annual profits are added as capital hedges to the bank itself.
The Iraqi Trade Bank is an Iraqi government bank established in July 2003 by a decision of the Coalition Authority, with a capital of $ 100 million, which was increased to $ 1.5 billion to become 2,750 trillion dinars, equivalent to 2.3 billion dollars.
On the other hand, the economic expert in the name of Antoine said in an interview with (to the extent), the banking business in other countries to secure more than 120 deposits, whether a current account or a saving, an issue carried out by any external bank, but we in Iraq are still 12 The Iraqi Bank of Trade has credited the introduction of mechanization and modernity banking work in Iraq, which is our only bank has the guarantees to open the funds directly, as it has an agreement with the bank, "JPMorgan" Amiri is one of the strongest banks in the world, here We are instead of bringing an intermediary bank from neighboring countries to the work of Financial appropriations commission go out of hand, the "NBA that" enjoy this feature and achieves the commission which makes it easier for the importer directly without opening credits to go abroad or to sign other contracts.
The Iraqi Trade Bank has a special field in the budget and funding from the Ministry of Finance, and therefore, these profits are due to the Iraqi budget, because its mission to preserve the wealth of Iraq, but also: When the imports are taken to the budget, these profits are added within, , On the other hand, this bank employs Iraqi workers in its branches spread throughout Iraq and this is also an investment contributes to reducing the unemployment rate, which is now leading the bank in the modernization process in the banking sector, including the introduction of mechanization and ATM in an easy way to open accounts with its external link Mai transfer amounts and receive deposits from outside Iraq ..
Antoine said: The achievement of profits, means to ensure the return of loans and benefits after the end of the term of the loan, where this bank can achieve such profits and this issue is fixed with official budgets, being linked to other banks of the Council of Ministers, and his role is lending private sector projects under certain conditions and guarantees With documented documents and profits from 8 to 10%, it lends for the purposes of construction projects, construction and construction of new factories, and this is an investment contribution, but in the internal bank system is not allowed to contribute directly to investment projects, yes he can lend these projects and contracting And entrepreneurial projects Rat and factories, where he had loaned the project Basmajh large amounts.
But it was decided when the Commercial Bank of Iraq, with the support of the Americans at the time, to transfer ownership to the private sector, but that has not happened so far, and that is a handicap, so we call for the introduction of private sector work of the Iraqi Bank for Trade provided that the sector Especially as he is suffering from some problems in the previous administrations because there are debts and loans given to some people without adequate guarantees, and there are bad debts in front of the bank, but in general, this bank constituted a major breakthrough for banking work in Iraq.


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