26/08/2012
Baghdad
August 26 / August (AKnews) - The Iraqi Central Bank, Sunday, near the
completion of Sergeant of the report on financial at Olokue Bank, which
was placed under trusteeship in March last after the deterioration of
its financial position.
The Iraqi central bank decided early last March put his tutelage Warka Bank due to the deterioration of its financial policy.
The bank said that imposing guardianship on the Warka Bank came to rescue him.
The main tasks of the central bank in the conduct of monetary policy in the country, and raise the level of the value of the Iraqi dinar and tackle inflation.
The deputy governor of the Bank the appearance of Mohammed, told the Kurdish news agency (Rn) that "foreign checker is still being discussed for the Warka Bank's assets and expect to be finished preparing the report on the status of the bank soon."
He explained that "the continuation of the work of the bank or not will depend on the financial watchdog report," noting that "the process of paying creditors of the bank are still ongoing, particularly small depositors."
Warka Bank sought, according to economic reports to emerge from the financial crisis through enter Bembagesat with the British Standard Chartered Bank to sell a stake of its shares, but the talks reached an impasse.
The decision comes a trusteeship on the Warka Bank in the central time enter a new mechanism requiring the withdrawal of foreign currency on the basis of the importance of development projects in the country, having spread news about the spread of the phenomenon of smuggling hard currency, especially to Iran, which is facing international sanctions.
The central bank says the Iraqi Article 59 of its law allow him to develop custody banks, which is about the appointment of an interim administration for any bank get its financial problems.
And Article 66 of the Bank Act that after being appointed guardian central bank can be sought through the Central Bank decision to request from the Minister of Finance to save the bank in the case found that there is a possibility to save him.
The Iraqi central bank decided early last March put his tutelage Warka Bank due to the deterioration of its financial policy. The bank said that imposing guardianship on the Warka Bank came to rescue him.
The main tasks of the central bank in the conduct of monetary policy in the country, and raise the level of the value of the Iraqi dinar and tackle inflation.
The deputy governor of the Bank the appearance of Mohammed, told the Kurdish news agency (Rn) that "foreign checker is still being discussed for the Warka Bank's assets and expect to be finished preparing the report on the status of the bank soon."
He explained that "the continuation of the work of the bank or not will depend on the financial watchdog report," noting that "the process of paying creditors of the bank are still ongoing, particularly small depositors."
Warka Bank sought, according to economic reports to emerge from the financial crisis through enter Bembagesat with the British Standard Chartered Bank to sell a stake of its shares, but the talks reached an impasse.
The decision comes a trusteeship on the Warka Bank in the central time enter a new mechanism requiring the withdrawal of foreign currency on the basis of the importance of development projects in the country, having spread news about the spread of the phenomenon of smuggling hard currency, especially to Iran, which is facing international sanctions.
The central bank says the Iraqi Article 59 of its law allow him to develop custody banks, which is about the appointment of an interim administration for any bank get its financial problems.
And Article 66 of the Bank Act that after being appointed guardian central bank can be sought through the Central Bank decision to request from the Minister of Finance to save the bank in the case found that there is a possibility to save him.