CBI begins soon to open letters of credit rather than transfer of credit

27/05/2012 09:07

Baghdad, May 27 (Rn) - The Central Bank of Iraq, Sunday, at close of work opening credits Almstdnah has instead of the transfer of credit for the process difficult, indicating that this procedure will ensure to make sure that the hard currency that are sold to traders not be paid unless there are goods and hyphen of the country.

The central bank last week accused the four countries to "conspiracy" to hit the financial economy of Iraq to empty its market of its financial strength, indicating that the free trade corridors in Iraq is becoming the means adopted to hit the economy.

And saw the price of the dollar compared to a rise in local currency during the past few days, which officials attributed to a local banking companies, the central bank to take additional action in the auction sale of hard currency.

The deputy governor of Bank of the appearance of Mohammed, told the Kurdish news agency (Rn) that "the Central Bank of Iraq will soon open letters of credit rather than transfer of credit, which currently employs."

He explained that "this measure will enable the central bank to ensure that foreign exchange traders sold the goods against which comes to Iraq." Adding that "the bank's move is part of a traditional trade assets is added to the measures recently taken by the Bank to protect the hard currency."

And picked up local media reports about the widening phenomenon of smuggling hard currency from Iraq to Syria and Iran on the border crossing points unless confirmed by the Central Bank of Iraq.

And subject its nuclear program by Iran, and Syria as a result of popular protests to UN sanctions are harsh and markets both countries to an economic collapse because of poor cash flow of hard currency.

The main task of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign currency reserves and the organization of the banking sector.

 

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National Alliance calls on all political forces to create the atmosphere of the National Conference

 Sun 27/05/2012

Baghdad (news) .. said the Iraqi National Alliance on the importance of the unity described and cohesion forces about the challenges and called on all forces to create a positive atmosphere for dialogue among themselves, and avoid rhetoric convulsive, also announced the National Alliance reaffirmed the principle of national partnership actors and serious and deep belief that Iraq does not run of one component, but by mutual all of its components.
He said the National Alliance at its meeting yesterday, the home of President of the Alliance Ibrahim al-Jaafari to be the overall ideas and opinions expressed in letters and documents exchanged between the political blocs in its various meetings, including paper Erbil latter is constructive ideas and worthy of research and serious follow-up according to the contexts the process responsible.

She also debates the forces of the National Alliance to consensus that the Constitution and consistent with, and the principles of trust, openness and compromise between the parties and political blocs are the frameworks and principles that should govern the all dialogues and discussions.

While stressing the need to speed up the National Alliance and the National Bakdalmatmr Mathaba considered the process to find solutions to all problems related to state building and strengthening institutions. / Finished / d. N /

 

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Hassani, MP warns of spread of forged currency, class (10) thousand dinars in the market again

  Sun 27/05/2012

Baghdad (news) .. Warned the MP / National Alliance / Abdul Hadi al-Hassani, the spread of currency forged Iraqi category (10) thousand dinars in the local market again because it will affect the value of the dinar and the economic situation in the country, calling for a plan to withdraw and take firm action against the dealers out.
He said al-Hassani (of the Agency news) on Sunday: The increase in the spread of counterfeit currency in the domestic market, especially the category of (10) thousand dinars will lead to a lack of confidence of citizens in financial trading in local currencies, which will increase the money supply on the market and also cause damage to the value of the dinar to hard currency and the national economy in general.

He added, you must activate the supervisory role in relation to banks and financial institutions to know the traders in these currencies and the application of the penal code against them to prevent their spread in the local market.

He called for: a plan of scientific thought by the central bank for the withdrawal of currency by banks and develop educational programs for citizens to distinguish counterfeit money in order to prevent the safe handling of counterfeit currency in the market.

It is noteworthy that the local market has seen the proliferation of counterfeit currency in recent times has suffered a lot of the Iraqi provinces, especially the province of Dhi Qar, and specifically in the area of ​​spread of currency Panthers (10) thousand dinars in their markets.

The phenomenon due to economic pressures faced by some of the countries surrounding Iraq, where they inject forged Iraqi currency in the country and replace them with hard currency "dollar", which led to increase the value of the dinar against the dollar during the last period. / End / 8. D. Q /

 

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Expert: Iraqi banks can not interact with the global counterparts because of bureaucratic

 Sun 27/05/2012

Baghdad (news) .. I suggest an improved banking expert on the development of the banking sector through the introduction of modern electronic systems in his work to give confidence to foreign investors to invest in Iraq.
Ali (of the Agency news) said on Sunday: Providing banking sector, modern technology has become an urgent need at present to boost investment in the country forward, the fact that the investor today needs a banking system newly away his money on potential risks, pointing out that the banking sector plays a role a key role in attracting investors to the country.

He pointed out: that the Iraqi banking sector is underdeveloped at present and dominated by bureaucratic red tape because of its distance from the development in the world and is unable to interact with international banks, calling on the federal government to seek to improve the sector by resorting to the use of modern technology in the management of banks, as well as to open a regular training courses for staff working in this vital sector.

It consists of the banking system in Iraq (43) banks as well as the central bank and distributed according to ownership between (7) banks and government (30) my family, including Bank (7) Islamic banks in addition to (6) foreign banks.

In spite of the Investment Law No. (13) for the year 2006 excludes investment in the banking sector of its provisions, except that the investment in the banking sector takes its legal framework on the basis of legal central bank number (56) for the year 2004, banks number (94) for the year 2004, with a limit Near to establish a bank in Iraq (100) billion Iraqi dinars (ie, up to $ 85 million (. / Finished / 8. d. Q /

 

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Baker flesh a friend: National Conference agreements is subject to political leaders on its agenda

 Sun 27/05/2012

Arbil (news) .. MP for / Islamic Party of Kurdistan / Baker meat a friend, that a national conference of political leaders is subject to agreements on the agenda of the Conference, expressed his optimism to resolve differences through dialogue.
A friend in the statement (of the Agency news): The schedule is subject to the National Congress by the political blocs on the conference agenda, venue, confirming the presence of substantial differences between the blocks on the agenda of the conference.

He was a friend: his optimism to resolve outstanding issues through dialogue and direct hard, noting that the National Congress sponsor resolving all differences.

He also called for the Islamic Union of Kurdistan: all the political blocs to sit at the table of dialogue, regardless of the differences that exist among them and put all the differences to reach results satisfactory to all parties and out of Iraq from the current impasse.

This calls for political leaders to the need to hold a national conference, and attend all the leaders of the major blocs, and that any person refuses to attend do not contribute to the success of this conference, noting that the conference is the only way to resolve the political crisis in the country. / End / 24. For. M /

 

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Spokesperson for the movement of reconciliation: dealing with al-Maliki has become difficult and must be replaced

  Sun 27/05/2012

Baghdad (news) .. According to a spokesman for the National Accord Movement internalized inside / coalition in Iraq / Hadi Zalmi, that the National Alliance on alternative to Maliki's nomination to head the government of the Alliance itself, pointing out, that dealing with al-Maliki is politically difficult.
Said Zalmi (of the Agency news): The time limit granted to the National Alliance to provide an alternative to Prime Minister Nuri al-Maliki as prime minister ended, and if I can not agree on a replacement for the owners, the other options will be available, including the dissolution of the House of Representatives.

He explained: that the letter signed by four leaders Massoud Barzani and Iyad Allawi and Moqtada al-Sadr and Osama Najafi, the National Alliance, gave a week to nominate a replacement for al-Maliki to head the government, because dealing with al-Maliki is politically very difficult.

He says meeting in Erbil, Najaf, Prime Minister Nuri al-Maliki did not announce the implementation of the points contained in a letter Arbil, second, and this is proof to adopt the policy of procrastination in the implementation of previous agreements, while the Re-Maliki by saying that the agreements Erbil applied in full for his part and what remains is the responsibility of the House of Representatives The Iraqi List, in his reference to the Law Council of strategic policies. / End / 12. d. Q /

 

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