The Iraqi government lifted the roof of banking transactions for citizens

by **Ponee** Fri Apr 24, 2015 9:59 am

Baghdad, The Iraqi government approved on Thursday a law allowing citizens to withdraw money from their bank accounts up to 100 million dinars (US $ 84 388), only after the passage of years since the adoption restrict fiscal drag system from banks at 25 million dinars ($ 21 thousand).

The move, according to observers, within the government's attempts to control the phenomenon of the adoption of the dollar in the Iraqi market through large daily transactions, Kelsafqat business, buying and selling real estate, because of the scarcity of local currency.

She said the Iraqi government , in a statement amounted to "the new Arab" a copy of it, "The General Secretariat of the Council of Ministers directed to raise the ceiling certified instruments issued by private banks from 25 million dinars to 100 million dinars maximum procedural transaction, which is by citizens with government departments. "

She added that "for the development of the private task banking sector decisions, and we are working on the establishment of the Ministry of Finance to compel government departments to accept certified instruments issued by private banks, and coordination between the Finance and the Central Bank of Iraq and the Association of private banks to put controls and mechanisms are clear and specific to deposit employees and pensioners in private banks, including guarantee the rights of depositors, in addition to the establishment of the Iraqi Central Bank and government to study the possibility of banks lending to private banks to finance small and medium enterprises. "

He continued: "The Committee decided that the Trade Bank of Iraq to open lines of credit to the private banks, under the supervision of the Central Bank of Iraq, and the emphasis on activating the role of the financial court, as stipulated by the banks, according to the law of the Central Bank of Iraq and not to resort to other courts."

It was also decided also discuss "the possibility to take advantage of the reserve requirement for private banks, and the approval of the recommendations controls letters of guarantee, and the emphasis on Finance and the Central Bank on the opening credits to the private banks up to 10 million dollars without passing through the Iraqi Trade Bank."

He stressed the Council, according to the same statement, that "the economic committee and sent to the bank Rafidain and Rasheed deposit part of their money to the private banks, in exchange for soft benefits, the private investment of these funds in investment projects of private banks, and the establishment of the Iraqi Central Bank to submit a draft deposit guarantee the necessary speed ".

As has been the "special private banks urged to find partnerships with international banks to create investment opportunities and operation of labor," in addition to "educate citizens to deposit their money in banks."