The Central Bank is taking measures to revitalize the banking sector

by **Ponee** Tue Feb 10, 2015 3:30 pm

The Iraqi Central Bank decided Monday to support the liquidity of commercial banks specialized in Iraq by 5 trillion dinars, to enable them to provide housing loans and real estate of industrialists and farmers, support to economic activity and job creation. The Bank said in a statement received agency/information/copy, he "decided to finance the State budget with a loan worth 6 trillion dinars, run through 50 percent of commercial banks ' reserves deposited with him, and buy back the bonds from the secondary market, it will buy about 5 trillion dinars as a first step," adding that "these measures do not affect the reserve/Central Bank of more than 70 billion dollars."

The Central Bank made the decision also includes the appointment of a representative of the private banks for the first time in the Bank's Board of Directors, with the approval of GE to cover whole h s bank accounts abroad in dollars, to ensure the financing of imports and other targets, without the need to go to the window where the currency sold. "

The statement said the Central Bank will monitor these processes within a simplified and transparent mechanism, with a plan to avoid claims for credit instead of the current method with the banks, with speedy in guaranteeing bank deposits law proceeds further, the Government's recommendation to Paul State instruments of private banks, as well as the receipt of taxes and fees for their interest in the formation of the Commission strayed into Iraq to reconsider the structure of benefits to enhance the provision of credit and liquidity ". Finished

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