May 27, 2015
Government economic committee issued several important decisions including banking private bank financing and issued certified instruments. According to a statement issued Tuesday by the Office of Chairman of the Committee, Deputy Prime Minister for Economic Affairs Rose Nuri Shaways, he "took place during the committee meeting to approve the granting of public sector companies the option to deposit their money and open their accounts in private banks, as well as the deposit and the distribution of its employees' salaries by those banks ". "It also has to approve the gradual implementation of the deposit of the employees and retirees of the Chambers of central funding in private banks salaries, taking into account the need to provide the branches of these banks so as to ensure the provision of services to the beneficiaries of this system, and to make sure banks the situation in coordination with the Central Bank." The Committee, which includes several ministers and officials "to do private banks to issue certified instruments and accepted by the government departments and public companies, with banks commitment to providing sufficient balances in their accounts with the Central Bank of Iraq and the lack of exposure, and otherwise the bears banks legal consequences, and agreed have the same exposure to the Suspension of Trading this mechanism. " The statement pointed to "the approval of the directing all state departments to accept letters of guarantee issued by private banks with compliance checks and instructions issued by the Central Bank of Iraq and associated with the approval of the Committee on Economic Affairs". "I agree to do all of the Rafidain and Rasheed deposit part of their money with private investment of the funds of private banks in investment projects according to feasibility studies with a sufficient safeguards guaranteed refundable and subject to the conditions set by the two banks after studying the financial situation of the private bank." It pointed out that the government's economic committee decided "the Trade Bank of Iraq to open credit lines with private banks and under the supervision of the Central Bank of Iraq, taking adequate safeguards and adhere to the ceiling specified provisions of Article 30 of the Banking Act in force." The Committee stressed "the Ministry of Finance and the Central Bank's decision to apply the Committee on Economic Affairs in 11/18/2014 on the opening of letters of credit to the private banks up to $ 10 million without going through the Iraqi trade bank." "The inclusion of acreage strategic crops in the liberated areas, which were within the agricultural plan for 2013 in the agricultural plan for this year, and the approval of the contract and the Ministry of Transport / General Company of Iraqi Airways with the International Air Transport Association, and agree on the choice of style direct call for the implementation of a project bank building CBI ".
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