Central supports project implementers of national bonds
11/7/2016 12:00 am
Baghdad-Saha Al shaikhli
According to the Director of finance and credit Bank Ihsan Al-yasiri that State's problems such as poor liquidity or Treasury deficit led to reduce the Central Bank and the relevant authorities of the debtor creditor contractors entrepreneurs after loaned money from banks.
Yassiri added in interview for «morning» that financial disadvantage facing the country Government has lagged in paying them benefits owed to banks and thus coincided with the liquidity deficit in payments to customers.
Yassiri said that Central Bank redress this situation and in coordination with the Government, decided to issue bonds to calculate the size of the Government debt creditors to contractors, contractors and up to 7 trillion 500 billion dinars, explaining that this was an issue with 40% of these sovereign bonds from Government-guaranteed debt and three years at 5% interest.
He noted that the Ministry of planning in turn will complete the database and information soon and drive them to the Central Bank that cost, as the Finance Ministry is representing the Government, when they ask a contractor $2 billion dinars being picketed a governmental Union mlbgh will come with a book from the Ministry of planning and Central Bank bond issued by 40 percent from the $2 billion which will make her 800 million dinars incur within a title.
He said Al-yasiri was allocated three Government banks (Rafidain and Rasheed, the Iraqi Trade Bank) to deal with this meal and we asked these banks to deduct this interest-bearing bonds, pointing out that this decision was one of the most important decisions taken after 2003 by financial and monetary authorities to solve the big problem of creditors of the Government.
Yassiri drew draft «Marshall Iraq», which is the Central Bank's initiative to support the liquidity of banks in lending to support the economy and meet the needs of investors and enhance its liquidity to lending,
the first initiatives included allocating trillion dinars enhance liquidity of private banks to support small and micro projects these trillions JD go to banks where customers are granted a loan in an amount not to exceed 50 million dinars for different needs,
and the Central Bank to examine these transactions and filed with 270 million bank account, called strengthening liquidity and some banks suggested. We have to give them an advance in advance and they were given the advance.
Adds the second procedure yasiri to support medium and large enterprises to allocate five trillion dinars this amount includes the productive sectors such as agriculture and industrial and housing and this amount was distributed to support agricultural and industrial bank liquidity and real estate joint Housing Fund where they took trillion and 600 billion dinars.
This project was launched and we fixed no more than 45 days in most cases, you should lend the Bank client, the Central Bank has taken it upon himself to fight all forms of corruption to ensure not to offend these efforts and only a scattering of such funds being the people's money, as our study projects Youth.