CBI: Bank of stable sales and fears for the value of the dinar
July 23 2011
Baghdad, July 23 (Rn) - An official at the Central Bank of Iraq on Saturday that a stable sales and concerns on the value of the dinar.
And Iraq in 2006, decided to restructure its banking sector to allow direct investment in banks and drop the debt accumulated by state-owned banks.
The appearance of Mohammed Saleh, a consultant to the bank to Kurdistan News Agency (Rn) "sales stable. No worries on the value of the Iraqi dinar to fall."
The average sale of $ 140 million per day on average 1170 exchange rate against the U.S. dollar, Saleh said, "This supports transparency in monetary policy the central bank."
The official interest rate in Iraq is akin to a guide to interest rates as a mechanism of direct cash due to the small size of the banking sector and underdeveloped capital markets.
The central bank sets the exchange rate in the regular currency auctions.
Saleh said "there are no obstacles to impede the development of sales and raise the average level of sales."
The oil sector dominates the Iraqi economy for more than 95 percent in government revenues.
Sales of the Iraqi Central Bank last week by about three million dollars.
The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and management of reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.
There are about 36 heads a small private bank limited funds charge high interest and usually refuses to lending in the absence of an effective judicial system to settle disputes.
Two banks and two government-controlled banking system in Iraq are Bank of Iraq and Rasheed Bank.
And foreign goods flooding the local market because of low domestic production in the country floats on a lake of oil, Thi fertile agricultural land, but one of the largest importers of wheat and rice in the world.
Iraq faces major challenges, at a time when plans to attract international companies to invest, he must take its own security without help Americans who adopted them for eight years, and is supposed to leave Iraq by the end of the U.S. military this year.
He declined a lot of investors are pumping money into projects in Iraq because of the violence that followed the fall of the former regime in the spring of 2003, and the political crisis that lasted most of 2010 to set up a new government is completed in December / December last year.
http://www.aknews.com/ar/
July 23 2011
Baghdad, July 23 (Rn) - An official at the Central Bank of Iraq on Saturday that a stable sales and concerns on the value of the dinar.
And Iraq in 2006, decided to restructure its banking sector to allow direct investment in banks and drop the debt accumulated by state-owned banks.
The appearance of Mohammed Saleh, a consultant to the bank to Kurdistan News Agency (Rn) "sales stable. No worries on the value of the Iraqi dinar to fall."
The average sale of $ 140 million per day on average 1170 exchange rate against the U.S. dollar, Saleh said, "This supports transparency in monetary policy the central bank."
The official interest rate in Iraq is akin to a guide to interest rates as a mechanism of direct cash due to the small size of the banking sector and underdeveloped capital markets.
The central bank sets the exchange rate in the regular currency auctions.
Saleh said "there are no obstacles to impede the development of sales and raise the average level of sales."
The oil sector dominates the Iraqi economy for more than 95 percent in government revenues.
Sales of the Iraqi Central Bank last week by about three million dollars.
The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and management of reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.
There are about 36 heads a small private bank limited funds charge high interest and usually refuses to lending in the absence of an effective judicial system to settle disputes.
Two banks and two government-controlled banking system in Iraq are Bank of Iraq and Rasheed Bank.
And foreign goods flooding the local market because of low domestic production in the country floats on a lake of oil, Thi fertile agricultural land, but one of the largest importers of wheat and rice in the world.
Iraq faces major challenges, at a time when plans to attract international companies to invest, he must take its own security without help Americans who adopted them for eight years, and is supposed to leave Iraq by the end of the U.S. military this year.
He declined a lot of investors are pumping money into projects in Iraq because of the violence that followed the fall of the former regime in the spring of 2003, and the political crisis that lasted most of 2010 to set up a new government is completed in December / December last year.
http://www.aknews.com/ar/