Central » Iraq will auction electronically to the Bank
Proceed Central Bank of Iraq during March (March 2011) implement a plan of action to transform Auction currency from cash payment to an electronic system.
The Bank considered the electronic system known as the « ART GSM »( gross settlement in real time) , « more secure than cash transactions in the system » . He said in a statement that he will run the system through the accounts of financial institutions it has.
An advisor to the Bank the appearance of Mohammed Saleh said that « the issues of information technology has become an important role in the modern world » , pointing to the success of « the work of selling government bonds and the work of the settlements related to payments and other transactions other of the Ministry of Finance of Iraq , which linked the system RTL GSM » .
He explained that the work system « will facilitate the establishment of a virtual auctions which will be adjustments and transactions and transfers and offers » . And about those who work with the Central Bank to develop the system , he stressed that the Action Plan « put the Central Bank of Japan and the World Bank and the U.S. Treasury » .
Will hold the Iraqi Central Bank auction of five meetings a week for the sale of foreign currencies and buy them.
So , the President of the Board of Directors « Ashur International Bank for Investment » Wadi Nuri al- Handal « Iraqi private banks need to play a vital role in line with the important turning point in the strip in Iraq finally at all » .
He added that « those who pay the banking sector out of the limited frameworks and secure better opportunities for competition is the capital of the total, which strengthens its position in front of banks, government capacity to implement development projects » .
The bitter melon in a meeting with the «life» are not convinced the Iraqi Central Bank to extend the period of implementation of his decision to increase the capital of private banks to 250 billion Iraqi dinars (211 million dollars) over three years.
He stressed that the recapitalization of banks is « essential for development projects need major investments to develop and rehabilitation , especially with the willingness of foreign banks to play this role » .
http://www.iraqdirectory.com/DisplayNewsAr.aspx?id=13425