The introduction of large quantities of small groups in a new way
BAGHDAD / All the news: The governor of the Central Bank of Iraq Ali al-Alaq, that “bank of the bridge” is the first experiment in Iraq to save banks and depositors and achieve stability and avoid the effects of an economic or material and service.
Al-Alak said in a speech during the opening of the “Hamorabi Commercial Bank” (Al-Jasri) that “this step is one of the steps that are awaiting follow-up as it is the first experience in Iraq to establish a bridge bank within the conditions, requirements and objectives that were designed for this work.”
Alaq added that “this work is an embodiment and approval of the function of the Central Bank of Iraq as the authority concerned with the stabilization of the banking sector and this target we focus on a large extent through the follow-up and control of banks and try to find appropriate solutions to cases that are diagnosed.”
Al-Aalak pointed out that “the issue of stability of the banking sector takes different dimensions and aspects, and this dimension of the dimensions we are doing today by preserving the rights of depositors in banks in order not to harm the shareholders or other parties.”
He added that “many countries get bank failures and bankruptcies, but our policy in the Central Bank of Iraq is trying to go to the maximum extent and bear the difficulties and follow-up to some of the conditions of banks to prevent the arrival of the liquidation or bankruptcy. This is aware of the institution of the Central Bank of the importance of stability of the banking sector and avoid The occurrence of any economic, material or service effects “.
For his part, considered the financial adviser to the Prime Minister the appearance of Mohammed Saleh, “The bank is the first financial model in Iraq, which resulted from the strict application of the law of Iraqi banks No. 94 of 2004 in addressing the phenomenon of banking failure without resorting to liquidation,” noting that “represents a distinct success Is the first of its kind recorded by the Monetary Authority in rescuing the troubled bank and restore life to its financial activities and move it from the stage of guardianship to the stage of the bank of the bridge, rather than forced liquidation, as mentioned earlier.
Saleh pointed out that “Hamorabi Bank is a leading and pioneering bank with a clean balance sheet, a network of depositors and strong shareholders through the establishment of an effective framework to restore confidence to one of the previously troubled local banks due to mismanagement. “He said.
He pointed out that “the new management seeks to apply the standards of compliance and control, internal control and international accounting standards and the establishment of the network of correspondents with the rules of international banks and the adoption of risk management in all its forms, especially in the management of the management of property rights to avoid conflict of interest banking and to participate in risk between the management and owners of property rights Through the meetings of the General Authority of the bank as well as strengthen disclosure and the issue before the General Assembly as the Bank Hamorabi Alwaleed strong and legitimate of the Iraqi banking system.
For his part, said the President of the Baghdad Economic Forum Fares Al-Salman, “The bank is a bridge to restore confidence between banks and the public, and provides deposits of customers fully after the central bank participated 50 billion dinars in the capital of the bank,” pointing out that ” “The bank is working to promote the bank until the value of its market shares is equal to the book value. After that, the amount of the central bank that was shared by the capital will be returned and managed by a team with expertise and know-how.” Central Bank of Iraq as an independent bank under its law issued in cataract From March 2004, an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, and supervises 10 commercial banks and 26 banks waged and 16 Islamic banks, in addition to 19 foreign banks, as well as six financial institutions and 31 financial transfer company.
On the other hand, announced the Central Bank of Iraq, the introduction of large amounts of currency for small groups next week, adding that the categories will include a change in form.
The bank said it would “roll out large quantities of small categories to meet the need for daily transactions and improve the quality of the material used.”
The bank added that “a simple change will be made in the new form that will be put forward for trading next week, knowing that the deal will be in the old and new form together without discrimination.”