Private banks, is concerned by the legal proceedings against her and calls for the central bank to cooperate    

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BAGHDAD / Economy News …
Called bank officials, the central bank to cooperate to solve problems plaguing activity of private banks in particular with regard to foreign currency conversion, and expressed his own bankers expressed concern due to the continued prosecutions against them on the part of the Integrity court on charges related to the operations of daily banks, which impacted negatively on trade banking in general. 
The head of the Iraqi Islamic Association of Banks Sadiq al-Shammari, a severe dangers may be exposed to private banks, which is a vital artery feeds the economic activity Baktaath all, that causes us to take swift measures to put an end to the damage caused to a lot of banks and Kplha handicaps included its potential in the implementation of their financing programs. ” .

He said the managing director for the Islamic National Bank, said that “the ongoing meetings between the Governor of the Central Bank of Iraq on the Keywords and private banks, yielded positive results in terms of the importance of addressing the concerns of the private banks.” He explained that “the causes of the performance decline and inability to meet its commitments to customers in some of the private banks is not to track the status of these banks should also be on the part of stakeholders, especially the reputation of the banks do not stop at the area of ​​Iraq, but extends to the global correspondent banks which now draws question marks about the substance of prosecutions faced by private banks. ”

He stressed Shammari the need to “activate the work of the competent fiscal court disputes and irregularities between the banks and the Central Bank, and the treatment of anxiety that prevails in private banks now require steps to restore the confidence of the private banking sector and the recovery of its prestige and its position in the domestic and overseas market.”

Shammari pointed to “countries that pay attention to their economies through the auspices of the banking sector and improve the working and investment environment, as the presence of banking system sound and healthy evidence of the prosperity of the country,” noting that “the Iraqi banking sector has a broad base of assets and human resources experienced, and Executive departments of the girl expertise sector through years of professional struggle, as some of them have academic coupled with many of the relevant literature sector economy and money reputation, but on the other hand we see trends against the executive departments by imputation them and refer them to justice, note that bank governance and implementation mechanisms the responsibility of boards of directors in these banks and institutions. ”

He pointed out that “the executive departments part of these mechanisms, but Pat blame and sentences issued against them, and that the instructions issued by the Central Bank states that the bank informed the Central Bank in the absence of customer proof of implementation of the transfer provision, and failure to provide documents that support implementation, including customs permits, within the prescribed time, and according to these instructions is the amount of the difference between the selling price of foreign currency sale by the central bank and the market price at the time of the Iraqi dinar window are met, with the addition rate of 2 percent in administrative costs from the amount, and the amount is deducted from Open bank account at the Central Bank. ”

Shammari pointed out “the importance of the availability of diagnostic look effective for the management of private and government banking sector based on those in charge of sector expertise, and draw lessons from the experiences of countries that have passed the same conditions experienced by Iraq, thus achieving the goal of transition to a market economy, and that the duty to promote the banking sector requires the availability of a strategy to take into account the reality of the complexities of financial and monetary situation in Iraq and address the gaps created by the legislation that make it easier to move the country’s economy to a stable climate applications, including providing opportunities for achieving sustainable development, “and pointed out” of private banks, the urgent need to support that motivated to increase the size of their services and attract capital in a manner reassures the owners to invest when dealing with Iraqi banks and the activation of the competition between the public and private sectors through initiatives related to the reform programs and to adapt to new developments related to exceptional circumstances of Iraq in terms of funding and lending. ”

He warned that “the Iraqi private banks at a delicate stage difficult and their implications for its future and its role in economic activity, which requires the adoption of a feasibility draw operational and investment policies contexts, and that can not happen except through dispel anxiety that prevails in the activity of private banks that are looking to the central bank to take as it deems appropriate to support the private banking sector and help them overcome the weaknesses. ”


Bahrain’s Ahli United Bank buys shares of TBI      

Iraq Stock Exchange confirmed that Bahrain’s Ahli United Bank bought the shares of Commercial Bank of Iraq.

The executive director of the market, Taha Ahmed Abdul Salam said in an interview for “Economy News”, that according to the Iraqi Central Bank approval and the approval of the Securities Commission, began mediator AUB company – broker accredited to the Iraq Stock Exchange – the purchase of TBI shares in favor of the shareholder Bank Ahli United Bank of Bahrain.
Abdul Salam added that AUB Bahraini bank owns proportion (54.7%) of the shares of Commercial Bank, noting that the number of shares purchased amounting to 25 billion shares to become the rate after purchase (64.7%), adding that the purchase began as of the session 25 / 5/2016 and for a period not exceeding two months
The number of shares bought during the sessions of 25/5 up to 31.5.2016 (3.273.625.999) shares representing the percentage (13.09%) of the total amount of stock required to be purchased (25) billion shares.

Brent crude up to $ 49.31 a barrel

History of edits:: 6/18/2016 15:15 • 144 visits readable

Brent crude up to $ 49.31 a barrel

{International: Euphrates News} Oil prices jumped nearly 4 percent as the dollar fell and the decline of concern of a possible exit of Britain from the European Union, which encouraged investors to buy high-risk assets.

And record global London Brent crude gains more than the previous session losses when it fell 3.6 percent , however it ends week low after the daily declines of the two series until Thursday. 

Ended Brent contracts for earliest trading session high of 1.98 dollars entitlement or the equivalent of 4.2 percent to a record settled at 49.17 dollars a barrel. 

The US crude rallied 1.77 dollars or 3.8 percent of contracts to settle at 47.98 dollars a barrel. It had fallen to $ 1.80 in the previous session. 

The end Brent Low week about 3 percent, while US crude fell more than 2 percent. 

Continued price climb in subsequent transactions on the settlement of up Brent to $ 49.31 a barrel and contracts for US crude to $ 48.12 . the 

dollar fell about 0.5 percent against a basket of major currencies , retreating from its highest level in a week hit on Thursday , which makes oil denominated in the US currency cheaper for buyers of the holders of the euro and other currencies. 

the rise in oil prices Friday, although data from Baker company Hughes oil services show the third weekly increase in a row in the number of oil rigs running in the United States , which refers to the production of higher Mtouka.anthy

In the parliamentary economy by emphasizing the control of the Central Bank loans

History of edits:: 19.06.2016 11:34 • 76 visits readable

[Where – Baghdad] 

called for economic and investment commission member of the parliamentary proof Mamouri, on Sunday, to the need to tighten control over the Central Bank of Iraq for the industrial, agricultural and residential loans Initiative warning to circumvent them.

He said Mamouri in a statement received by all of Iraq [where] a copy of it today , “the government a mechanism severe and strict credit control before proceeding with the implementation of the central bank ‘s own initiative to support industrial and agricultural projects to the private sector amounting to five trillion dinars, and beware of the consequences of wasting money.” 

He added ” a lot of previous initiatives where hundreds of billions of dinars bellowed did not achieve their goals because of the corruption that accompanied these initiatives, particularly with regard to the agricultural side, pointing out that most of the previous initiatives failed because of mismanagement and corruption that accompanied her, noting that his committee will check each file is lending and follow – up on the ground , whether agricultural or industrial or residential. ” 

he explained to the economic and investment commission member , he said” the initiative important to move these sectors, which will be reflected in the form of productive projects reduce imports in addition to shred job opportunities for the unemployed , but past experience leads us to take real guarantees to each loan and be a real project connote citizen of the country in general. ” 

the Prime Minister Haider al – Abadi has ratified the ninth of last March on the mechanisms of lending to the Housing Fund for loans , the central bank’s five trillion Iraqi dinars. 

According to the mechanism of the distribution will be loans to the provincial distribution of the adoption of the standard rate population of 80% and a standard degree of poverty of 20% for each province, and the amount of each loan , including no more than 50 million paid to the beneficiary in two installments, the interest rate of 2% after one year grace one of the date of receipt of each batch. 

the grant these loans for construction and the addition of construction and grants as well as for those wishing to purchase residential units in investment complexes, as he gives to rebuild housing units because of the devastating terrorist attacks. 

the term of the loan to 10 years are recovered in equal monthly installments within the prescribed period.