The central bank in connection with the inclusion of micro-enterprises with loans
The central bank in connection with the inclusion of micro-enterprises with loans
06/30/2015
BAGHDAD / JD / .. revealed the advisers in the Presidency of the Council of Ministers for the central bank to seek the inclusion of micro-enterprises with loans, while mortgage warned the Iraqi economy variable Iraqi dinar exchange rate of the reserve in order to maintain a fixed exchange rate.
A government statement received / JD / copy of it: that the advisers in the Presidency of the Council of Ministers held a discussion seminar at its headquarters on the central bank’s initiative in launching a project lending to small and medium-sized projects in Iraq in the presence of the concerned authorities in the Prime Minister’s Office and the General Secretariat of the Council of Ministers and representatives of the Ministry of Planning and the Central Bank of Iraq and the private sector and the Association of Banks Iraqi special and a number of professors specialized in banking, business and investment affairs, along with a number of experts and advisers in the body.
He added that the seminar headed by Counselor for Economic Affairs in the body Abdul Hussain Al-Anbuge highlighted the bank’s initiative as an important and necessary step to meet the challenges facing cure the country’s economy panacea to overcome the difficulties experienced by large segments of society.
The statement said that Prime Minister for Financial Affairs Adviser appearance of Mohammed Saleh may thanks to the advisers on Matqom of meaningful work and build for the development of the Iraqi economy, indicating that the central bank’s initiative is an important point of the policy of the central bank for the advancement agricultural, industrial and commercial sector and will contribute to the improvement of market movement and investment.
According to the statement, Anbuge presented a working paper entitled the Central Bank of developmental window to correct the course of monetary policy in which he said: that the bank initiative directly supports the economy, investment and the private sector, especially after the submission trillion dinars to the private banks, which in turn lend citizens to create and invest the small and medium enterprises, and added that those private banks will in turn lend citizens a few interest-bearing supports and gross domestic product of the private sector and will contribute to increase revenue and stimulate the market movement.
He noted that the current bank monetary policy moving towards stability and development, warning of mortgaging the Iraqi economy a variable one name (Iraqi dinar exchange rate) from the reserve in order to maintain a fixed exchange rate.
praised Anbuge policy of the new bank in supporting development in Iraq and said for the first time since the change in 2003 turns the central bank to support the development after it was Mtnsla for this task and encircled his role in being the stability of the bank for your son development, Msttrda: The development worker sponsor the creation of a sustainable stability, with the insistence on stability or improvement in the dinar exchange rate in the context of an underdeveloped country will not lead to development even in the long term, noting: that the Bank’s new trends respond to the need of Iraqi economy and respond to the logic of sound economic which we demand it from previous years.
He said Anbuge: We support and endorse the lending trillion Iraqi dinars Agherada directed towards specific areas belonging to the real sectors, which leads the development, as we support not put a specific percentage of lending to any sector, in order to have the opportunity to Gaza which has the potential for absorbing investment greater than the other to grow and expand as long as all of them achieve the goal of development in the country.
But on the one hand implementation has Anbuge confirmed its support to the establishment of private banks manage credit portfolios for the project financing of small and medium enterprises, he said, the private banks to face challenges as The large amounts outweigh its ability to expand credit as most of these banks to not possess many branches covering the area of Iraq credit, along with the inefficiency of the civil banking cadres and not Tmrsha to work in the field of microlending, which requires coexistence employee with the borrower over the life of the loan, and that most of the banks to not possess a system electronically prepared in accordance with international standards provides daily reports on the quality of credit truth and indicators.
He also praised the terms of the loan and interest size as the interest rate borne by the borrower does not exceed the 5.5% rate is a good and encouraging for the borrower, noting that the ceiling lending of 50 million Iraqi dinars may It is disproportionate to medium-sized enterprises, which up to a few hundreds of millions of cost, and it is supposed to be reviewed ceiling lending and how to guide the project funds in a more impact on the Iraqi economy.
saw the seminar discussions and interventions for a large number of participants who Achado initiative of the central bank as it contributes to the alleviation of the suffering of the citizens of limited income owners through their lending sums of money ranging from 5 million to 10 million dinars, and the usefulness of simple repaid over three years.
They said this national project has significant economic implications, where he is working to provide more than 25 000 loan and more than 250 000 chance Action and will work to improve the local market movement where loans granted to various sectors, especially the industrial, agricultural and services as well as support projects carried out by women in support of enhancing their role in society, particularly in the area of economic activity.
The participants agreed on the need for the inclusion of micro-enterprises with loans, and promised the Central Bank to establish a mechanism So in the coming days. / End / 22 /
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