CBI: financial watchdog report Warka Bank completed soon

CBI: financial watchdog report Warka Bank completed soon

26/08/2012 13:33

Baghdad August 26 / August (AKnews) – The Iraqi Central Bank, on Sunday, for near completion Sgt financial report on Bank Olokue which was placed under trusteeship in March last after the deterioration of its financial position. decided to CBI early March last put his tutelage on the Warka Bank because of the deteriorating fiscal policy. , the bank said imposing guardianship on the Warka Bank came to rescue him.summarized tasks central bank in the management of monetary policy in the country, and raise the level of the Iraqi dinar and tackle inflation. said Deputy Governor of the Bank the appearance of Mohammed, told the Kurdish news agency (Rn) that “the auditor foreign still being examined for assets Warka and expect to be finished preparing the report on the status of the bank soon. ” and explained that “the continuing work of the bank or not will depend on the report of Sergeant financial,” noting that “the process of paying creditors bank still ongoing, especially small depositors.” and sought the Warka Bank and according to economic reports to get out of its financial crisis by entering Bembagesat with Standard Chartered Bank British to sell a share of its shares, but the talks have reached an impasse. decision comes a trusteeship on the Warka Bank at a time enter the central new mechanism requires the withdrawal of foreign currency on basis of the importance of development projects in the country, after the news spread about the breadth of the smuggling of hard currency, especially to Iran, which faces international sanctions.  says CBI Article 59 of its law allowing him a trusteeship on banks which is about the appointment of an interim administration for any bank gets it financial problems. indicate Article 66 of the Bank Act to be guardian after appointed central bank can be sought through the Central Bank of the request by the Minister of Finance to save the bank in the event found that there is a possibility to save him. From: Haidar Ibrahim, the Open: Peace Baghdadi

Source: aknews