Central: We carried out the terms of the Stand-By Arrangement

Central: We carried out the terms of the Stand-By Arrangement

12/09/2012 12:00 am

BAGHDAD – morning
said the CBI had carried out the conditions set forth in the Convention on the standby credit with the International Monetary Fund under which Iraq obtained a loan of $ 3.7 billion to support the development his activities economic.
said the deputy governor of the Bank the appearance of Mohammed’s (Center Brief for the Iraqi Media Network) that ” Central Bank signed a Stand-By Arrangement with the International Monetary Fund in February 2010, which included providing latest financial loan worth $ 3.7 billion to support economic development activities and private investment budget in Iraq. ”
said bank vice governor said that “the signing of the Convention and then came out of fear that affected Iraq’s resources financial background of lower oil prices in the global markets, “pointing out that” Iraq withdraw $ 1.2 billion of the loan value. ”
He continued that “the Convention ended last July and extended technically to next February.” and MP for that, “the International Monetary Fund He had conditions in the Convention, namely financial management reform in Iraq and to work on the monument units ATMs in all banks, and there is a fixed price and a unified exchange, and strengthened activities of banking supervision, and check accounts the central bank by the external auditor twice a year. “and between “Terms of the Fund also tighten internal control over the bank and other banks,” he said, stressing that “the Central Bank carried out the majority of those conditions.”
Source: alsabaah