Accepting deposits in BIS achieve the benefit of Iraq

Accepting deposits in BIS achieve the benefit of Iraq

12/26/2013 0:00

One indicator of his return to the focus of attention of the world
BAGHDAD – Mustafa al-Hashemi
The economist said the appearance of Dr. Mohammed Saleh, said that the Bank of International Settlements, accept deposits from Iraq will benefit the country through capital investment projects, financial investments. Was the Bank for International Settlements (BIS) which is an acronym for the Bank for International Settlements)) may feel the CBI Sunday past, his willingness to accept deposits Iraq for Fiscal Year 2014. Saleh added in a statement to the (morning) that this measure would provide service to the country’s economy through the BIS financial investments ongoing interest rate or interest-free and by currency, whether in euro or the dollar or other currencies . investment reserves

He explained that it is under a formal contract signed with the Iraqi government. Indicating that the BIS plans annually to invest cash reserves deposited with him by central banks, pointing out that its membership includes 60 national central banks including the Central Bank of Iraq.
between Saleh, said that BIS is Bank of global central banks and a regulatory system global banking at all banks in terms of commitment to the decisions Basel, applied and which determine the efficiency of the banking systems in the world. He pointed out that in accordance with the Charter of the United Nations, can hold shares in the bank by individuals and non-governmental entities.

BIS and DFI

He stressed that the bank differs from the Fund for the Protection of Iraqi funds DFI, which was established under the UN resolution as the government revenues from oil revenues are placed in this fund After 2003, which belong to the budget, while the cash reserve at the central bank comes to them after the government to transfer to the local currency (the dinar), explaining that the Iraqi funds that were frozen in the nineties of the last century was the Bank for International Settlements was not subject to any legal prosecution being protected from prosecution.

financial cooperation

and noted economic expert that the BIS contributes to strengthening financial cooperation and financial world as well as he is not accountable to any government, based in Basel, Switzerland, adding that the implementation of this measure will yield better returns for funds Iraq while still retaining it in places safe as the BIS invest in a part of the investment portfolio at the central bank, which is part of the cover of the currency (cash reserve) and the risks are few and great benefits.

positive step

promised in favor of the move as positive, especially after the lifting of international sanctions and the withdrawal of Iraq from Chapter VII of the UN Charter, the shows that the country has returned to the focus of attention of the world and he has become a new investment environment with a strong financial activity because of the wealth and the huge potential possessed by that is natural and human resources. He said economic expert, said the amount of money frozen in the Bank for International Settlements during the former regime amounted to more than half a billion dollars, indicating that it was protected from the global claims settled in debt owed ​​by Iraq.

development banking

and called for Saleh to exploit the invitation BIS to achieve the development of comprehensive banking in banks government and private as well as adherence to the standards of the Basel and the adoption of corporate governance and the regulations of modern banking to promote the reality of banking in the country and to seek credit rating.

facilitate compensation

The Bank for International Settlements, BIS was established in May 17, 1930 under an intergovernmental agreement by Germany, Belgium, France, Britain and Northern Ireland, Italy, Japan, the United States and Switzerland to facilitate reparations imposed on Germany by the Treaty of Versailles after the First World War. was drafted the Charter of the Bank in the conference Bankers Bank in the city of Baden-Baden, Germany in November and adopted its charter in the Hague Conference II on January 20, 1930.

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