Parliament calls for the economy to pay the dues of the creditors of the Central Bank of Warka

Date: Monday 12/03/2012 10:10

 Baghdad / term follow-up 
Commission asked for the economy and investment representative central bank to pay all the money of citizens who deposited in the Warka Bank for Investment and Finance, who suffered a financial crisis, saying that many of the citizens’ complaints against the Warka Bank came to the Commission.
A member of the Committee Mahma Khalil, according to (Rn) that the government and the Central Bank take responsibility for payment of all dues citizens financial implications of the Warka Bank Ahli after suffering a financial crisis, noting that many citizens have lost their rights in the Bank of Warka. 
Khelil said: that many of the citizens’ complaints against the Warka Bank reached the Commission after the loss of their financial, because of the mistaken policy of the bank. ” 
Khalilzad said: that the Iraqi environment in the area of banking business is one of the environments, fertile in the region through the profits they get from the citizens. he said. 
In the meantime, criticized the committee member economic development in the House of Representatives Nora Salem Albjara central bank’s decision to impose trusteeship on the Warka Bank, calling it “wrong and urgent.” 
said Albjara according to the Agency (news): The imposition of the trusteeship by the Central Bank to Warka Bank executed trust between him and the private banks for the time which must be supported by those banks and exploitation in the financing of investment projects of the country. She Albjara: This decision was urgent and wrong by the Central Bank and not in his time, because it would limit the freedom of private banks, calling for support of private banks everything they need for their contribution to the development of economy the country. 
She noted that the Finance Minister Rafie al-Issawi told from the Jordanian capital Amman that the ministry was not aware of this decision, and the Central Bank rushed a lot in doing so. For his part, described the Finance Minister Rafie al-Issawi decision of the Central Bank of Iraq’s recent imposition of its guardianship and financial management at Warka Bank B “illegal.” The central bank had announced on the status of the Warka Bank under trusteeship after the failure of talks with Standard Chartered Bank, which began in April 2011 to buy a stake in it, stressing that it will set a new administration soon. It is noteworthy that the Board of Governors in the Iraqi Stock Exchange decided to write off the inclusion of Al Warka Bank from the market, in accordance with paragraph IX of Article V of the instruction number three amended for the year 2011, which provides for the write-off company from the listing if the stoppage of circulation for six months without taking appropriate action to appeal. and Warka Bank for Investment and Finance, which was established in 1999, (350) ATMs in all parts of Iraq. sought Warka Bank, according to economic reports to emerge from its financial crisis by entering into talks with Standard Chartered Bank British to sell a share of the shares, but the talks have reached a dead end. The decision development of custody of the Warka Bank at a time enter the central new mechanism requiring the withdrawal of foreign currency on the basis of the importance of development projects in the country, after news spread of the breadth of the phenomenon of smuggling hard currency, especially to Iran, facing international sanctions. revealed the Finance Committee representative for decision by calling the Governor Central Bank of Iraq Shabibi to discuss the financial crisis that hit the Warka Bank and the National mechanism brought back to the track. and the central bank decided last week to develop and guardianship to the Warka Bank, one of the largest banks because of the deterioration of fiscal policy. The bank said that the imposition of guardianship on the Warka Bank came to save him. 
are summarized functions of the Central Bank in managing monetary policy in the country, and raise the value of Iraqi dinar and tackle inflation.