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CBI ends close to..financial report for the Warka Bank

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CBI ends close to..financial report for the Warka Bank

Unread postby admin » Wed Apr 18, 2012 8:21 am

CBI ends close to the preparation of the financial report for the Warka Bank
18/04/2012 11:46

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Baghdad, April 18 (Rn) - The Central Bank of Iraq on Wednesday that the coming days will witness the completion of the financial report on Bank of Warka one of the largest banks Iraqi civil, noting that the report's recommendations will determine the existence of the possibility to help him by the government. and decided Central Bank of Iraq early March last March, the development and guardianship to the Warka Bank because of the deterioration of fiscal policy, the bank said that the imposition of guardianship on the Warka Bank came to save him. The main tasks of the Central Bank in managing monetary policy in the country, and raise the value of Iraqi dinar and tackle inflation. Deputy Governor of Bank of the appearance of Mohammed, told the Kurdish News (Rn) that "the Special Committee audited the assets of the Warka Bank is currently working and there is an external auditor operating under the law to inventory the assets of the bank and soon will be the completion of the final report of the Committee." said the Deputy Governor that "the work of the Commission requires verification of bank assets and recommend the possibility of restoring the bank for its activities through the help financially in accordance with Article 66 of the Act the Central Bank through a rescue plan. " and sought the Warka Bank, according to economic reports to emerge from its financial crisis by entering Bembagesat with Standard Chartered Bank British to sell a share of the shares, but the talks reached a dead end. comes decision to place 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 the news spread the breadth of the phenomenon of smuggling hard currency, especially to Iran, facing international sanctions. , says Central Bank of Iraq that Article 59 of the its law permits him put custody of the banks which is about the appointment of an interim administration for any bank you are financial problems. According to Article 66 of the Bank Act to the trustee after the appointed by the central bank could seek through the Central Bank of the request by the Minister of Finance to save the bank in case found that there is a possibility to save him. From: Haider Ibrahim. Open: Abdullah Sabri

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